- Ethereum prices up 25.2 percent
- Volumes drop after last week’s rally, but participation would drive levels up
Grayscale Investment did re-balance their holdings reducing their exposure of Ethereum (ETH) by 0.3 percent. While negative, Ethereum (ETH) bulls are back and ready for $200 and higher.
Ethereum Price Analysis
Fundamentals
Bulls are back and sensing opportunity, lending companies are re-launching. They may have learned a thing or two from BitConnect and similar platforms which closed shop after last years’ drawdown but what is clear is that there is goodwill to provide returns for willing risk takers with matching done via p2p. Dharma is one of the many mushrooming crypto lending start-ups.
According to reports, the platform will utilize Ethereum’s smart contracts, will remain non-custodial and at the same time offer fixed interest rates for lenders. The only catch is that borrowers must put to good use their loans.
While Dharma and Nadav Hollander, the CEO plan to make this a success, Grayscale Investment did readjust their ETH exposure after re-calibrating their Digital Large Cap Fund’s (DLC). Explaining to their followers, Grayscale said the adjustment is part of their quarterly reviews and part of that is to maintain the fund’s strategy that “seeks to provide exposure to the large-cap segment of the digital asset class.” Ethereum (ETH) exposure did drop from 13.9 percent to 13.6 percent:
“Although no new assets qualified for inclusion following DLC’S Quarterly Review (3/31/19), the below table highlights how DLC’s weightings have changed from December 31, 2018, to March 31, 2019: $BTC $ETH $XRP $BCH $LTC.”
Candlestick Arrangements
Price wise, Ethereum (ETH) is up 25.2 percent at the time of press and pretty stable in the last day. At $176, bulls are firmly in control, and as long as traders maintain prices at those levels, it is likely that momentum will drive prices towards $250 in a bullish breakout pattern.
In line with our last ETH/USD trade plan and the fact that prices are trending above Q4 2018 highs, every low should technically be another buying opportunity. And solid technical reasons are supporting this stance. First, note that ETH bars are green and banding along the upper BB.
That’s not all. Prices are diverging away from the middle BB. If anything, this is bullish, and traders should capitalize on this upswing, ramp up and aim for $250, our first conservative targets.
Technical Indicators
Our anchor bar is Apr 3 bar with 820k. Therefore, although volumes are shrinking after last week’s explosion, any pullback must be with light volumes below 820k. At the same time, any breach of major resistance line $250 should be with high volumes exceeding 575k of Apr 2 or even 880k of Feb 24.
Chart courtesy of Trading View
