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Ethereum

TA: Ethereum Holding Gains Above $1,600, Why ETH Could Surge Again

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Ethereum started a downside correction from a new all-time high at $1,697 against the US Dollar. ETH price is holding gains above $1,600 and it could start a fresh increase.

  • Ethereum started a downside correction below the $1,650 and $1,620 levels.
  • The price is still trading well above $1,600 and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $1,655 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to resume higher once it clears the $1,655 and $1,660 resistance levels in the near term.

Ethereum Price Remains Steady

After setting a new all-time high near $1,697, Ethereum started a short-term downside correction. ETH traded below the $1,650 and $1,620 support levels. There was also a spike below the $1,600 level, but the price recovered quickly.

Ether is now trading well above $1,600 and the 100 hourly simple moving average. The recent swing low was formed near $1,589 before the price climbed above $1,620.

There was a break above the 50% Fib retracement level of the recent decline from the $1,672 high to $1,589 low. It seems like there is a key contracting triangle forming with resistance near $1,655 on the hourly chart of ETH/USD.

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Ethereum Price

Source: ETHUSD on TradingView.com

The triangle resistance is close to the 76.4% Fib retracement level of the recent decline from the $1,672 high to $1,589 low. If there is a close above the triangle resistance at $1,655 and $1,660, ether price might start a fresh increase.

In the stated case, it could even surpass the $1,700 level in the near term. The next major resistance for the bulls above $1,700 might be $1,735 (a key fib extension level).

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Dips Supported in ETH?

If Ethereum fails to clear the $1,655 resistance level and the triangle upper trend line, it could correct further lower. On the downside, an initial support is near the triangle lower trend line at $1,585.

A downside break below the triangle support could push the price towards the $1,550 support zone. Any more losses is likely to lead the price towards the $1,500 support region in the coming sessions.

Technical Indicators

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Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently just above the 50 level.

Major Support Level – $1,585

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Major Resistance Level – $1,660

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Ethereum

Ethereum Price (ETH) Inches Closer to the $4k Mark! Institutional Investors seem Bullish

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Over the last 24 hours, the market has been in the green. Ethereum is up 4.04 percent, while Bitcoin is up 3.74 percent. Early on, the Ethereum cryptocurrency entered a little bullish phase, and the price of Ether appears to have breached the level of $3,800.

In the previous few days, ETH has made a significant advance, and the coin is currently approaching a test of the $4k threshold. 

A several-day sluggish retreat from the barrier was visible to the $3,400 mark. A firm foundation was built earlier this week after multiple efforts to break lower.

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According to popular analyst Michael van de Poppe, December is frequently the ideal time to buy altcoins. 

He claims that If history repeats itself, we might see a 200 percent run on $ETH/BTC towards the ATH region from there, but first there will be a larger pullback while #Bitcoin continues to perform well.

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ETH Price to $4000!

Fundstrat, an independent financial research firm, has some exciting news for Ethereum fans. According to the firm’s technical research, Ethereum is on the verge of a massive bull run that will push it past previous all-time highs.

“Ethereum Looks To Be Starting To Gain On Bitcoin After A Near One-Month Period Of Underperformance Throughout September.”

The crypto’s soaring market share, according to Fundstrat, will propel it over the psychologically significant $4,000 threshold. A convincing move above $4,030 would bolster the bulls, putting the coin on track for a new all-time high of $4,950. 

Crypto exchange Coinbase recorded a withdrawal of 400k Ethereum yesterday, according to on-chain data. This could be a hint of institutional investment activity, which would be good for the coin.

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Approximately 400k ETH (1.5 billion at the current exchange rate) was removed from the crypto exchange Coinbase yesterday, according to a CryptoQuant report. 

The fact that institutional investors are bullish on ETH could spell disaster for the cryptocurrency. If ETH is to advance to the next level, it will require a significant amount of capital, which normally means that whales such as institutional investors will be required to participate.

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Ethereum Forecast October 18 — 22, 2021

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Ethereum ETH/USD ends the trading week at 3847 and continues to move as part of the rise and the formation of the ”Triangle” pattern. Moving averages indicate a bullish trend for ETH/USD. Prices went up from the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the area of ​​3055. Where can we expect a rebound and a continuation of the rise in the rate and value of Ethereum with a potential target above the level of 4755.

Cryptocurrency Ethereum Forecast October 18 — 22, 2021

An additional signal in favor of raising the ETH/USD quotes in the current trading week on October 18 — 22, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the cryptocurrency value in the current trading week will be a fall and a breakdown of the level of 2845. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 2235. Confirmation of the rise in the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 4355 , which will indicate a breakdown of the upper border of the ”Triangle” model.

Cryptocurrency Ethereum Forecast October 18 — 22, 2021

Cryptocurrency Ethereum Forecast October 18 — 22, 2021 implies an attempt to test the support area near the level of 3055. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 4755. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line on the relative strength. Cancellation of the growth option will be a fall and a breakdown of the area of ​​2845. In this case, we should expect a continuation of the decline with a target below the area of ​​2235.

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Ethereum Towers Above Axie Infinity and Altcoin Projects, Earning $777,000,000 in Revenue in Just One Month

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Ethereum as ultra-sound money

Ethereum’s (ETH) protocol revenue is towering over play-to-earn game Axie Infinity and other altcoin projects.

Data from Token Terminal shows that the smart contract platform’s protocol revenue in the past 30 days reached $777 million, far surpassing those of Axie Infinity ($183.6 million), non-fungible token (NFT) marketplace OpenSea ($70.1 million), decentralized margin trading platform dYdX ($49.9 million) and digital payment system Filecoin ($16.7 million).

Ethereum’s big number comes after the blockchain launched its major upgrade in preparation for ETH 2.0. Crypto exchange Kraken says that more than $1 billion worth of ETH has already been burned since the London hard fork was activated in August.

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ETH’s hash rate also hit an all-time high on September 21st with miner revenue surging to as much as $70 million in early September amid rising demand for NFTs and optimism over ETH’s future.

Source: Token Terminal

Despite placing at a far second, Axie Infinity’s native token AXS saw a spike in price following reports that its developer, Sky Mavis, is now valued at $3 billion. The platform is on track to bring in $1 billion in revenue from in-game transactions this year. 

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