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Ethereum

Ethereum Price Analysis: ETH rallies from $3,650 support, ready to test further upside?

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  • Ethereum price analysis is bullish today.
  • ETH/USD continued to advance overnight.
  • Closest resistance at $4,000.

Ethereum price analysis is bullish today as more upside was seen yesterday after a retest of $3,650 on Monday. Therefore, we expect ETH/USD to see further upside over the next 24 hours.

Ethereum Price Analysis: ETH rallies from $3,650 support, ready to test further upside? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with bullish momentum over the last 24 hours. Bitcoin gained 2.69 percent, while Ethereum was up by 1.74 percent. Meanwhile, Terra (LUNA) is among the top performers, with a gain of almost 8 percent

Ethereum price movement in the last 24 hours: Ethereum continued to rally towards $4,000

ETH/USD traded in a range of $3,760.57 – $3,892.52, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 10.85 percent and totals $15 billion, while the total market cap trades around $455.5 billion, resulting in market dominance of 17.98 percent.

ETH/USD 4-hour chart: ETH to target $4,000 next?

On the 4-hour chart, we can see the Ethereum price action advancing higher over the last 24 hours, indicating we might see a push towards the $4,000 mark over the next 24 hours.

Ethereum Price Analysis: ETH rallies from $3,650 support, ready to test further upside?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen a strong performance so far in October. After the initial rally began on the 1st of October, ETH/USD reached $3,650 on the 7th of October, setting a clear higher high.

After some consolidation over the following days, ETH spiked higher again on the 13th of October, this time peaking just below the $4,000 major resistance. Since then, a slow retracement has led to a retest of the $3,650 resistance as support.

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Yesterday, the Ethereum price action regained its bullish momentum, starting to push away from the $3,650 support. Overall, ETH/USD should continue higher today, with the $4,000 mark as the next target to be reached.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as the market kept moving away from the $3,650 support. Therefore, we expect ETH/USD to push towards the $4,000 major resistance over the next 24 hours.

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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Bitcoin

Rich Dad Poor Dad Author Issues Dire Warning on Inflation, Says He’s Buying Bitcoin, Ethereum and Two Additional Assets

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Rich Dad Poor Dad author Robert Kiyosaki is concerned that working-class Americans will be wiped out by rising inflation unless they invest in several key assets.

In a YouTube video on The Rich Dad Channel, the widely known author says that true capitalism has been abandoned, and the government instead intervenes on behalf of banks.

“The reason they’re talking about inflation or deflation is because, way back when, in the 70s, a true capitalist would let a business fail. According to [Austrian political economist Joseph] Schumpeter, capitalism destroys inefficient companies.

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If you look at one example, not too long ago there was Blockbuster Video. Then Netflix came along and they’re toast. They’re just gone. A true capitalist wipes out the inefficient or the obsolete.

But for the last so many years, since 1907 really, they’ve been saving the banks. The banks are so corrupt, and the reason the Federal Reserve had to come in was to protect the rich bankers.

And what they did was, back in 2008 there was quantitative easing, which is a very complex subject, but basically the Fed just prints money and gives it to banks to prevent them from failing. That’s not capitalism, that’s Marxism. That’s socialism, that’s communism. It’s called central banks.”

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Kiyosaki warns that unlimited money printing as part of official government policy will eliminate the working class.

“The reason inflation is going to wipe out people is because the average person is a consumer. Everybody talks about, ‘T-bone steak [costs] this now, and gasoline’s this and toilet paper is that.’

That’s because… Everything’s to protect the bankers. And that’s why I feel for the working-class people. I think it’s criminal that our school system is part of Marxism. There’s no financial education in the schools and it’s not a mistake.

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To the people who are complaining about inflation, just know it’s because the Federal Reserve Bank, the U.S. Treasury… they’re as corrupt as they come.”

The author tells his 1.8 million followers on Twitter that the recent 25% price increase at discount retail chain Dollar General is a bellwether event signaling that investors should protect themselves by picking up some cryptos like Bitcoin (BTC) and Ethereum (ETH), as well as gold and silver.

“Dollar Tree becomes $1.25 Tree. Inflation is a tax on the poor and middle class. Inflation makes the rich richer.

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Get smart. Get richer. I am buying more gold, silver, Bitcoin, Ethereum, rental real estate, and oil. What are you buying?”

CNN Business reported this week that Dollar Tree cited rising inflation and the ongoing supply chain crisis as reasons why it planned to permanently abandon its longstanding $1 price point on all products.

At time of writing, Bitcoin is valued at $55,190, Ethereum is exchanging hands for $4,367, gold is going for $1,781, and silver is worth $22.44. Kiyosaki also issued a warning in September that a major stock market crash would occur in October of this year.

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Ethereum

Ethereum is a better store of value than Bitcoin, academic research shows

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  • Recent research conducted by four Australian researchers concludes that Ethereum is a better store of value than Bitcoin.
  • “Ethereum provides better inflationary hedging properties than Bitcoin, and Ether may therefore offer superior long-term value storage than Bitcoin, ” said the report.

Ethereum, the second-largest crypto by market cap, has been tipped by several experts including billionaire investor Mark Cuban, as second to none in terms of utility. Its smart contract has been used to power several blockchain-based projects like Decentralized Finance (DeFi), and Non-Fungible Tokens (NFTs). But in terms of a store of value, there has been a divided opinion among experts as Bitcoin is largely viewed as a better alternative to Ethereum and other cryptocurrencies.

Recent research conducted by four Australian researchers concludes that Ethereum is a better store of value than Bitcoin. According to the research paper, the recent EIP-1559 upgrade in August has been the reason for this conclusion. The EIP-1559 upgrade saw over one million ETH out of the 118,583,580 circulating supply burnt, and a portion of its transaction fees burnt as well.

The report stated: 

Annualizing the rate of Ethereum creation since EIP-1559, the expected increase in the total Ethereum supply is only 0.98%, being less than half the 1.99% increase in Bitcoin supply which is almost certain in the same period.

Roughly 50 percent of the transaction fees of the 12,000 newly minted ETH per day were burnt according to the report. It was further stated that more ETH will be burnt as its robust ecosystem of decentralized finance sees increased demand. 

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If Bitcoin is “sound money”, Ethereum is ” Ultra-sound money”

The rampant money printing linked to the COVID-19 pandemic has recently led to higher inflation rising to 6.2 percent in the US by October. Bitcoin has during this period seen higher interest among institutional investors as it is believed to be a perfect hedge against inflation. However, the research states that ETH has a better store of value, and institutions are beginning to choose digital asset for this purpose.  

Ethereum provides better inflationary hedging properties than Bitcoin, and Ether may therefore offer a superior long-term value storage than Bitcoin.

According to Shark Tank investor and now an ambassador for FTX exchange Kevin O’Leary, if Bitcoin is considered as a “Sound Money”, then Ethereum is “UltraSound Money”. 

If Bitcoin is sound money because of the 21 million coin supply ceiling, Ethereum enjoys the same benefit now. It’s ultra sound money because there’s no supply floor […]. Ethereum will be thought of like a traditional business and can be analyzed like one, sort of like using a cash flow model

Nikhil Shamapant, an independent ETH analyst, trader and medical doctor from New York City. He believes that ETH will be inflationary as it will spend most of its movement in the medium term in the inflationary environment. 

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Ethereum

Ethereum Breaks New Record Amid 13% Rally, Options OI Reaches $7 Billion

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Ethereum breaks another market prior to end-of-year rally

Ethereum options hit a new all-time high as Ethereum continues to move in the local bullish rally started at the end of November, Wu Blockchain reports.

Contracts open interest spikes

Ethereum options currently remain at the historical peak in open interest that is currently staying at $7 billion. On Dec. 31, almost 700,000 options are going to be delivered with a “bullish” Put/Call ratio of 0.47. The approximate max pain price is $2,500 for the currently open Ethereum contract with expiry on Dec. 31.

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Increased options open interest closer to the end of the year is not something new for Ethereum. Ethereum open interest usually spikes near the end of the year as volatility on the cryptocurrency market increases and traders tend to hedge their positions.

What does high open interest tell traders?

Usually, options are utilized as a reflection of current market conditions. Since Ethereum is moving in both short and long-term bullish trends, call (buy) options are prevailing on the market with the majority of traders betting on the asset’s price spike to $5,000.

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But while some traders may use options for speculative trading, others utilize them for hedging their positions. By opening put options on values like $4,300, traders hedge their positions in cases of unexpected market volatility.

Ethereum’s previous ATH currently remains at $4,880, and more analysts are expecting the second-largest cryptocurrency on the market to reach the long-awaited milestone by the end of the year when most altcoins have historically reached new highs.

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