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Ethereum Prints Pivotal Bullish Signal as It Holds $390 Region

Published

2 Monaten ago

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Ethereum is expected to move much higher in the months ahead as the leading cryptocurrency prints a bullish technical signal.

Ethereum Bounces Cleanly Off $390 Horizontal Region in Bullish Move

As the chart shared below shows, ETH recently bounced off the $380-390 horizontal region, which marks a win for bulls. The chart shows that over the past few months and even stretching into 2018, the high-$300s were an important level for Ethereum to hold.

The coin managing to do so now bodes well for the bull case.

Chart of ETH's price action since the start of 2018 with analysis by crypto trader Hornhairs (@Cryptohornhairs on Twitter).
Source: ETHUSD from TradingView.com

Not the Only One That Thinks So

The aforementioned analyst isn’t the only one that thinks Ethereum will undergo a strong long-term rally.

Leading Binance futures trader Logan Han shared the chart seen below earlier this month. It shows that Ethereum could see a macro rally towards $800 in the coming months as it undergoes an important bullish breakout from a descending triangle/wedge pattern.

This chart was shared shortly after he pointed out that ETH’s price action now looks similar to that seen prior to 2017’s exponential rally. That rally took the coin from the $300 region to highs of $1,400 in the span of a month.

Image

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

Value Accrual Mechanisms to Drive ETH Higher

Ethereum has long-term value accrual mechanisms that may drive the cryptocurrency higher.

For one, Ethereum Improvement Proposal 1559 is expected to be rolled out in the coming months or year. Analysts see this investment as pivotal for ETH’s value accrual mechanism:

“The purpose of EIP 1559, according to Eric Conner, is to provide wallets and users a much needed improvement to the user-experience of gas management. The way that EIP 1559 solves the gas-management problem also improves Ethereum’s monetary management system.”

Estimates suggest that if EIP-1559 was activated over the past 12 months, nearly one million ETH would have been burned.

ETH2 is also expected to be activated in the near future. ETH2 will give Ethereum a natural staking premium where those looking to earn yields may buy ETH, then stake it to earn a passive income.

Photo by Byron Johnson on Unsplash
Price tags: ethusd, ethbtc
Charts from TradingView.com 
Ethereum Prints Pivotal Bullish Signal as It Holds $390 Region





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Ethereum

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

Published

18 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.