CoinMarketCap analysts, citing data from the TradingView technical chart of historical ether prices, conclude that the upward trend in the market value of the second most popular cryptocurrency will continue.
The price chart shows a phenomenal increase in the value of ETH up to approximately 11% in a week, and technical indicators are giving a strong signal to buy the asset. Since the beginning of the year, investments in ether have shown a return of about 18%, and over the last six months the asset has grown in price by almost 68%.
Possible growth drivers include the upcoming upgrade of the Dencun Ethereum network, scheduled for March 13, as well as increased investment activity around Bitcoin exchange-traded funds and expectations for the imminent approval of funds for Ethereum.
Even though Ether failed to hold above the $2,800-$2,900 resistance level, it continues to bounce off the $2,600-$2,750 support area in an attempt to test a new yearly high of $3,000. If Ether manages to break through the important resistance level of $2,900, then by the end of the month we can expect growth in the range of $3,000-$3,300.
On Saturday, February 17, the weighted average price of ether on major trading platforms fluctuated between $2,700 and $2,820. Per day cost of ETN decreased by 1.57%.
Earlier, experts from the analytical company Coin Metrics shared the results of a study of the resistance of the Bitcoin and Ethereum networks to the so-called 51% attacks. Coin Metrics concluded that this form of attack has completely lost its economic viability, since it will require astronomical costs from attackers, many times higher than the likely income.
Source: Bits
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