Ethereum Price Analysis and Prediction for September 8th 2019

After a bull run last week, ETH bottomed out at $168. The Ethereum price is finally recovering once again, this time aiming for the $180 level. Trading at $178 on Bitstamp at the time of writing, ETH peaked at $180 earlier today. Let’s see if there are any new developments in Ethereum since yesterday and if the charts tell us anything.

Ethereum News

The Ethereum community is still gearing up for ETH 2.0. Vitalik said on a podcast with 80000hours, that he was “very confident” in the new iteration of the Ethereum network, and the Ethereum Foundation put out a developer experience survey as they are getting ready to showcase the new network at Devcon in Germany November 19th-20th.

Yesterday, Prysmatic Labs who are developing Prysm – a full featured sharding client for Ethereum 2.0 – released an Ethereum 2.0 roadmap update. The Prysm client is designed to process transactions much faster than legacy ETH 1.0 clients, and is going to be a big step in the right direction for solving Ethereum’s scalability issues.

As I’ve been saying in the past, while the development of ETH 2.0 doesn’t seem very exciting, if the new update can in fact solve Ethereum’s network congestion, the market’s reaction will be profound and I personally expect the Ethereum price to rise by at least 50%.

Ethereum Price Analysis

Relative Strength Index: The RSI at the time of writing is at a healthy 51 points, this means the market is healthy and has enough strength to make moves in either direction. Unfortunately, since RSI’s previous action was bullish, we might see a slight dip below 40 points which might cause a retracement on the market.

Bollinger Bands: The price is currently within the upper and lower bollinger bands range, however we can see its approaching the lower band and could cross over slightly before rebounding.

Volume: After the bull run earlier today when the price hit $180, the volume at the time of writing is very minimal. This is again to be expected…

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