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Ethereum (ETH/USD) forecast and analysis on October 8, 2021

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Cryptocurrency Ethereum (ETH/USD) is trading at 3526. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator bands.

Ethereum (ETH/USD) forecast and analysis on October 8, 2021

As part of the Ethereum forecast, a test of the level of 3450 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 3780. The conservative buying area for Ethereum is located near the lower border of the Bollinger Bands indicator bars at 3290.

Ethereum (ETH/USD) forecast and analysis on October 8, 2021

Cancellation of the option to continue the growth of the Ethereum rate will be a breakdown of the area of ​​the lower border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and the closing of quotations of the pair below the 3220 area. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In the event of a breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall of the cryptocurrency.

Ethereum (ETH/USD) forecast and analysis on October 8, 2021 implies a test level of 3450. Further, growth is expected to continue to the area above the level of 3780. The conservative buying area is near the area of ​​3290. Cancellation of the cryptocurrency growth option will be the breakdown of the level of 3220. In this case, we should expect the fall to continue.

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Will Ethereum’s new ATH bear the same results as it did in May

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After months of waiting, Ethereum finally accomplished what investors had been waiting for. By hitting $4,361 on the charts, ETH marked a new all-time high and joined the league of cryptos that have already registered new ATHs of their own.

However, the question remains – Will Ethereum continue to act bullish going forward? Or will it react the same way as it did back in May?

Ethereum and $4200

Ethereum’s new all-time high might have come around the same time as other altcoins’ ATH. However, unlike some of the rest, Ethereum’s wasn’t a result of random hype. The altcoin leader has been rising consistently throughout the month and consequently, it breached the long-standing resistance of $4200.

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Ethereum price action | Source: Glassnode – AMBCrypto

The hike was also backed by investors who have become very active this month with almost 560,000 addresses operating. The addresses that had been dormant for almost 5 months now are back and are actively trading.

However, not all of them are actively buying to HODL. Richer addresses i.e. those who are holding more than 100 ETH, have been distributing their holdings. Some of them did so throughout the month and some just acted recently.

Ethereum address distribution by volume |

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Source: Glassnode – AMBCrypto

However, the falling supply on exchanges shows that this selling is constantly being bought back by retail traders.

Surprisingly, these rich cohorts are not long-term HODLers selling, but just regular traders. Because most of the ETH HODLers are continuing to HODL their assets and in fact recently joined, investors are also looking to follow suit.

Since the beginning of this month, 6-12 month holders’ dominance has grown by 10% to 33% and 1-3m holders are now at 8.7% and rising.

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Ethereum HODL waves | Source: Glassnode – AMBCrypto

Thus, the idea of HODLing will always play in favor as it stabilizes a price fall, the likes of which were seen multiple times by ETH this year.

However, investors need to continue this behavior further since only 0.103% of ETH’s supply is not in profit. The 99.897% of which is in profit is going to mark a market top as high as it did back in May. 

Ethereum supply in profit | Source: Glassnode – AMBCrypto

Ergo, hopefully, whatever and whenever corrections take place, it won’t be as bad as May. After all, at the time of writing, some corrections were around, with ETH falling sharply towards $4,000 on the charts. While Bitcoin fell too, according to journalist Colin Wu

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“This fall may be affected by the fall in the stock market, the Asia-Pacific stock market fell sharply, and US stocks also fell before the market.”

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Ethereum Competitor Could Power Major Real-World Use Cases, According to Hedge Fund Veteran Anthony Scaramucci

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SkyBridge Capital founder Anthony Scaramucci says one Ethereum competitor is well-equipped to power complex use cases in the real world.

In a new interview with Real Vision, the hedge fund veteran says the decentralized blockchain network Algorand (ALGO) could breathe new life into the consumer goods sector.ADVERTISEMENT

Scaramucci explains,

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“If you’re flying American or Delta, you’re accruing miles. You may or may not be using them. They’re on Delta’s balance sheet marked as a liability. And for whatever reason, you’re not using them, but you can’t unlock them.

What if we created a coin that could take those miles out of your account in exchange for this coin? Then this coin had some universality to it where you could buy groceries, or you could buy something [else].

What would be the best blockchain to use for something like that? In my opinion, it would be Algorand.”

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Last month, SkyBridge joined the NAX trading platform to form a new partnership called UNLOX.

Scaramucci says the new venture will work with ALGO while pursuing investments in traditional financial services as well as art and other alternative assets.

“We’re identifying assets that have typically been locked, and we’re unlocking them.

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I said I want to raise a fund, an ALGO-based fund that participates. We’ve raised $100 million so far, capping the fund at $250 million.

I’ve got a Bitcoin [BTC] fund. I have an Ethereum [ETH] fund. And we will soon have an ALGO fund. And I think those are three major blockchains, cryptocurrencies that are going to win and design the future.”

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Ethereum Whale Bought 276,592,553,073 SHIB, Is Something Big Coming?

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  • An anonymous Ethereum whale decided to go on SHIB coin shopping.
  • The whale bought 276,592,553,073 #SHIB tokens ($11,510,207 USD).

Investors seemed highly interested in Shiba Inu since the total value locked (TVL) climbed close to $2 billion in June and July. Recently, an anonymous Ethereum whale decided to go on SHIB coin shopping, buying close to an enormous 276 billion SHIB.

On October 26, a Twitter account by the pseudonym Shiba Inu News tweeted the news first. The user said,

Wow… An Ethereum whale just bought 276,592,553,073 #SHIB tokens ($11,510,207 USD). We haven’t seen a whale transaction THIS BIG in quite some time. This is massive and sends a clear signal that He/She knows something is coming.

This move comes after Shiba Inu token had an impressive rally from the last few days, surging by over 340% in the past 7 days and reaching a new all-time high of over $0.000046.

The last time an anonymous whale bought an enormous 6.3 trillion coins, a couple of weeks later, the Shiba Inu (SHIB) token went bullish, hitting a new all-time high. So, the Twitter user said that this latest whale might know that something big is coming that’s why he or she bought this much SHIB.

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