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Bullish Pennant Predicts Ethereum Will Soon Shoot Towards $500

Published

2 Monaten ago

on



  • Ethereum has consolidated since hitting the $465 highs last week. It is neither up nor down in the past 24 hours.
  • Still, analysts say that Ethereum is primed to move even higher in the weeks ahead.
  • An analyst noted that the cryptocurrency is currently in the midst of a bullish pennant pattern, which could trigger a move above $500.

Ethereum Primed to See Strong Rally Higher

Ethereum has consolidated since hitting the $465 highs last week. The coin currently trades for $445 and is neither up nor down in the past 24 hours.

Still, Ethereum is primed to move even higher in the weeks ahead. One crypto-asset analyst recently shared the chart below, noting that ETH is likely trading in a bullish pennant.

This pennant suggests that once Ethereum breaks the upper range of the pennant, it will move to $500 and potentially beyond.

Chart of ETH's price action over the past few months with an analysis by crypto trader Crypto Rand (@Crypto_Rand on Twitter).
Source: ETHUSD from TradingView.com

Ethereum is also expected to move toward $800 as it turns the $400 region into support. A leading crypto-asset analyst recently shared the chart seen below, which shows that there is little macro resistance until $800-900: 

“Stop charting ETH against BTC it under performs USD. HTF trend is heavily bullish going into 2021, I really hope we get the chance to buy around $350 again at some point before we really start to see price clear $600 and $800… I have a large USD position to spend.”

Image

Chart of ETH's price action over the past three years with analysis by crypto trader Cactus (@Thecryptocactus on Twitter).
Source; ETHUSD from TradingView.com

Fundamentals Also Bullish

Australia’s Reserve Bank recently announced it will be using Ethereum technology for its CBDC pilot test:

“The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT)… The project will involve the development of a proof-of-concept (POC) for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform.”

The Reserve Bank will also be partnering with ConsenSys, the Ethereum-focused development studio, to work on this project. Of course, this is not a sign that they will actually be using the formal Ethereum blockchain but is a validation of the technology that underpins it.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bullish Pennant Predicts Ethereum Will Soon Shoot Towards $500



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Ethereum

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

Published

57 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.