This Week’s Cryptocurrency Trade is Ethereum which has a market cap of $181 billion and is ranked #2 on Coinmarketcap.
Ethereum (ETH) is on the eve of its major migration from Proof of Work to Proof of Stake consensus model. The stock price has rebounded vigorously from the low of $882 in mid-June. This was accompanied by fairly high volume. This is a strong sign and with it, the sprice has also rebounded convincingly above 8, 21, 35 and 55.
The high of over $4100 from earlier this year is still miles away. Nonetheless, IMO the trend has started upward and the task is to convincingly clear the $2,000 hurdle. My first price target is $2,400 and then the second price target is $3,000 with a stop-loss below $1,300.
PS) For our crypto portfolios, we have now included this coin in our portfolio.