Ethereum price weekly analysis 22 May: The Woz is optimistic but the market isn’t so sure
Ether continues to struggle to stay above US$700, but there is some optimism from an unlikely quarter.
- Price is down from around US$730 to US$690 over the week.
- A plunge over the weekend was followed by a recovery but today saw a fall.
- Long-term views on ETH are divided, but The Woz is optimistic.
After seeing the price rise a little over the weekend and hold steady yesterday, you may have thought Ether was showing signs of recovering and holding its value at the same levels we saw a week ago – around the US$740 mark. But another punishing 24 hours have seen ETH sink back to around US$690 – almost half the value it saw when it peaked in January.
The good news is that if you bought ETH in early April, you're still a long way ahead. You're just not as far ahead as you were a week ago.
Trading volumes have hovered between the US$2.0 billion and US$2.8 billion mark with the highest volumes recorded last Tuesday when the price dropped drastically from around US$738 to US$683. The volumes were at their lowest when the price rose over the weekend.
Some interesting analysis at CoinTelegraph suggests the patterns we're seeing are indicative of some bullish behaviour and that there's an uptrend that could see ETH head back towards the US$1000 levels. But, as you'd expect, there's the usual qualifier saying that if the price dips below the 50-day simple moving average (SMA), the price could fall further.
In other words, they're saying the price will go up unless it doesn't!
Similar analysis comes from FXStreet. When they plot the price of ETC over the last nine months or so, they see what they call a "rising wedge pattern".
They say the price could keep rising to around the US$1000 level but fall as far as US$300. In other words – it'll go up unless it goes down.
At a developer conference held in Austria, Investopedia reported that Apple co-founder Steve Wozniak said, “Ethereum interests me because it can do things and because it's a platform”. The technology guru further added that the Ethereum platform was just like his former company Apple, and in the long term, it has the potential to become as influential as Apple.
If you're interested in the development side of Ethereum, the fifth Devcon event, Devcon4 (the first one where the first visions of what Ethereum could become were presented was called Devcon0) will be held in Prague from 30 October to 2 November.
Disclosure: At the time of writing, the author holds XLM, BTC, ETH, EOS, TRON and XRP.