ETH is going up and passing the huge resistance of 300 soon
If you were around the crypto space in early to mid 2017 you'll remember ETH had a hard time with the 300 level. It would move up then correct back down. Then go under and move back up. It flirted with the 300 - 330 level forever before finally making its move.
Well now we are back. But things aren't like they were back in 2017. Crypto as a whole has grown. Gone are the days of ICO shills. Now companies are making stable coins, so they can focus on the product's functions and provide a level of worth and trust. They would rather have interest in the product then speculation in the coin.
So now ETH has to make organic growth to start the ball rolling. Yes, speculation, adoption and FOMO will still have a role to play but ETH has to prove itself first. This comes in the way of updates from its dev core as well as major corporations pairing with it and of course institutional investment.
If the big corporate players start making a move (Facebook, Samsung, Amazon, Twitter) as well as wall street (Bakkt, ETF's, institutional investments) this brings back a sense of trust with investors. After all, if we are already invested in these big players and they are making a move then perhaps it's alright if we do as well.
Now you take a look at the TA and see we have just broken out of the top of a wedge indicating some bullishness. As well as the moving averages all starting to point upward. The RSI is a little overbought, so we may have a bit of consolidation before moving up but I believe the Samsung news of their cryptocurrency testing on the Ethereum as well as other institutional investment is going to push us past the 300 mark with relative ease. There are just too many players moving into the market. I can see the 400 mark being the next target fairly easily.
Well now we are back. But things aren't like they were back in 2017. Crypto as a whole has grown. Gone are the days of ICO shills. Now companies are making stable coins, so they can focus on the product's functions and provide a level of worth and trust. They would rather have interest in the product then speculation in the coin.
So now ETH has to make organic growth to start the ball rolling. Yes, speculation, adoption and FOMO will still have a role to play but ETH has to prove itself first. This comes in the way of updates from its dev core as well as major corporations pairing with it and of course institutional investment.
If the big corporate players start making a move (Facebook, Samsung, Amazon, Twitter) as well as wall street (Bakkt, ETF's, institutional investments) this brings back a sense of trust with investors. After all, if we are already invested in these big players and they are making a move then perhaps it's alright if we do as well.
Now you take a look at the TA and see we have just broken out of the top of a wedge indicating some bullishness. As well as the moving averages all starting to point upward. The RSI is a little overbought, so we may have a bit of consolidation before moving up but I believe the Samsung news of their cryptocurrency testing on the Ethereum as well as other institutional investment is going to push us past the 300 mark with relative ease. There are just too many players moving into the market. I can see the 400 mark being the next target fairly easily.
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