When we talk about cryptos in 10 years, although I’m not a fan of Ethereum, this blockchain will be the one of the ones in the discussion. Quite simple it had a first to market advantage, Vitalik and staying power. And although Ethereum has been quite the past several months, it recently work up from its hibernation.
Ethereum’s price is up 5% in the last 24 hours and up almost 20% since the beginning of September. However, some analysts think the run is over and that price will stall in the coming days/weeks. But I don’t see any reason why prices can’t continue to move higher.
Besides its incredible price growth, Ethereum has also been growing in other areas—one of which is daily transaction fee revenue. Since around June 2019, the Ethereum network has been gradually catching up to Bitcoin (BTC) in this area.
According to Coin Metrics, Ethereum recently hit $182,899 in daily transaction fees, which is just shy of the $185,993 achieved by the Bitcoin network. This is notable because back in 2017, Bitcoin usually had around 10-25x higher fees than Ethereum, showing that Ethereum has gained significant ground in the past two years.
But that’s not why I’m still bullish on the Ethereum…let go to the chart.
Price reversed at the major resistance/support band at $160,
and formed a daily demand at $180.
The buyers absorbed any remaining unfilled sell orders.
Thus, the chart suggests to go long if price pulls back to the daily demand at $180 with a target right before the daily supply at $274.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.