By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Tuesday, September 17th, the ETH cryptocurrency keeps growing, trading at $198.52.
On D1, the Ethereum demonstrates a correctional uptrend upon reaching 76.0% Fibo and converging. After the correction, we should expect another wave of decline below $163.20, reaching the key level of $100.03. The MACD dynamics suggest the predominance of a downtrend.
On H4, the cryptocurrency demonstrates a more detailed picture of an uptrend. Here, we can see the quotations reach the resistance line of the current channel, and the Stochastic enter the overbought area. All said above means the market may be preparing for a correctional decline. Its goal might be at the support line and the level of $187.80.
BitPay is ready to add the Ethereum to its financial solutions system as a payment means. Currently, the system is working with the BTC and some other altcoins, but there had been no plans for the Ethereum earlier.
BitPay works virtually all over the world, allowing for transactions in 200 countries; during the last 8 years, the service processed 2.8 billion USD. There are wide perspectives opening for the ETH as the introduction of the cryptocurrency to real life suggests a future inflow of new users.
BitPay representatives say that the ETH is popular among investors as it is and is also used by various companies in all sorts of applications. This was, perhaps, the main factor in favor of the ETH.
As Vitalik Buterin, the ETH creator, mentioned, the BitPay decision, indeed, suggests lots of opportunities for the Ethereum as well as for optimizing the whole company.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.