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Top Binance Trader Optimistic About Ethereum Due to 2 Technical Trends

Published

3 Monaten ago

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  • Ethereum is primed to move even higher according to a top trader on Binance.
  • He cites two technical trends: a falling wedge and ETH’s ability to maintain the low-$300s and high-$200s.

Ethereum Poised to Surge To Fresh High: Leading Binance Trader

Ethereum has undergone a strong retracement since its year-to-date highs near $490. The leading cryptocurrency currently trades for $345, far below those highs due to a strong correction in the price of Bitcoin. ETH is strongly underperforming BTC because the altcoin acts as a high beta version of Bitcoin.

Logan Han, a leading trader on Binance, is optimistic about Ethereum’s prospects, though.

He recently shared the chart below, suggesting that the leading cryptocurrency is on track to hit a new all-time high in the coming months and years.

As to why he thinks this is the case, his chart shared two key distinct technical events:

  • Ethereum has formed a falling wedge pattern from the year-to-date highs. A falling wedge is a textbook bullish pattern often seen before a breakout to the upside.
  • ETH managed to hold the low-$300s and high-$200s.

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

Following BTC’s Path

Ethereum is likely only to reach a new all-time high if Bitcoin does so, though. Fortunately for bulls, the leading cryptocurrency is primed to move higher.

Raoul Pal, CEO of Real Vision and a former head of hedge fund sales at Goldman Sachs, recently said that BTC is likely to move much higher than it is now due to monetary policy trends:

“Most people don’t understand the latter but is simply put, Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin. Powell WANTS inflation. I don’t think he gets true demand push inflation but he will get fiat devaluation, in conjunction with the other central banks all on the same mission.”

Featured image from Shutterstock
Price tags: ethusd, ethbtc, eth 
Charts from TradingView.com
Top Binance Trader Optimistic About Ethereum Due to 2 Technical Trends





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Ethereum

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

Published

24 Minuten ago

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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.