Connect with us

Ethereum

Ethereum Needs to Secure $470 in the Near Future to Confirm Upside

Published

on



  • Ethereum has seen some weak price action as it fails to surpass the resistance zone from $470 to $490.
  • Analysts suggest that the cryptocurrency should reclaim the $470 support to confirm more upside.
  • There are “monstrous sell walls” on Coinbase’s ETH market that could limit upside moving forward.
  • It also appears that there are a large number of traders on Huobi that are expecting Ethereum to move lower moving forward.

Ethereum Must Secure $470 to Confirm Upside

Ethereum has seen some weak price action as it fails to surpass the resistance zone from $470 to $490. The leading cryptocurrency currently trades slightly down on the day at $460, underperforming Bitcoin slightly.

Analysts suggest that the cryptocurrency should reclaim the $470 support to confirm more upside.

A crypto-asset trader shared the chart seen below earlier today. The chart suggests that ETH is currently range bound on a short-term basis, trading between $440 and $470 without a decisive break in either direction.

For Ethereum to confirm the ongoing rally still has legs, it will need to reclaim the support at $470.

“So rejected the previous move above $465 and after tagging $480 broke back below, buy buyers stepped in for the first time in a row to defend key LTF support at $450. Currently watching PA float around $460, bears probably still scared to add large positions here.”

There are some reasons to be concerned, though. As reported by Bitcoinist previously, there are “monstrous sell walls” on Coinbase’s ETH market. These sell walls should limit upside moving forward.

Chart of ETH's price action over the past few weeks with an analysis by crypto trader The Crypto Cactus (TheCryptoCactus on Twitter).
Source: ETHUSD from TradingView.com

Outperforming BTC

Analysts think that Ethereum could outperform Bitcoin in this upcoming cycle. Prominent crypto-asset analyst Qiao Wang recently stated on the matter:

“I continue to see more and more reasons why ETH could outperform BTC in the next bull run. Perhaps not on a risk-adjusted return basis, but likely on an absolute return basis.”

Other investors have echoed this sentiment over the past few weeks. Chris Burniske, a partner at Placeholder Capital, recently wrote on his Twitter feed on the matter of altcoins outperforming Bitcoin this cycle:

“A heuristic for the reward commensurate with the risk over the next 12-24 mo: $BTC: 5x ($75K) $ETH: 10x ($4500) “Mid caps” & #DeFi: 20-50x Seeding a successful network: 100x Odds of success go down as your anticipated multiples go up.”

ETH is set to move higher than Bitcoin as it has long acted as a “high beta” play on Bitcoin.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k



Source link

Ethereum

Germany commemorates Euro 2020 soccer team with NFTs

Published

on

By



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.