Like stock market trading, trading in cryptocurrencies like Ethereum is an area where you must stay constantly vigilant about what is going on in the market. There are patterns to look for that show when the price is set to rise or decline—and the recent Ethereum analysis shows that the Ethereum/USD breaking point has the potential to raise to as much as $480. This is a $40-50 profit from the current value of Ethereum.
What the Analysis Shows
Currently, the price for Ethereum based on the USD is fluctuation with an average between $435-438. This range is countered with a triangle resistance near the $455 mark. Once the value of Ethereum breaks past this point of resistance, it has the potential to raise up to the same value as $480 USD.
This information was determined by the appearance of a contracting triangle on the hourly Ethereum tracking board. The triangle represents a pattern, one that usually indicates a rise in profit in the trade market.
The Upward Trend of Ethereum
This is not the first time that Ethereum has seen a rise in its value against the USD recently. The last time, the upward move happened after the Fibonacci retracement levels started to rise. When the Fibonacci retracement appears, it tends to predict movements and trends. Typically, the market continues to follow a pattern until it starts to move in its original direction. For Ethereum, the recent trends show that is due to go up.
Ethereum Analysis and the Fibonacci Retracement
This will not be the first time that the Fibonacci retracement has impacted the trade of Ethereum against the United States Dollar. The last time just happened recently, as the value reached $463.91. This happened just before the value readjusted itself below the $450 resistance level. It still has continued to follow the pattern of a 23.6% Fibonacci retracement level, so it is anticipated that it will do this again. The last time, the range was between $403 and $463.
Are the Gains Guaranteed?
Trade is a market where nothing is guaranteed. Even thought there are clear signs that the Ethereum value against the USD will continue on an upward trend, these are only based on patterns. However, those that dabble in the stock market will likely say that these patterns are everything when it comes to deciding when to invest and when to cash out. The gains are not guaranteed, but they are highly probable because it is likely the value will follow the same patterns that it has before.
Is it a Good Time to Invest in Ethereum?
People around the world are expanding their investment portfolios to include cryptocurrencies like Ethereum, which build on the idea of bitcoin mining and digital wallets. These are intended to help pave the future for a new type of trade—one that is universal across all country borders and that can easily be transferred. As something that could have a profound impact, some people may quickly jump on the Ethereum band wagon. As with any trade, however, there are some risks involved and a thorough Ethereum analysis should be used before making an investment decision.