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Bitcoin Fractal Suggests Ethereum Will Soon See Large Leg Higher

Published

1 Monat ago

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  • Bitcoin has strongly outpaced Ethereum in the past month.
  • In the past 30 days, BTC has gained approximately 50% as ETH has only rallied by 20-30%.
  • Analysts think that this gap will be closed in the months ahead as Ethereum is boosted higher by technical and fundamental trends.

Bitcoin Fractal Analysis Indicates Ethereum to Rally Strongly Next

Bitcoin has strongly outpaced Ethereum in the past month. In the past 30 days, BTC has gained approximately 50% as ETH has only rallied by 20-30%. While that’s far from anything to scoff at, it’s clear that a divergence has formed between the performance of Bitcoin and the performance of altcoins.

Analysts think that this gap will be closed in the months ahead as Ethereum is boosted higher by technical and fundamental trends.

One crypto-asset analyst shared the image below, which shows Bitcoin’s price action over the past few years in relation to Ethereum’s price chart. There has been a divergence as the charts indicate, with ETH trading far below its all-time high relative to Bitcoin.

This analysis suggests that in the weeks and months ahead, ETH will rapidly move higher as it attempts to catch up to Bitcoin.

For context, BTC is around 20% from its all-time high. Ethereum reaching a similar level would mean it would need to recover to at least $1,000, which is over 100% the current price.

There are also signs indicating that Bitcoin dominance could soon fall, which would increase the chance an altcoin rally plays out. Analysts are optimistic that an altcoin rally would especially benefit ETH.

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

Strong ETH Accumulation

Data shows that there is a large amount of Ethereum accumulation that corroborates the bull case mentioned by analysts.

Grayscale reported a strong week for Ethereum institutional purchases earlier this month. The company also recently reported that it now has over $1 billion worth of ETH under management for its clients, which is a rapid uptick from the AUM (ETH) just months ago:

“MILESTONE: Grayscale #Ethereum Trust has just hit $1 billion AUM! As the first publicly-quoted $ETH investment product in the US and the second #digitalcurrency investment product to become an SEC reporting company, we’re proud of the milestones so far.”

Ethereum is set to continue higher as well due to the introduction of ETH2 staking, which incentivizes investors to take positions in the cryptocurrency. ETH2 users can earn a regular yield paid in ETH by running a validator node, which replaces miners on this new chain.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Fractal Suggests Ethereum Will Soon See Large Leg Higher



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Ethereum

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

Published

29 Sekunden 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.