Ethereum [ETH] and On-Chain Gas Price Surges as Analysts Long for $350 Break-out

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Ethereum [ETH] and On-Chain Gas Price Surges as Analysts Long for $350 Break-out

Ethereum [ETH] logs a new yearly high as price continues its’ gain. The crypto is up 140% from it’s swing lows around $120. The price of Ether [ETH] at 3: 40 hours UTC on 15th January 2019 is $283.

Ether [ETH] pulled back to lows around $255 after reaching the high at $275 lately. Yesterday, the bullish gains pushed the price up to new yearly highs at $290.

ethusd four hour chart
ETH/USD 4-Hour Chart on Bitstamp (TradingView)

The price of Ethereum’s Gas is also up 30% w.r.t BTC on a daily scale. Gas is the underlying fee to the miners which fuels smart contract and execution of transactions. It rose nearly 120% from swing lows in December to a high of 0.00026 BTC.

Since August last year, the price of ETH has been in a downfall. However, the usage has been rising considerably. Moreover, in the past, the price charts (grey) have usually dominated the usage levels (blue).

eth gas usage
Ethereum Gas Usage and Price Chart (Source)

Nevertheless, the recent push in on-chain analytics is also influenced by the bull market. Hence, we might see some pullbacks, while the over-all outlook remains bullish.

Ethereum ‘Send it’ Level

While some indicators are pointing towards over-bought region, analysts continue to make bullish arguments.

Leading chart analyst and trader, Escobar tweeted on the levels of bullish resistance and targets.

Currently testing 2 years of bear structure looks like a massive Double bottom reversal is going to play out.

The first red line around $375 marks a critical area for macro bull run.

ethereum price analysis
Ethereum Price Analysis (Source)

The High-Time frame resistance to ETH, at the moment, is around $350-$375. The area also marks the 23.2% Fibonacci Retracement level from the pump above $1400 in 2017. More than two technical analysts seem to agree on the HTF (High-Time Frame) bullish resistance to price before $500.

Josh Rager, prominent crypto analyst and trader has been euphoric on Ethereum as well. He tweeted on long-term bullish sentiments for Ethereum, 

The official “send it” level for ETH/USD is breaking & close above $360 on high time frames For anyone who wants to accumulate, if you’re not in by $360 then I’m sorry

No need to fomo, pullbacks will come & you’ve got plenty of time

Nevertheless, the levels are expected to present huge resistance to the bulls. The one-side uptrend is due for a pullback for quite sometime.

Where do you think Ethereum will shoot before a considerable pullback? Please share your views with us. 

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Ethereum [ETH] and On-Chain Gas Price Surges as Analysts Long for $350 Break-out
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Ethereum [ETH] and On-Chain Gas Price Surges as Analysts Long for $350 Break-out
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Ethereum [ETH] logs a new yearly high as price continues its' gain. The crypto is up 140% from it's swing lows around $120. The price of Ether [ETH] at 3: 40 hours UTC on 15th January 2019 is $283. 
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Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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Nivesh Rustgi 854 Articles

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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