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Ethereum’s Ongoing Breakout Suggests a Move to $500 Is Possible

Published

2 Monaten ago

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  • The price of Ethereum currently trades for $420.
  • This price is $100 higher than the September lows and around 15% higher than the coin was trading last week.
  • ETH is expected to push higher in the weeks ahead as it surmounts pivotal technical levels on a short-term basis.
  • Analysts are eyeing a move to $500 as $420 holds as support.

Ethereum Expected to Move Towards $500 as Key Levels Are Passed

Ethereum has undergone a strong rally over the past few days as Bitcoin has gained steam. The price of ETH currently trades for $420, $100 higher than the September lows and around 15% higher than the coin was trading at last week.

ETH is expected to push higher in the weeks ahead as it surmounts pivotal technical levels on a short-term basis.

One crypto-asset trader shared the chart below on October 22nd. It shows that because ETH is moving past the “major resistance” of $420, it could be cleared for a move to $500.

Chart of ETH's price action since the start of July with analysis by crypto trader Cactus (@TheCryptoCactus on Twitter).
Source: ETHUSD from TradingView.com

The expectations of a move to retest the year-to-date highs near $490 have been echoed by other market participants.

Jonny Moe, a crypto swing trader, shared the chart below after the move higher. Like the aforementioned chart, it shows that ETH’s recent move to the upside is technically important due to the resistance levels the coin is crossing

“Nice break above the $395 flat top on $ETH. ETH doesn’t always give throwbacks, so a $395 throwback is certainly possible before higher, but I wouldn’t be on it. Otherwise, this looks good for a run back near the $490 highs.”

ETH2 Around the Corner

Ethereum’s strong price performance comes as the ETH2 upgrade, also known as Serenity, has drawn closer.

In a blog post, ConsenSys developer Ben Edgington said that the ETH2 Deposit Contract is expected to be published this week. The publishing of this contract will confirm that the Beacon Chain Genesis, which will launch ETH2 officially, will launch in the next few days.

“Basically, as I understand it, we are good to go: deposit contract in the next few days; beacon chain genesis 6-8 weeks later. (This is not an official statement!). Meanwhile, be careful out there. Many fake deposit contracts and Launchpad front-ends will erupt in the coming days. Look out for the official anouncements: do not send Eth to random contracts; this is not DeFi.”

This upgrade is expected to boost Ethereum’s value proposition as it will give the coin the ability to be staked, restricting supply. On a long-term basis, ETH2 is expected to result in long-term bull trend as the upgrade increases the network’s usability.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc, ethusdt
Charts from TradingView.com
Ethereum's Ongoing Breakout Suggests a Move to $500 Is Possible





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Ethereum

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

Published

39 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.