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Crucial Ethereum Price Fractal Predicts Surge Toward $430

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Ethereum has seen weak price action over the past few days despite strength in the Bitcoin price, which has managed to hold above the low-$13,000s for an extended period of time.

Ethereum currently trades for $383, down nearly 3% in the past 24 hours. This makes it one of the worst-performing crypto assets in the top 20 by market capitalization. Despite this price action, analysts remain optimistic about the leading cryptocurrency.

The below chart was shared below just recently, showing that Ethereum’s price action over the past few weeks.

Ethereum Could Surge Toward $430: Analyst

The key analysis in the chart is that Ethereum’s price action over the past week looks eerily similar to that seen in the middle of October, during a period of consolidation around $370.

This simple fractal analysis indicates that the cryptocurrency could move toward $430 and beyond in the coming days.

Both periods highlighted in the chart have extremely similar price action, suggesting that a similar trend will play out once again.

Chart of ETH's price action over the past few weeks with technical analysis by crypto trader Trader Koz (TraderKoz on Twitter).
Source: ETHUSD from TradingView.com

Reserve Bank of Australia Mention & Other Fundamentals

Ethereum has fundamental trends implying further growth is on the horizon, at least on a longer-term basis.

Australia’s central bank, the Reserve Bank of Australia, just announced a new partnership for central bank digital currencies. This will involve ConsenSys, the Ethereum-focused development studio, and an Ethereum-based technology:

“The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT)… The project will involve the development of a proof-of-concept (POC) for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform.”

The Reserve Bank of Australia’s interest in the technology of Ethereum has been echoed by other entities, both corporate and governmental.

For one, Santander Bank, a prominent Spanish bank, settled a small bond on Ethereum.

Many see the blockchain as an important step forward in the efficiency and transparency of financial applications. That’s probably why the Ethereum decentralized finance space has seen such a rapid increase over the past few months.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Crucial Ethereum Price Fractal Predicts Surge Toward $430



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Ethereum

Bitcoin hits $35K after Biden reveals infrastructure deal, Paraguay proposes BTC bill

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Bitcoin (BTC)  price received a boost as news that lawmakers in Paraguay plan to present a bill to make BTC legal tender spread across Twitter. Shortly after the unconfirmed news surfaced on Twitter, Bitcoin price rallied to $35,289 before slightly pulling back below the key short-term resistance level. 

While the cryptocurrency Fear and Greed Index still indicates a sentiment of Extreme Fear, it’s worth noting that the measure has risen from 14 on June 23 to 22 on June 24 as traders begin to view the drop below $29,000 and Bitcoin’s rising open interest as signs that the current corrective phase may have ended. 

Cryptocurrency fear and greed index. Source: Alternative

While traders’ sentiment may have improved slightly, Cointelegraph analyst Marcel Pechman suggested that investors could be waiting for the $6 billion in Bitcoin and Ether (ETH) quarterly futures and options to expire on June 25 before making a more decisive move.

Stocks reach new record highs, altcoins rally

The crypto market wasn’t the only market to rally today. Traditional markets also rose to new highs after U.S. President Joe Biden revealed that he had reached an agreement on a $953 billion bipartisan infrastructure spending plan with the Senate.

Following the announcement, the S&P 500 and Nasdaq each rallied to new record intraday highs and closed the day up 24.65 points and 97.98 points respectively, while the Dow gained more than 322 points on the day. 

Daily cryptocurrency market performance. Source: Coin360

As one would expect, altcoins also surged higher as Bitcoin price and traditional markets moved higher. Ether (ETH) rallied back above the psychologically important $2,000 level, while Tron (TRX) and Celo gained 26% and 28% respectively. CELO’s move appears to be driven by the listing of its Celo Euro (cEUR) stablecoin on KuCoin exchange. 

Prior to the recent price rise, VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CELO on June 22.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CELO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for CELO climbed into the green and reached a high of 73 on June 22, one hour before its price began to spike 56% over the next day. The VORTECS™ Score turned green again on June 24, reaching a high of 74 as CELO began to rally another 25%.

The overall cryptocurrency market cap now stands at $1.4 trillion and Bitcoin’s dominance rate is 46.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.