By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
The ETH price is rising again on May 24 after taking a pause for correction. Buterin’s crypto is currently trading at around $247.66.
On H4, the Ether is forming a triangle, with the correction having reached 38.20% Fibo. What is going to happen next depends on which triangle boundary is going to get broken out. If this is the support at $233.57, the ETH may fall to 50% ($213.40) and then 61.80% ($197.60); conversely, if the crypto breaks out the resistance at $256.60, it may further rise to the high of $279.90 and the round number resistance of $300.
On H1, the price has tested the current channel support and is now heading towards the resistance, supported by the Stochastic forming a golden cross and leaving the oversold territory, which means the ETH may continue rising.
Ethereum Foundation is going to invest $30M in the ecosystem development, namely Ethereum 2.0 and Plasma, as well as in some scientific and other R&D projects.
Around $3M out of those $30M is being invested into employee scientific and technical training. A decent amount of money will also be invested into the yearly Ethereum Devcoin Conference and regional office support.
The largest part, however (around $19M), is allocated for resolving the scalability issue. The first to resolve it will take the lead in the crypto market for long, so this is quite important.
In mid May, Ether got a lot of new buyers, with the trading turnover reaching its 18-month high, according to Coinbase. This means both large investors and ETH enthusiasts may be back in the game.
Disclaimer
Any predictions contained herein are based on the authors’ 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.