Ethereum Hits Record High and there's 3 reasons why Ethereum Hits New All Time High
Yesterday, Ethereum breached all time high at $3,400, pushing the second largest cryptocurrency's market cap to more than $320 billion with more than 300% rally this year. Leading crypto-commentator Mark Cuban compares today’s blockchain to “the early days of the Internet.”
In Singular’s view, ether’s price has broken out for a number of reasons, among them the following:
Strong and Rising Institutional Interest
This week, Canadian digital asset manager 3iQ Corp and investment firm CoinShares has launched four new Ether ETFs, now trading on the Toronto Stock Exchange (TSX). This allows institutions to easily trade and invest as demand for crypto exposure increases beyond bitcoin. Also, companies like European Investment Bank and Visa, which is backing Singular have validated Ethereum blockchain by announcing issuance and settlement use cases, respectively.
During the last two weeks Four Ether ETFs launched on the Toronto Stock Exchange, making it easy for institutions to gain access as demand for crypto exposure broadens beyond bitcoin. In addition, institutions and companies like the European Investment Bank and Visa have validated the Ethereum blockchain by announcing issuance and settlement use cases, respectively.
Strong On-Chain Signals:
Usage of the Ethereum network is increasing and, by some measures, outpacing that of Bitcoin, as shown below by the number of active wallets and total transaction fees. In our view, Decentralized Finance (DeFi) and Non-fungible tokens (NFTs), both of which are burgeoning, explain Ethereum’s recent breakout.
Imminent Protocol Upgrades:
Ethereum historically priced transaction fees using a simple auction mechanism, where users send transactions with bids ("gasprices") and miners choose transactions with the highest bids, and transactions that get included pay the bid that they specify. This leads to several large sources of inefficiency:
Slated to go live in July, Ethereum Improvement Proposal (EIP) 1559 will change Ethereum's transaction fee model significantly. Aiming to lower the volatility of Ethereum’s fees, EIP-1559 introduces a mechanism to burn some transaction fees, detracting from circulating supply and introducing deflation to the Ethereum ecosystem. The impact on ether’s price could be like that associated with a Bitcoin halving event.
Notable are the risks associated with these positive developments. DeFi applications frequently involve significant leverage which, given interoperability within the Ethereum blockchain, might compound the leverage associated with other products. In the event of a downward spiral in ether’s price, the losses associated with deleveraging could be significant.
Additionally, EIP-1559 could become a contentious upgrade, as miners will bear the brunt of fees burned. A miner revolt could impede the progress of the EIP-1559 upgrade.
Ethlongsetup
ETH/USD - potential 21% setupHello, Traders!
After the correction of the current growth from $1545 the buyers took the initiative and are trying to pass the sellers' area of interest of $2020 - $2140
A similar situation was at the beginning of February before ETH entered a new price range and the growth cycle continued
We may search for an entrance in purchases in the range of $2085 - $2145.
Stop-loss can be placed under $1,950
Targets will be Fibonacci extension levels based on the trend
$2335
$2455
$2525
Good luck and watch out for the market
P.S. This analysis is created for educational purposes only and should not be considered as a financial advice
ETH/USD - market update - 51% movement can be expectedHello, Traders!
ETH corrected its upward movement by 61.8% (to 0.618 Fibonacci level).
At the moment, trades are restrained by the liquidity buffer of buyers in the range of $1540 - $1590.
Entry in the position can be sought in the range of $1540 - $1625
Stop Loss can be placed under the level of $1440
Berlin hard fork is announced on April 14.
This should have a positive effect on ETH price and market condition in general.
Target levels for buying are: $1740
$1850
$2020
$2346
Good luck and watch out for the market.
P.S. This is an educational chart that shouldn't be considered a financial advice
ETH/USDT - new targets after the correction cycleHello, Traders!
Having entered an uptrend, ETH has gone into a correction.
At the moment, trades are held in between $1,440 and $1,868, between the buyers' zone of interest at $1,302 to $1,440 and the sellers' zone of interest at $1,868 to $2020.
The situation on the world markets looks shaky, which provokes more and more traders to work from sales.
This situation was repeatedly played out by market makers during the bull rally. Thus, they pushed the price up and provoked the players to close the short positions at a loss, which in turn gave a new impetus for the price growth.
Based on this we can try to connect to the buy positions in the range of 1488-1578$.
The Stop Loss can be placed under the lower border of the buyers' area of interest - the level of 1302$.
The targets would be price levels of
$ 1670
$ 1868
$ 2018
Good luck and watch out for the market!
P.S. This analysis is created for educational purposes only - measure your risks, while trading crypto currencies
ETH/USDT momentum hasn't dried up yet Hello, Traders!
ETH continues to move in an uptrend.
At the moment the price is locked between two zones of interest:
Buyers interest zone $1670-1710
&
Sellers interest zone $1800-1840
The buyers need to go to the market with purchases in order to continue the upward movement, otherwise, the price won't be able to hold its high.
We can join the buyers, opening a position in the range of $1715-1760.
Stop Loss shall be placed: at $1615.
The targets would be:
$2062
$2232
$2338
Good luck and watch out for the market!
P.S. This is not a piece of financial advice, but only a trade, I would be following myself
2 formations, target 1740Following 2 formations.
The first one is a reversal head and shoulders formation in 1h chart ( you can check in 1h chart, it's more clear). Shoulder target has reached and now target is 1504 which is head target.
After that It'll be a new high. Then we can continue cup and handle formation.
I think first we'll hit 1609 which is handle target, then a pull back, and finally we'll see cup target, which is 1740.
See you there!
ETHAUD: Buy Zones (MA/EMA)Buy zones for ETHAUD, Looking for Corrective wave into our ema21/ma50 , not shorting.
The Return of ETH!My Fellow Crypto Traders,
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ANALYSIS:
ETH has flashed bullish with the 9EMA crossover to the upside. If ETH continues with this positive price action to the upside, and volume remains to trend downward, we can see ETH retest VWAP (turquoise)/ lower parallel channel wall or previous support @ $1062 region. The multiple overhead resistance trend lines around the $1250 region could restrict further continuation to the upside. Therefore builds confluence with a dip down to lower regions of support. Moreover, the VWAP and the previous diagonal trend line (1) seem to be converging towards the 236 fib level, which builds further confluence with a possible dip towards those levels.
ETH Has Formed A Massive Cup & Handle - Possible $2K TargetSo after the ascending triangle breakdown we still have hope for a spectacular move up for ETH. If you zoom out to the weekly time frame you will notice that a GIANT cup and handle pattern has formed. We just experienced a classic 30% correction forming the handle portion.
Macro target for profit taking is just above $2K as this will be a quick move over the coming days, as I see a $450B-$470B market cap for Alts incoming. Of course we will have to monitor BTC just to make sure it doesn't spoil the fun; however I see BTC hitting $46-$47K over the next 4-5 days.
Remember this is only my formed analysis outlook. This is not an endorsement or recommendation to buy or sell.
ETH - Potential Cup & Handle FormingHope you enjoy my analysis.
I believe we are seeing a multi-week cup & handle forming on the weekly chart.
There's a chance for more downside (forming on the handle, to complete the continuation pattern), before moving upwards towards 1400 (previous All time High and resistance area).
Next area of interest would be ~1700$
"As a stock forming this pattern tests old highs, it is likely to incur selling pressure from investors who previously bought at those levels; selling pressure is likely to make price consolidate with a tendency toward a downtrend trend for a period of four days to four weeks, before advancing higher. A cup and handle is considered a bullish continuation pattern and is used to identify buying opportunities."