Connect with us

Ethereum

Ethereum’s Price Just Formed a Pivotal Bullish Breakout

Published

2 Monaten ago

on



  • Ethereum has dropped dramatically since the August highs of $490.
  • The coin now trades for $370, around 25% below those highs.
  • While Ethereum is still far below the highs, the coin is printing positive medium-term to long-term signs.
  • One top cryptocurrency trader shared that the asset is breaking above a multi-week triangle/pennant pattern.
  • This breakout suggests there will be a continuation to the upside in the weeks ahead.
  • His bullish sentiment has been echoed by other market participants who also see Ethereum’s medium-term trend remaining bullish.

Ethereum Forms Pivotal Bullish Breakout Pattern

Leading Binance futures trader Logan Han expects for Ethereum to continue its ascent after forming a bullish breakout. He noted that the coin recently broke above a descending triangle pattern after weeks of consolidation, suggesting the medium-term trend is bullish.

He shared a chart suggesting that head into the end of 2020, Ethereum will continue the ascent it has seen in the middle of the year.

This comes shortly after he noted that ETH’s price action now looks similar to that seen prior to the exponential rally at the end of 2017 and the start of 2018.

Chart of ETH's price action since the miiddle of 2018 with an analysis by crypto analyst and top Binance trader Logan Han (@LohanHan_ on Twitter).
Source: ETHUSD from TradingView.com

Others expect the asset to break higher. One crypto analyst noted that as long as the cryptocurrency holds the $350 region on a macro time frame, it will move towards $700 in the months ahead.

The chart shows that $350 has been pivotal for Ethereum over recent years. In 2017, it acted as a launchpad for a rally to $1,400 while in 2018, it acted at a point where the asset underwent a dead cat bounce.

Image

Chart of ETH's price action over the past few years with a Renko candle analysis by crypto trader Cold Blooded Shiller (ColdBloodShill on Twitter).
Source: ETHUSD from TradingView.com

Fundamentals Stronger Than Ever

The fundamentals of Etheruem are stronger than ever.

Speaking at a CoinDesk event, Heath Tarbert, the chairman of the U.S. Commodities and Futures Trading Commission (CFTC), said that he has been impressed with Ethereum, “period.” He added that compared to Bitcoin, which he sees as more like email in terms of relevance, Ethereum is “more like the Internet.”

Spencer Noon, a fund manager in the space, also noted that there is a vast amount of on-chain trends showing that Ethereum is being used more than ever.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Ethereum's Price Just Formed a Pivotal Bullish Breakout





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Deine E-Mail-Adresse wird nicht veröffentlicht. Erforderliche Felder sind mit * markiert.

Ethereum

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

Published

39 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.