ICOCalendar.Today

  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍
  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍

Why An Analyst Isnt Convinced of Ethereums Price Action Despite Rally to $375

9/12/2020

Comments

 
  • Ethereum has pressed higher after falling as low as $310-315 just days ago.
  • The coin now trades for $370 and traded as high as $375-378 just hours ago.
  • The coin is not entirely bullish, though, despite the recovery from the aforementioned lows.
  • Analysts remain bullish on Ethereum from a longer-term perspective.
  • They cite trends in decentralized finance and what effect that will have on ETH.

Here’s Why Ethereum Isn’t Bullish… Yet

Edward “Teddy” Cleps, a prominent crypto trader, thinks Ethereum isn’t in a bullish state just yet. The analyst shared the chart below, noting that the recent rally may just constitute a bearish retest as opposed to a bullish breakout :

“Price retested previous support as resistance – currently looks like a rejection. Vital for bulls to push back above for lambo season.”

Image

Chart of ETH's price action over the past few months with analysis by crypto trader Edward "Teddy" Cleps. Chart from TradingView.com

Positive Fundamental Trends

While Ethereum may be stalling due to a slowdown in legacy markets and in Bitcoin, the asset’s fundamentals are still strong. That’s according to a number of cryptocurrency investors and analysts.

Chris Burniske, a partner at Placeholder Capital, recently postulated that Bitcoin and Ethereum will race each other to a $1 trillion market capitalization. That suggests the former ARK Invest crypto-asset analyst sees ETH starting to catch up to BTC’s market value.

He previously mentioned that Ethereum’s on-chain economies and network effects will send it much higher than it is now. He thinks that because much of the public hasn’t heard about Ethereum, they will invest heavily in the coin during this market cycle:

“Meanwhile, to the mainstream $ETH will be the new kid on the block — expect a frenzy to go with that realization. Given $ETH’s outperformance of $BTC over its lifetime (chart below again), not to mention smaller network value and strong on-chain economies, I see every reason for $ETHBTC to surpass ATHs.”

Ready to watch $BTC & $ETH race each other to a trillion in value? https://t.co/BAffYQMPSF

— Chris Burniske (@cburniske) August 9, 2020

This optimism has been echoed by others who think that decentralized finance will drive Ethereum to 13-digit heights. Ryan Sean Adams of Mythos Capital, for instance, said:

“The driving takeaway here is that in order for a decentralized smart contract platform with a native, permissionless, trustless asset to successfully provide the world with a permissionless, trustless economy, it will require its native asset to supply trillions in economic bandwidth.”

DeFi is facing some barriers to growth, though, like high transaction fees and the high block times relative to traditional financial latency. Some think that these barriers may actually be enough to put a hard cap on the DeFi rally as certain financial applications and many users may be excluded from the DeFi phenomenon.
Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Why An Analyst Isn't Convinced of Ethereum's Price Action Despite Rally to $375


Originally from Bitcoinist.com https://ift.tt/2FtJTcA
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.