By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Friday morning, September 18th, the ETH is trying to grow, trading near the resistance level at 386 USD.
On D1, ETH/USD stopped correcting and keeps developing an uptrend. The price is currently testing 23.6% Fibo. A breakaway of the level will mean further growth to 500 USD. Conversely, a bounce off 23.6% will signal another correction. The MACD histogram is below zero, and the signal lines have formed a Black Cross. Judging by all the factors, we may suppose that the pair will soon correct slightly to the target level of 38.2% Fibo. The aim of further growth after the pullback will be 500 USD.
On H4, the pair keeps developing an uptrend. On the Stochastic, the signal lines have formed a Black Cross, almost reaching the overbought area. This might signal another insignificant correction, hence a decline to 290 USD seems rather probable. Upon the end of the correction, the pair may go on ascending to 500 USD.
A crypto analytical platform Glassnode published the data about the record income of the Ethereum miners from commission fees – they collected 938,000 USD of fees for just an hour. The information was published on the company’s Twitter account. This happened just after Uniswap issued its own token UNI. Right after that, the company got about 13,000 applications for transactions, which significantly increased the load on the Ethereum network and somewhat slowed down its functioning.
The general vividness of mining also pushed the Ethereum hashrate to the high since 2018. Many experts and traders are sure of the potential growth of the Ethereum thanks to the launch of the UNI token; however, there have been no significant movements on the chart yet.
On the other hand, market growth and project developments are always good but now already some users note that most often, miners choose transactions with a high commission fee because they get confirmed faster. The same operations with lower commission fees may remain without confirmation for a long time. This situation is negative for the Ethereum network itself.
Any predictions contained herein are based on the author's particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.