Advertisement
  • Home
  • Bitcoin
  • Cardano
  • Dogecoin
  • Ethereum
  • Ripple
  • Litecoin
No Result
View All Result
No Result
View All Result
Home Ethereum

Ethereum Sees Setback After Breaking $2k, But Price Likely to Maintain Upward Trajectory

August 21, 2022
in Ethereum
TA: Will Merge Sentiment Push Ethereum To $2,000?

Ethereum has skilled a gentle setback after breaking the vital barrier at $2,000 and continues to commerce within the inexperienced over at present’s buying and selling session. The cryptocurrency is main the present crypto market aid and sees poised for additional good points.

At the time of writing, Ethereum (ETH) trades at $1,980 with a 6% and 15% revenue during the last 24 hours and seven days, respectively. Only Solana (SOL), and Cardano (ADA) come near ETH’s value good points with double digits earnings over the identical interval.

ETH’s value with vital good points on the 4-hour chart. Source: ETHUSDT Tradingview

Trading agency QCP Capital believes the bullish momentum is on monitor to increase on the again of constructive macro-economic elements. The crypto aid rally took off final week when the U.S. revealed the Consumer Price Index (CPI) July print, a measure of inflation within the greenback.

The metric stood at round 8.5% and, as QCP Capital mentioned, “confirms the height inflation narrative”. Thus, market members anticipate a much less aggressive Federal Reserve (Fed) as inflation seems to be trending down. The buying and selling desk mentioned:

This has led to the market pricing a extra dovish Fed, creating bullish momentum that’s prone to proceed till the subsequent FOMC assembly on 22 September.

In the approaching weeks, there are different macro-economic occasions that might negatively influence market members’ perceptions in regards to the Fed. However, QCP Capital believes the market will “stay supported regardless”.

For the worth of Ethereum, the bullish narrative is double as there’s a tentative date for the mainnet implementation of “The Merge”, the occasion that can full ETH transition to a Proof-of-Stake (PoS) consensus. The occasion is anticipated to happen between September 15 to 16.

This has led to an “unprecedented” shift within the crypto choices markets, the entire open curiosity (OI) for ETH contracts has overshadowed Bitcoin (BTC) open curiosity. The former stands at $8 billion and the latter at $5 billion.

Ethereum ETH ETHUSDT 1ETH choice contracts’ open curiosity above BTC’s for the primary time ever. Source: Skew through QCP Capital on Twitter

What Could Become An Obstacle For Ethereum’s Bullish Momentum

The above may recommend market members are shopping for name (purchase) choices for Ethereum heading into “The Merge”, relying on the occasion to achieve success. In the spot market, information from Material Indicators reveals that buyers with bid orders from $1,000 to $100,000 have been shopping for into ETH’s value motion during the last week.

If massive buyers proceed to help Ethereum, the bullish momentum may maintain, as QCP Capital expects. However, Bitcoin ought to see extra upward strain to help any long-term bullish value motion, as NewsBTC beforehand reported.

Ethereum ETH ETHUSDT MI 1ETH buyers with purchase orders from $1,000 to $100,000 help bullish momentum over the previous week. Source: Material Indicators

Additional information supplied by Material Indicators data skinny resistance for ETH’s value, on low timeframes, north of $2,050. If bulls can push the worth past these ranges, ETH may reclaim its earlier highs and switch important resistance into help.

ShareTweetShare

Related News

Ethereum Hovers Above $1,600, What’s The Next Move?
Ethereum

Ethereum Hovers Above $1,600, What’s The Next Move?

January 27, 2023
Number of New Ethereum Smart Contracts Falls 60% in 2023
Ethereum

Number of New Ethereum Smart Contracts Falls 60% in 2023

January 26, 2023
Here’s What Might Have Triggered Ethereum’s Decline Below $1,600
Ethereum

Here’s What Might Have Triggered Ethereum’s Decline Below $1,600

January 26, 2023
Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade
Ethereum

Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

January 25, 2023
Ethereum Staking Reaches 16.16 million ETH Ahead of Shanghai Upgrade
Ethereum

Ethereum Staking Reaches 16.16 million ETH Ahead of Shanghai Upgrade

January 25, 2023
Vitalik Buterin Proposes A Privacy Fix for Ethereum
Ethereum

Vitalik Buterin Proposes A Privacy Fix for Ethereum

January 24, 2023

Most Read

Mid Cap Crypto Coins Lead In July, Best Way To Weather The Winter?

Mid Cap Crypto Coins Lead In July, Best Way To Weather The Winter?

August 21, 2022
Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided

Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided

August 21, 2022
Block by block: Blockchain know-how is remodeling the actual property market

Block by block: Blockchain know-how is remodeling the actual property market

August 21, 2022
Ethereum Liquidations Ramp Up As Price Struggles To Hold $1,100

Ethereum Liquidations Ramp Up As Price Struggles To Hold $1,100

August 21, 2022
If Ethereum Falls Below $1,000, Here’s The Next Support

If Ethereum Falls Below $1,000, Here’s The Next Support

August 21, 2022
  • Home
  • DMCA
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
  • Contact

Copyright © 2022 Randomlemons | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Cardano
  • Dogecoin
  • Ethereum
  • Ripple
  • Litecoin

Copyright © 2022 Randomlemons | All Rights Reserved