ETHUSD (Ethereum) – Week 10 – Cautious upside

This week’s news for Ethereum was that AWS (Amazon Web Services) will let customers spin up nodes that contain transaction history of the blockchain and connect to the main Ethereum network. The Amazon association could make it easier to use the whole Ethereum ecosystem, which has faced bottlenecks due to the growing number of decentralized applications and transaction volume. In another news, YIELD App, the DeFi wealth management platform connecting traditional and digital finance, launched its Ethereum fund, allowing users to earn high-interest returns on their Ether (ETH).

Technically, although Ethereum moved in the same consolidation this week (similar to the BTC chart), we think the higher probability move is to the upside. If the important resistance zone at $1650-$1670 per ETH is broken and a consolidation happens above then we are going for one more leg up. Another scenario would be a move up that would not make an all-time high, but a move preparing for another correction to the downside. This second scenario is not so likely right now with the current price structure.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.