Ether by Thursday, January 14, continues to correct and is trading near $ 1122.
On the weekly chart, the ETH / USD pair continues to form a correction against the background of an upward trend. The next Fibonacci level – 61.8% can serve as a benchmark for the decline. The MACD histogram is above zero, which heralds an early recovery in the upward trend. Signal lines of the indicator crossed the zero line and continue to grow, acting as an additional confirmation of the trend. Stochastic is in the overbought zone and, possibly, on the threshold of the formation of the “Black Cross”, which will be a signal for a correction before continuing the upward trend. Based on the combination of all factors, it can be assumed that the quotes of the ETH / USD pair will continue to correct in the near future and, upon its completion, will begin to develop an upward trend. The target for growth will be $ 1420.
On the daily chart, the situation is not much different from the weekly one: the pair continues to correct after rising. The target for the rollback here is the support at $ 920. The histogram of the MACD indicator continues to decline, which strengthens the signal for correction. Signal lines may form a “Black Cross” in the near future, giving an additional reason to correct. The target for growth after the completion of the rollback will be the level of $ 1420.
The pair on the 4-hour timeframe shows a picture similar to the daily chart: quotes are correcting against resistance within the boundaries of the ascending channel. After the rollback is completed, the coin has every chance of resuming the upward trend. The Stochastic indicator has formed a “Black Cross” in the overbought zone, which is an additional signal to continue the correction before the development of the upward dynamics. The target benchmark for the strengthening of the coin (as on the higher timeframe) is the $ 1420 mark, says Dmitry Gurkovsky, Lead Analyst at RoboForex.
The ETH rate in January reached a new historical peak: on January 10 on the Kraken exchange, it rose to $ 1285. Now the price is much lower, but most of the traders are confident that the ether has planned another round of upward movement.
Traders were very attentive to the point of view that after a confident passage for $ 800, the growth target for ETH shifted to $ 5200. There are also more conservative positions – with a target of $ 1751. One way or another, the market does not want to part with the idea of a rapid rise in the price of altcoin yet.
Ethereum creator Vitalik Buterin believes that it is necessary to focus on developing methods that would allow users to recover private keys from wallets in cases of emergencies. Now this is impossible without the intervention of third parties. The idea is in so-called social recovery wallets. They will be able to work like regular wallets with the difference that “guardians” are added to the chain. This is a group of people who can write a statement on behalf of the wallet owner and help him with password recovery. Ideally, the group of guardians should be completely anonymous in order to exclude the possibility of communication between the parties and to minimize the likelihood of harm to the wallet owner.
For Buterin, who is very interested in social technology, it is unacceptable that access to the wallet can be lost forever. At the moment, the area of use and storage of cryptocurrencies remains the area of responsibility of their owners.
Financial market forecasts are the private opinions of their authors. The current analysis is not intended to be a guide to trading. RoboForex and ihodl are not responsible for the results of work that may arise when using trading recommendations from the presented reviews.