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Ethereum Drops Below Crucial Technical Pattern and Must Hold $430

Published

1 Monat ago

on



Ethereum could undergo a stronger drop in the days ahead, analysts say, as the cryptocurrency slides below key support levels.

Ethereum Loses Key Support Level on a Short-Term Basis: Analysis

A crypto-asset analyst shared the chart below just recently, showing how the coin has moved below a rising wedge pattern. It is still in a decent spot on a weekly time frame though may face an intra-day pullback, the chart suggests.

“$ETH $ETHUSD #Ethereum – 1W Confirmed breakdown from the Rising Wedge But as long as ETH remains above $433 by Weekly Close… ETH would still be technically well-positioned on the Weekly timeframe It would just be a matter of getting that follow-through post-retest of $433.” 

Chart of ETH's price action over the past few days with analysis by crypto trader Rekt capital (@RektCapital on Twitter)
Source: ETHUSD from TradingView.com

Also of concern, there appears to be a large amount of Ethereum selling pressure on leading exchanges as the price attempts to inch higher.

A number of analysts have shared charts over the recent days showing large sell walls that are limiting Ethereum’s upside. A sell wall is a large block of sell orders that are situated around a single price level, preventing an asset from moving higher unless there is a considerable amount of buying volume in that market.

There are also charts showing that there is a large amount of sell-side liquidity or short-taking propensity in Huobi’s Ethereum December futures market. On the matter, a trader said:

“kinda agree, Im hedging some of my DeFi exposure iva ETH, huobi whales have thick asks on quarterlies too so upside on ETH should be limited.” 

Not All Hope Is Lost

The long-term trend still seems to favor bulls despite any weakness that may transpire over the near term.

One trader shared the chart below just recently. It shows Bitcoin’s price action relative to Ethereum’s price action over the past few years.

While the charts are mostly correlated, ETH and BTC have begun diverging over recent months as Bitcoin has taken the attention of most investors in the space. BTC is outpacing altcoins amid this move higher due to the strength of the move.

According to this fractal analysis, there is a good chance that Ethereum will surge dozens of percent in the weeks ahead so that it will catch up with bitcoin

Image

Chart of BTC's price action over the past few years with a fractal analysis to ETH's chart over the same time frame by crypto trader HornHairs.
Source: BTCUSD from TradingView.com
Featured Image from Shutterstock
Price tags: ethusd, ethbtc 
Charts from TradingView.com
Ethereum Drops Below Crucial Technical Pattern and Must Hold $430





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Ethereum

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

Published

20 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.