ETH, which is still well below the all-time record, will it reach $750?
After Bitcoin’s over $9,000, the bulls seem to have calmed down a bit. After the price reached $275, Ethereum started to draw stable price movements along with all the cryptocurrencies.
Ethereum under the influence of bulls
Despite the market sluggishness in the last few days, some analysts expect the price of Ethereum to increase. Joe McCann, a well-known analyst in the market, said on Twitter that Ethereum bulls are ready to take action. According to McCann, there are two technical indicators for the Ethereum price to go up.
First, the analyst said that the MACD (Moving Average Convergence Divergence) indicator on a one-day chart of Ethrerum has shifted from red to blue, as shown in the graph below. According to the analyst, this chart shows that the 17-day bear market for Ethereum is over. The last time the MACD indicators were like this, Ethereum showed a huge increase of 64%. At the moment, there may be another rally on the horizon, as the news about Ethereum 2.0 is very busy.
According to the analyst, this shows that the footsteps of bulls are heard in the market. When these conditions were last met, the Ethereum price increased by 69.27%. Interestingly, both indicators have an impact of over 60% on the Ethereum price. Considering the current prices, if such a big increase occurs, the ETH price can go up to $ 430, which is still well below the all-time record of $ 1,000.
If Ethereum Follows Bitcoin
McCann is not the only analyst expecting an increase in the Ethereum. One of the most prominent analysts in the market, Josh Rager, made statements about ETH on Twitter. Rager says that Bitcoin traded 53% less than the all-time record of $ 20,000, while Ethereum is still about 83% lower than the all-time record. However, according to Rager, if Ethereum follows Bitcoin’s movements, its price can easily reach $ 750.
IBM Announces New Blockchain Update
According to a report by Ledger Insights on June 18th, IBM announced that it has made upgrades to the Blockchain Platform.
According to Cointelegraph’s upgrade, the new IBM Blockchain Platform will work on multiple cloud networks, such as Microsoft Azure and Amazon Web Services (AWS). So IBM’s Blockchain Platform can be used as a Multicloud platform.
The Multicloud platform will be available through Kubernetes, a program that will allow users to scale Blockchain networks as needed.
In addition to this, one of the main results of the new update is the IBM Blockchain Platform 2.0 and multi-cloud platform that IBM offers on its website. According to the website, the multi-cloud platform allows Blockchain participants to control over multiple cloud networks, even if they have different levels of privacy.