Ether has gone down lately plunging to $440. On Thu June 14, it is however recovering and correcting, trading at $485.55. According to Dmitriy Gurkovskiy, Chief Analyst at RoboForex, the digital coin has good chances for further upmove after the $480 resistance has been broken out.
What happened to Ether yesterday was a bad surprise for the investors, as the crypto was heading down rapidly, hitting the support levels at $480, $460, and $450. Now that it has started rising again, one may see it is having problems recovering to $490 or $500. There is some room for further rise, but the fundamentals may prevent Ether from recovering or even cause another selloff.
Currently, the key support for Ether is at $460, the resistance is at $495. The MACD on D1 is in the negative area, keeps going down and still issuing a sell signal. The Stochastic is falling, too, and while in the positives, is issuing another sell signal.
Fundamentally, little changed for Ether over the last week. Most attention is driven to the news on the hacker attack that led to around $20M theft on Geth wallets. The robbery was detected by mere chance, and it appeared the thieves scanned user IP addresses and checked whether port 8545 was open. If it was, the hackers then bypassed other Geth wallet ports and client protection system and withdrew client funds.
This happened chiefly because of the users being careless, as 8545 is usually open for enabling internet access, but should only allow access to the local network.
Another piece of interesting news for Ether is about the number of the coins mined. It has been announced recently that 100,000,000 coins has been mined so far. Unlike Bitcoin, Ether has no limitation on the number of coins. However, in April, Ethereum founder Vitalik Buterin said that the total number of coins issued was unlikely to exceed 120M. There were even talks on limiting the number of coins in order to improve platform stability and make Ethereum more attractive.
Any forecasts contained herein are based on the authors’ particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.