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Ethereum Expected to Bounce as Price Cleanly Bounces Off $385

Published

2 Monaten ago

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  • Ethereum has undergone a 6% drop over the past 24 hours in the face of the stock drop.
  • The Dow Jones is down 3% during Monday’s trading session.
  • Analysts think ETH could bounce, though, as the coin has recovered to $390.
  • One analyst noted that the coin is now trading above the pivotal swing level at $390.
  • Ethereum holding above that level is expected to trigger a recovery towards the $422 weekly highs as aforementioned.

Ethereum Expected to Pop Towards Local Highs at $420

Ethereum has undergone a strong 6% drop over the past 24 hours in the face of a retracement in the stock market. The Dow Jones index has shed 3% during Monday’s trading session as there is some uncertainty around the pandemic and around the next fiscal stimulus package.

The cryptocurrency has bounced strongly since the daily lows. ETH now trades for $392, up over 2% from the daily lows just under $384.

Analysts think that this is a precursor to a greater move higher.

One analyst shared the chart below, which indicates that the coin could move towards $422 in the coming days. The chat indicates that the bounce has taken the cryptocurrency above the pivotal swing level at $390. Ethereum holding above that level should trigger a recovery towards the $422 weekly highs as aforementioned.

Chart of ETH's price action over the past week with anaylsis by crypto trader Tradingpup (@tradingpuppy on Twitter).
Source: ETHUSD from TradingView.com

Bitcoin Dominance Strong

The expectations of an ETH rally, though, comes as Bitcoin dominance has strengthened.

One crypto-asset analyst shared the chart below just recently. It shows that Bitcoin’s dominance, the percentage of the cryptocurrency market made up by BTC, is printing a notable rounded bottom reversal to the upside. This may suggest that altcoins may underperform BTC moving forward:

“Bagsybot is depressing right now. So many coins making new all time lows $BTC is king 90% of the time. Alts have their days and alt season is a clear cut and dry thing. I like a good alt but experience has saved me $ There is a time and place for alts. It’s why their “seasonal”.” 

Image

Chart of Bitcoin's dominance over the past few years with analysis by crypto trader and head of technical analysis at Blockfyre Pentoshi (@pentosh1 on Twitter).

This may not affect ETH’s potential to outperform the U.S. dollar, though. That’s to say, Ethereum can still rally against the U.S. dollar but underperform the price of Bitcoin in the near future.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Photo by Ali Karimi on Unsplash
Ethereum Expected to Bounce as Price Cleanly Bounces Off $385





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Ethereum

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

Published

54 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.