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Bullish Argument for Ethereum Rapidly Losing Steam as $570 Is Lost

Published

3 Wochen ago

on



  • Ethereum is primed to move lower in the days ahead as the cryptocurrency slides below $570 for the first time in many days.
  • ETH is expected to see weakness in the near term as it slides below key technical levels with Bitcoin.
  • One crypto-asset analyst recently shared the chart below, noting that Ethereum is moving below range lows in the $570 region.
  • He thinks that as long as ETH holds below $570, the  bear case in the near term will remain intact.

Ethereum Falls Below Key $570 Level

Ethereum is primed to move lower in the days ahead as the cryptocurrency slides below $570 for the first time in many days.

The leading crypto-asset is moving lower after Bitcoin began to dip on Tuesday afternoon. BTC finally fell below $18,750, plunging rapidly toward $18,250. As of the time of this article’s writing, BTC currently trades $18,300. While this is still above the $18,000 support level, it is below key technical levels that supported Bitcoin on the way up.

Ethereum is expected to see weakness in the near term as it also moves below key technical levels. One crypto-asset analyst recently shared the chart below, noting that Ethereum is moving below range lows in the $570 region.

The analyst thinks that the short-term bear case is intact as long as the cryptocurrency remains below $570:

“$ETH Looks to me like a loss of our range low. Ethereum would need to get above 570 soon for the bullish argument to remain intact. I’ll be looking to buy this dip around the levels I’ve marked.”

The trader added that he will look to long the cryptocurrency at the levels he marked. Per the chart, there is some support coming up in the $550 region, though there won’t be much until $520 if that region breaks.

Analysts remain overall confident about Ethereum in the long run due to the fact that Ethereum 2.0 recently launched.

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

All Eyes on BTC

Ethereum is still in a relatively positive state on a macro time frame. Unfortunately for ETH bulls, analysts think that Bitcoin, too, may correct to the downside. This may result in a drawdown that is larger than that of BTC.

Commenting on the outlook that Bitcoin has from here, a leading crypto-asset analyst recently said:

“Starting to look like the flip into the corrective mode. You can say hodl all you like, but it’s irrelevant at the frothy end of the market, where all the leveraged up, FOMO’d, moonboys piled in. That’s parabolas for you.”

Ethereum is likely to move lower should Bitcoin do so, unless there are macro factors that affect BTC but not ETH.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt, ETHUSD, ETHBTC, ETHUSDT 
Charts from TradingView.com
Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k



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Ethereum

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

Published

41 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.