ETHUSD (Ethereum) – Week 24 – Reaching the resistance?
David Guetta, a well-known French DJ, is selling his Miami Beach apartment for $14 million and is accepting Ethereum as payment.
On CNBC's Squawk Box broadcast today, Reddit co-founder Alexis Ohanian backed the Ethereum blockchain. He added that Ethereum accounts for a big portion of his assets, and that he prefers the blockchain due to its wide range of applications. Despite the fact that Ohanian is no longer on the Reddit board of directors, the social media network launched Ethereum-based tokens last year.
Ethereum's developer and co-founder Vitalik Buterin said at the Hyperledger Global Forum 2021, a business blockchain event, that Eth2 will deliver scalability and assist open the door to additional decentralized apps and corporate use cases.
From a technical perspective, Ethereum, at least until now, follows the price action structure of Bitcoin. It trades in a range between the resistance and support area marked on the chart. As we study the market structure for this pair, we think that it has a higher probability of making a move to the upside and reach the resistance area. Keep in mind that the downtrend is not yet finished so a continuation from here to the downside or a reversal from the resistance (if it reaches that area) are good probability bets.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
On CNBC's Squawk Box broadcast today, Reddit co-founder Alexis Ohanian backed the Ethereum blockchain. He added that Ethereum accounts for a big portion of his assets, and that he prefers the blockchain due to its wide range of applications. Despite the fact that Ohanian is no longer on the Reddit board of directors, the social media network launched Ethereum-based tokens last year.
Ethereum's developer and co-founder Vitalik Buterin said at the Hyperledger Global Forum 2021, a business blockchain event, that Eth2 will deliver scalability and assist open the door to additional decentralized apps and corporate use cases.
From a technical perspective, Ethereum, at least until now, follows the price action structure of Bitcoin. It trades in a range between the resistance and support area marked on the chart. As we study the market structure for this pair, we think that it has a higher probability of making a move to the upside and reach the resistance area. Keep in mind that the downtrend is not yet finished so a continuation from here to the downside or a reversal from the resistance (if it reaches that area) are good probability bets.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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