By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Tuesday, March 31st, the ETH is slightly growing, trading at 132.68 USD.
On H4, the correctional phase has acquired the shape of a triangular consolidation. The longer it lasts, the more powerful will be the exit from it. The MACD heading upwards points at the potential breakout of the resistance at 135.40 USD and growth to 175.00 USD. However, even in such situations, the potential breakout of the support at 125.35 USD and a decline to the low of 89.80 USD should not be neglected.
On H1, the correctional growth of ETH/USD reached 38.2% Fibo and changed into a Triangle. The potential extension of the correctional phase and growth to 50.0% (171.35 USD) may only happen after the breakaway of the local resistance. However, preparation for a Black Cross on the Stochastic warns of a decline to the local support. Then the market will be looking for outer stimuli to exit the consolidation.
The Opera browser will feature the possibility to buy the ETH in New Zealand, Switzerland, Mexica, and Australia. To implement the initiative, the company has signed a partnership contract with Wyre — a startup focusing on money transfers.
The developers plan to build a wallet in the browser, which will allow operating digital money. Thanks to this mechanism, Opera will decrease the number of agents involved in buying and selling the cryptocurrency. It is thought that the easier it will be to buy the cryptocurrency, the more users it will attract.
The ETH has lately become an outsider of the financial market with maximal losses in the price. More than the ETH, only oil has lost (-62% for Crude oil); the cryptocurrency itself dropped by 49.4%. However, a very soon restoration of the crypto prices, including the ETH, is quite possible.
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.