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Ethereum Price Analysis for July 28th – ETH Stopped Sky-Rocketing

By Dmitriy Gurkovskiy, author at RoboForex Blog





After a lengthy phase of growth, the ETH rate started consolidating near its 13-months peak. On Tuesday, July 28th, it is generally trading at 317.12 USD.





On D1, ETH/USD keeps developing an uptrend. After swift growth, the quotations are testing the upper border of the ascending channel. The MACD histogram is above zero, and the signal lines have formed a Black Cross. Judging by all the factors, we may suppose that the pair will soon correct to 61.8% Fibo near 257.56 USD. However, it may as well break 61.8% away and head for 50.0% Fibo. The aim of further growth will be at 362.90 USD.





ETH/USD price forecast
ETH/USD price forecast




On H4, the pair keeps correcting inside the uptrend. The Stochastic is in the overbought area and has formed a Black Cross, which may be interpreted as another signal of the upcoming correction. The aim of the decline is at 61.8% Fibo. After the end of the correction, the pair may renew the highs and go on developing the uptrend.





ETH/USD price forecast
ETH/USD price forecast




According to the information of a mining pool Sparkpool, since last month, the income of ETH miners has grown by 60%. If on June 25th the users mining the token earned 1.85 USD per every 100 MH/s for processing transactions, on July 25th, the profit reached 3.27 USD. During the accounting period, the rate of the ETH itself increased by 40%.





On the whole, nowadays mining the ETH has become as attractive as, say, the BTC. However, there are still several unresolved issues concerning the prime cost and market value of the mining equipment. The efficacy of the equipment is growing constantly, and the most productive hardware can generate 13 USD a day.





Apart from the obvious factors that supported the growth of the ETH, there are hidden ones. For example, the fact that the popularity of the DeFi (decentralized finance) sector is growing also contributes to the ETH development because applications are mostly Ethereum-based. If the number of users and their activeness increases, the productivity of the ETH network does so accordingly.





Disclaimer





Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.


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