The largest altcoin, Ethereum, is growing at a good pace. On Friday, February 5th, it saw the level of 1,700 USD.
In the diary, ETH / USD has renewed its high again. Right now, we can expect the bids to drop to $ 1,420. After testing this level, they can complete the pullback and continue the uptrend. The MACD histogram stays above zero, another signal for growth. Also, the indicator’s signal lines could soon form a Black Cross to support correction. As before, it is not overlooked that the retracement will not be noticeable and the offers will continue to grow with the target of USD 1,750.
In H4, the picture looks like the one in D1: quotes are edited inside the ascending channel. Once the coin has formed another pullback, there is a good chance it will return to the uptrend. Stochastic is in the overbought territory and could soon form a Black Cross and give another signal for correction before growing further with the same target with the larger TF – $ 1,750 USD.
The price of transactions on the Ethereum network has doubled since six months ago and reached $ 20 in the first half of February. It is known that approximately 40% of the total income of miners is derived from commission transactions. This is really big money. Fees are rising because the network cannot cope with the load.
Since the beginning of the year, ETH has grown by over 140% and the capital of the project has reached 192 billion USD. Daily trade volume is 44 billion USD.
There is an important event awaiting ETH – on February 8, CME needs to start trading futures for altcoin. On the one hand, this is a good way to attract attention and new investors. On the other hand, this comes with certain risks: Several major players argue that the emergence of ETH futures could lower the token’s price. They recall the emergence of BTC futures in 2017, which coincided with the cryptocurrency’s new peak and pulled its price down.