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Analysts Fear Ethereum Has Topped After $470 Resistance Is Tapped Twice

Published

1 Monat ago

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  • Ethereum has actually seen quite a tepid bout of price action despite Bitcoin pressing to new year-to-date highs.
  • While the coin is up 1.3% in the past day, it is still a handful of percent below local highs.
  • Analysts are fearful that Ethereum could face a stronger pullback in the days ahead as it fails to pass key resistances.
  • One trader suggested that the coin could drop to $380-390 as it failed to pass the summer highs of $470-490.
  • ETH dropping to $380-390 from the current price of $465 would mark a correction of at least 16.5%.
  • Bitcoin does not need to drop in tandem with Ethereum.

Ethereum Could Suffer a Retracement as Key Resistance Is Tagged… Twice

Ethereum has actually seen quite a tepid bout of price action despite Bitcoin pressing to new year-to-date highs. ETH currently trades up 1.3% in the past 24 hours, though it remains a handful of percentage points below its local highs and below the year-to-date highs of $490.

Analysts are fearful that Ethereum could face a stronger pullback in the days ahead as it fails to pass key resistances.

One crypto-asset analyst shared the chart sen below on November 12th, depicting ETH’s price action over recent months. The chart shows that ETH is currently sitting above a key range high support, though the issue is, the coin tapped the summer highs in the $470-490 region. In fact, it tapped that region twice and failed to break through both times, posting wicks in that range instead of candle closes above.

He thinks that this could be a sign that Ethereum has topped on a medium-term basis and will thereby face a drop to the $380-390 region.

ETH dropping to $380-390 from the current price of $465 would mark a correction of at least 16.5%. Bitcoin does not need to drop in tandem with Ethereum, notably.

Analysts think that BTC could dramatically outpace ETH moving forward, enough where Bitcoin could actually surge higher as ETH corrects. Whether this plays out, though, remains to be seen.

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

ETH2 Catalyst Could Drive Prices Higher

While there is this bearish technical catalyst, analysts think that the launch of ETH2 will drive Ethereum higher as it is likely to entice individuals to increase their exposure to ETH.

ETH2 will give Ethereum holders the opportunity to earn a regular return on their ETH by running a validator node. Validator nodes in this new system replace miners.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc,
Charts from TradingView.com
Analysts Fear Ethereum Has Topped After $470 Resistance is Tapped Twice





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Ethereum

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

Published

19 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.