Ethereum price weekly analysis 22 May: The Woz is optimistic but the market isn’t so sure

Ethereum continues to struggle to stay above $700 but there is some optimism from an unlikely quarter.

Key takeaways

  • Price is down from around $730 to $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 holding steady yesterday, you may have thought Ethereum 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 $690 – almost half the value 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 $2.0B and $2.8B mark with the highest volumes recorded last Tuesday when the price dropped drastically from around $738 to $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 $1000 levels. But, as you’d expect there’s the usual qualifier saying that if the price dips below 50 day simple moving average (SMA) that 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 $1000 level but fall as far as $300. In other words – it’ll go up unless it goes down.

At a developer conference which was held in Austria, Apple co-founder Steve Wozniak said “Ethereum interests me because it can do things and because it’s a platform”. The comments by Wozniak, which were reported at Investopedia 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, DevCon 4 (the first one, the first visions of what Ethereum would come to be 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.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Picture: Shutterstock

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