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Ethereum Is Likely to Perform Really Well in 2021 Due to Ichimoku Signal

Published

3 Monaten ago

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Ethereum is likely to perform extremely well in 2021, analysts say despite the recent rapid drawdown in ETH’s price.

The coin currently trades for $350, around 30% below the recent year-to-date highs of $490, set just a few weeks ago. Ethereum’s strong move lower was a result of a correction in the Bitcoin market, along with a rapid slowdown in the utility of leading decentralized finance platforms.

Ethereum To Perform Really Well in 2021

Speaking on Ethereum’s potential in 2021, Brave New Coin’s Josh Olszewicz recently noted that the Ichimoku Cloud on the weekly has flipped green for the first time since late 2018. The Ichimoku Cloud is an indicator that shows the trends of an asset and important levels to watch.

Olszewicz believes that the Ichimoku Cloud flipping green will mean that Ethereum will perform “extremely well” in Q2 of 2021:

“1W $ETH. Cloud green for the first time since late 2018 this bodes extremely well for Q2 2021.”

The Cloud is somewhat of a leading indicator, in that it predicts trend changes in the future as opposed to providing insights about the current trend.

Chart of ETH's price action over the past few years with analysis by crypto trader josh olszewicz (Carpenoctum on Twitter). Chart from TradingView.com

Expect Downside in the Near Term

While Ethereum may perform well in 2021, analysts are expecting short-term weakness likely towards the $300 lows last seen at the start of September.

Referencing the chart below, the head of technical analysis at Blockfyre, a crypto research firm, recently said:

“Looks way more bearish SHORT term I 100% will go all in if this is given. It is my bullish invalidation point and thus optimal entry. More blood yet to come imo. Buy lower grey box or buy LH reclaim flip to support.”

Image

Chart of ETH's price action since the start of 2020 with analysis by crypto trader/head of technical analysis at Blockfyre, Pentoshi (@pentosh1 on Twitter).
Chart from TradingView.com

There is also some uncertainty about all markets due to stimulus talks being paused by President Trump. There are rumors that stimulus talks are being restarted but there haven’t been any concrete moves from both sides just yet.

Featured image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Ethereum Is Likely to Perform Really Well in 2021 Due to Ichimoku Signal





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Ethereum

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

Published

1 Stunde ago

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Dezember 29, 2020

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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.