On the 5th of April, Tom Lee, the founder of Fundstrat released a report that showed that cryptocurrencies would rebound after 15th April. His thesis was that most Americans who own cryptocurrencies had been forced to sell the currencies as they filed their tax returns. This 19 April Ethereum Price Fundamental Analysis shows that the prediction has been fulfilled.
19 April, OctaFX – After weeks of decline, Ethereum soared yesterday to reach a multi-week high of $530. The gains corresponded with the end of the US tax season. Traders believe that the submission of capital gains taxes will attract more capital to cryptocurrencies.
Ethereum Boosted By The End Of US Tax Season
The boost also came after Reuters reported major funding for a company creating a stable coin built on the Ethereum blockchain. Intangible Labs received more than $133 million from leading private equity and venture firms like Bain Capital, Andreessen Horowitz, and Lightspeed Ventures.
Other cryptocurrencies have also gained with Bitcoin, Litecoin and ripple rising by 4%, 12%, and 13% respectively in the past five days.
The currencies rose despite an investigation by the New York Attorney General, Eric Schneiderman, into major exchanges including Coinbase and Binance. According to Mr. Schneiderman, the firms are not being investigated for any crimes. Instead, his office wants to learn about their businesses with the aim of protecting customers.
Meanwhile, cryptocurrency risks were highlighted yesterday when a company that raised $50 million in an ICO disappeared. The German company’s CEO sent a tweet thanking his investors and saying “Over and Out.” The website of the company showed a picture mocking his investors.
19 April Ethereum Price Fundamental Analysis
The RSI of ETH/USD is currently at 65, heading south while the MACD is showing signs of further upward moves. There is a likelihood that the pair will continue moving higher if the current market conditions – based on no major negative news – remain.
This article about 19 April Ethereum Price Fundamental Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.