Ethereum [ETH] Price Analysis: It's not money, but prices are bullish above $ 250
Ideally, blockchain is meant to avoid intermediaries and mark the beginning of efficiency. Still, centralized solutions reign and are popular.
There is the influence of governments and regulators. As they implement policies, they mention their need to fulfill their mandate and protect investors.
The good news is that its acceptance has improved thanks to the dedication of the community to compliance and relentless education. End users, especially in areas devastated by hyperinflation and war, realize the importance of cryptocurrencies.
It may be an option for South Africans now that the country has sunk into a recession amid reported Coronavirus cases.
Ethereum (ETH) is not money
However, the question that has been raised is whether cryptocurrencies and, in this case, Ethereum (ETH) can substitute money.
As an improvement of Bitcoin that serves as a medium of exchange, as well as a reserve of value, the Ethereum platform generates diversity and another degree of complexity. Its diversity is its richness and perhaps one reason why the co-founder of Morgan Creek Capital, Antony Pompliano disagrees with the idea that ETH is money.
He is an influencer and, therefore, his position has met with different points of view and some argue that he is determined to criticize a project that even Andreas Antonopoulos likes. Others support him and say that Pompliano reached this conclusion after deepening the project.
ETH / USD price analysis
While the debate continues, the Ethereum price (ETH) It is constant and the signals flash green.
After a horrible week, the currency has once again reached its equilibrium point against the dollar. Even so, it has fallen by 9% to date, but has an encouraging 19% increase in the last month.
According to the daily chart, the cryptocurrency found support in the highs of September 2019 and still hangs precariously above $ 200, at just $ 20 below the psychological level. Again, it is trending below average BB.
The bar on March 2, 2020 is bullish and conspicuous, recovering from support under $ 220. In any case, sellers are still in control from the point of view of effort versus results.
This is because prices are trending within the trading range of February 26 and as long as prices are below the February 26 highs of $ 250, ETH can be below $ 220 to 200 $ or worse in the next few days.
As such, it will be ideal for conservative traders if bulls recover above $ 250 as a three-bar bullish reversal pattern is printed. This will open doors for the February 2020 highs of $ 280 and even $ 360.
Graphic courtesy of Trading View – Coinbase
Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trade in any way implies risk. Do your research.
