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As Long as Ethereum Holds $350 Range, It’s Set to Double: Analyst

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  • Ethereum has undergone a strong drop since the August highs of $490.
  • The coin currently trades for $380, far below the aforementioned highs.
  • Despite the strong correction, analysts are optimistic that the long-term trend remains bullish.
  • One crypto-asset analyst noted that as long as Ethereum holds the $350 region, it could move towards $700 in the long term.
  • The chart suggests that the prices in the vicinity of $350 are of macro importance.
  • Namely, in the middle of 2018, the leading cryptocurrency reached those lows, then bounced.
  • And in 2017, $350 acted as a launching point for the bull trend that brought it to $1,400.

Ethereum Must Hold Current Range to Remain Macro Bullish

If Ethereum holds prices around $350 as support on a macro time frame, Ethereum is set to explode higher towards $700 over time, analysts say.

One crypto-asset trader recently shared the chart below.

It shows that over the past two years, the $350 region has been pivotal for ETH. In 2017, it acted as a launchpad for the rally to $1,400. Also, in the middle of 2018, this region acted as a point at which Bitcoin underwent a dead cat bounce.

Chart of ETH's price action over the past few years with a Renko candle analysis by crypto trader Cold Blooded Shiller (ColdBloodShill on Twitter).
Chart from TradingView.com

Ethereum Hash Rate Sets All-Time High

Supportive of ETH growth is the hash rate of the Ethereum network.

As reported by Bitcoinist previously, the hash rate of the Ethereum network recently hit an all-time high above 250 terrahashes per second. This is a reading slightly above the all-time highs seen in the middle of 2018, when the metric tapped 250 terrahashes, then declined dramatically as prices dropped.

Image

Chart of ETH's hash rate since the start of Janaury 2017 from CoinMetrics, shared by CoinMetrics. Unit on the left is terrahashes per second.

Building off the growth in Ethereum’s security are on-chain scaling solutions, which benefit from the increase in hash rate. Leading developers in the space are announcing second-layer solutions such as testnets built on ZK Rollups and Optimistic Rollups.

Analysts are optimistic that these technologies will dramatically increase Ethereum’s utility, driving prices higher.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
As Long as Ethereum Holds $350 Range, It's Set to Double: Analyst





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Ethereum

Germany commemorates Euro 2020 soccer team with NFTs

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The German Football Association (DFB) has officially announced the debut of national soccer team nonfungbile tokens (NFTs) in partnership with a major blockchain-based fantasy soccer game provider Sorare.

As part of an official license agreement, the DFB will create digital collectible cards on the Ethereum blockchain of 18 players on the German national team through Sorare’s platform. According to an announcement from Sorare, the cards will be available for use in Sorare’s Global Fantasy Football game for the Euro 2020 soccer championship.

By issuing player NFT cards on Sorare’s platform, the DFB aims to find new revenue streams as well as provide more fan engagement opportunities, particularly as COVID-19-related restrictions have resulted in limited game attendance in recent months. 

Related: Crypto fan tokens a mixed bag for game-deprived soccer fans

“Especially in the Corona pandemic, digital offers were and are the only way to enter into direct exchange with our fans. But even though the Corona crisis will hopefully soon be over, we want to continue to use the possibilities of digitalization much more intensively, also with our partners, and offer our fans new interactive opportunities,”  said Holger Blask, the DFB’s managing director of marketing and sales.

Founded in 2018, Sorare is a global fantasy football game that allows users to play with officially licensed digital cards featuring 140 football clubs including Liverpool, Real Madrid, Bayern Munich, Juventus and PSG. Last week, the French Football Federation launched its own series of player NFTs prior to the team’s match against Germany.