Traders are patiently waiting for $150 ETH, with buy walls building up on most major exchanges. However, this trade may be too optimistic.
According to Black Diamond Research, traders have been lining up along the $150 price point for Ether. Both Bookmap and Coinbase Pro are showing massive buy clusters around this area. The equivalent level for this Ether price point would be Bitcoin around $8500, if we follow this year’s trends.
Waiting to Pounce
In truth, however, we may not get to $150 ETH just like we might not hit $8500 BTC. Instead, technical traders are eyeing a BTC price of around $8900-9100, which has been called the ‘ideal buy zone.’ For Ether, this would mean setting buys around $170 or so.
Traders waiting for $150 to massively buy $ETH, according to Bookmap & GDAX (equivalent level for $BTC is $8500). We may not get there. Next major level of interest for #ETH is $167-170 which confirms your view @CredibleCrypto, if I'm correct. pic.twitter.com/RDE2A2mThP
— Trading Surfers (@TradingSurfers) August 21, 2019
We can expect a bounce around the $170 price level, but there is significant support at the $150 mark, which should give investors some confidence.
Ethereum has been hit especially hard this year as its price in satoshis drops to levels not seen since early 2017. Many Ethereum fans have decried the recent price movements as being decoupled from the project’s actual developments. However, as the rule goes: The market can stay irrational longer than you can stay solvent.’ For Ethereum believers, this seems to be the case.
Demand for Ethereum is Still Here
Ether still boasts one of the highest trading volumes out of all cryptocurrencies, however, which shows that demand is still present. Yet, the slow transaction times, full block sizes, and other issues have plagued the network. Decentralization application development has also stalled as many eagerly await the release of Ethereum 2.0. That may take some time, however, and is not expected for launch until at least 2020, maybe even later.
For now, it would be smart to simply trade Ether’s bounces and lock profits in Bitcoin which is expected to bode better going into 2020.
Do you believe that Ether is a good buy around the $170 price point? Let us know your thoughts in the comments down below.
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