Ether became steady at around $913.92 by Friday, after hitting $920 previously. This week, Ether has been mostly bullish, which was clear after the price went above $860, then hitting two intermediate resistance levels at $900 and $910 and getting a bit higher. Currently, the investors are probably busy locking their profits, Chief Analyst at RoboForex Dmitriy Gurkovskiy says.
The downside potential looks quite limited now, as Ether recovered from $868 all the way to $936, which puts an end to the current short term downtrend. The current support is around $890-$900, while the deep key support is on 50% Fibo, which is $868. To break it out, the sellers will require additional effort and a serious reason.
Speaking mid-term, Ether is still inclined towards $920, and local pullbacks at $890 or $900 will get actively recovered. With some positive reasons, Ether may well break into the area of $935-$940 and form a new ascending channel. The target then will be at $950, and after that, at $980. For now, these targets are somewhat too ambitious, though.
As for the short term, the important support is still at $900, and the resistance lies at $935. MACD is giving fewer bullish signals, but its overall sentiment is still positive for the buyers. Stochastic oscillator bullish signals are also fading out a bit, but are still there, too.
Fundamentally, Ether outlook is quite positive. First, Bitcoin rally is good for all altcoins, and Ether is no exception. Second, Bitmain announced Antminer F3, a mining device for Ether, which is also absolutely great for the digital coin. Antminer F3 is an ASIC miner based on three cards, each of them housing six devices for mining the second most popular cryptocurrency. The production kicks off as soon as in late February, while the product will come to the market in mid Q3, if everything goes well.
Improving the ways to mine Ether may influence positively the popularity of the coin and attract both new producers and buyers.
Any forecasts contained herein are based on the authors’ particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
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