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Ethereum

Ethereum’s High Time Frame Structure Looks “Great” Due to Technical Support

Published

3 Monaten ago

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  • Ethereum has undergone a strong correction from the 2020 highs near $490.
  • The leading cryptocurrency currently trades for $345, down 30% from the aforementioned highs.
  • Many investors have pointed to this correction as the start of a longer-term bearish trend for ETH.
  • This may not be the case: analysts say that Ethereum’s long-term outlook is still positive.
  • They cite pivotal technical factors, including but not limited to a strong set of technical levels below ETH’s current price.

Ethereum Still in a Bullish Long-Term Position, Analyst Says

Analysts are still optimistic about Ethereum despite a strong drawdown from the local highs. One cryptocurrency trader recently shared the chart below, noting that while ETH has faced a correction, it remains above a series of exponential moving average supports.

“Personally with so much uncertainty in the market it is very possible we see a $300 region retest, that said honestly HTF structure is looking great, lots of EMA support below us… In 2018/2019 the 55 EMA was consistently resistance, price now trending well above!”

Chart of ETH's price action over the past few years with analysis by crypto trader Crypto Cactus (@TheCryptoCactus on Twitter). 
Chart from TradingView.com

This came shortly after Logan Han, a top trader on Binance, also shared an optimistic opinion about Ethereum. Both analysts shared extremely similar charts, as they both showed that the cryptocurrency has extremely notable technical supports below its current price.

Han also noted that ETH has formed a medium-term falling wedge, which is likely to break higher. A falling wedge is a textbook bullish pattern that often occurs in the middle of uptrends.

Image

Chart of ETH's price action over the past few years with analysis by crypto trader and leading Binance analyst Logan Han (@loganhan_ on Twitter). 
Chart from TradingView.com

Positive Fundamental Trends

Ethereum has positive fundamental trends that may drive the coin higher over time despite any short-term technical weakness.

As reported by Bitcoinist previously, Glassnode data indicates that over the course of September, Ethereum miners collected $166 million in transaction fees. Over that same time frame, Bitcoin miners collected a relatively small $26 million in transaction fees.

Analysts see this as positive for the blockchain as it shows that it is easily dominant over other networks like Tron, EOS, or Solana.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com 
Ethereum's High Time Frame Structure Looks "Great" Due to Technical Support





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Ethereum

Crypto enthusiasts could make $122K per year mining Ethereum with this setup

Published

53 Minuten ago

on

Dezember 29, 2020

By



Simon Byrne has taken at-home crypto mining to a whole new level as he looks to capitalize on Ethereum’s (ETH) enormous price potential. 

As first reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed toward high-end PC gamers, crypto miners are using these powerful specs to enhance their capabilities.

With each card using roughly 300W of power, Byrne’s setup uses 23.4KW of energy. And that doesn’t even factor in associated costs like AC. All said, his electricity bill is estimated to run up to around $2,166 per month.

The RTX 3080 launched in September at a price of $699, but supply shortages have caused the per-unit cost to swell to $1,199. At the shortage price, that’s a price tag of $93,522 for Byrne’s setup.

Still, these costs could be offset by the operation’s mining capability. One GeForce RTX 3080 graphic card has a hash rate of around 83MH/s using Ethash, which should generate roughly 0.22236870 ETH per month, according to Garreffa. All 78 cards would therefore generate 17.3 ETH per month, which is equivalent to around $12,352 at today’s prices.

Stripping away the electricity costs, that’s roughly $10,200 per month or $122,000 per year. And that’s not factoring in Ethereum’s price potential during the next bull market.

Ether’s price zipped past $700 over the weekend, the first such move since mid-2018. The return of altseason, as some have predicted, could send ETH’s price even higher over the medium term as investors cycle from Bitcoin to other large-cap cryptocurrencies.