By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
The ETH has put its restoration on a halt: the market situation does not stimulate active buying. Tuesday morning, August 20th, the cryptocurrency slightly declines, trading at $198.95.
On H4, the Ethereum has formed a convergence after nearing an important correction level of 61.8% ($163.20) Fibo. This suggests the development of an uptrend but only after a breakaway of the resistance line of the current channel. Another confirmation of the growth would be the Gold Cross on the MACD. The goals of the growth are at $231.50 and $262.60.
On H1, the short-term market moods are visible. The quotations are testing the resistance line, while the Stochastic remains in the overbought area, having formed a Black Cross and a divergence. Such a set of signals may signify a potential for a correcting decline to 23.6% ($197.57), 38.2% ($193.83), 50.0% ($190.81) and 61.8% ($187.69) Fibo.
As the creator of the ETH Vitalik Buterin says, the main problem of cryptocurrencies, including the ETH,…