HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Ethereum Is Poised to Surge Above $300 By the End of June, Top Trader Asserts

Altcoins 2020/06/03 03:00 by Nick Chong
As of June 1st, Ethereum was up 25% in the past week alone. But right on cue, the cryptocurrency market saw a harsh correction on Tuesday morning that wiped out the gains seen on Monday. Bitcoin crashed $1,500 in three minutes on BitMEX, while other cryptocurrencies such as ETH experienced losses in their own markets. This was a drop that took the wind out of the cryptocurrency market’s proverbial sails. Related Reading: Crypto Tidbits: Bitcoin Nears $10k, Goldman Sachs Talks Cryptocurrency, Chinese Yuan Slumps John Bollinger, a prominent technical analyst known for making the indicator the “Bollinger bands,” said that Bitcoin investors should be cautious at current prices: “The is a Head Fake at the upper Bollinger Band for $btcusd, time to be cautious or short.” The is a Head Fake at the upper Bollinger Band for $btcusd, time to be cautious or short. — John Bollinger (@bbands) June 2, 2020 Despite this, some remain optimistic about cryptocurrencies, Ethereum especially. Top Analyst Still Bullish on Ethereum Ethereum is primed to fall towards the low-$200s after today’s correction but is still on track to hit $300 by the end of June according to a top analyst. The analyst in question shared the chart below illustrating that ETH recently saw a textbook break out of a symmetrical triangle, showing the trend is still positive: “As I don’t believe this dip is the end of all crypto, I’m patiently waiting to long low $200 $ETH into $300 by the end of the month.” Ethereum price chart and outlook shared by prominent trader “Galaxy,” who goes by @GalaxyBTC on Twitter. Another trader shared the optimism, writing: “Things not looking that bad right now, would be nice if we could see a retest of the $220 level before we continue higher as we have not even validated it as support. Even with today’s pretty harsh selloff, this structure is still remaining as bullish for now.” Reasons to Be Bullish on ETH There is a confluence of fundamentals corroborating the widely bullish sentiment investors have about Ethereum. As reported by NewsBTC previously, Defipulse.com shared that there is now over $900 million worth of assets locked in DeFi applications. It’s a trend that shows DeFi is growing, and as a result, so should Ethereum. The founder of Ethereum-based app MakerDAO said: “4 million Dai was just minted with WBTC in a single transaction. This really showcases the latent demand for non-ETH assets, and it’s the beginning of a broader trend of DeFi acting as an economic vacuum that will eventually attract almost all value to the Ethereum blockchain.” Adding to the expectations of ETH upside is an analysis by the founder of Mythos Capital, Ryan Sean Adams. He wrote that the asset is “doubly” undervalued, noting that the transaction fees collected by Ethereum miners have recently spiked. This is relevant because according to Adams, the price of ETH has been closely correlated with the transaction fees collected for the past five years. Related Reading: Ethereum DeFi Nears $1 Billion Milestone Again, and That’s Big for the ETH Bull Case Featured Image from Shutterstock Tags: XBTUSD, BTCUSD, BTCUSDT

0 Like(s)



You should also read...

Altcoins 05/05/20 17:21 by Ali Martinez
Bitcoin’s 2016 Fractal Shows Ethereum May See 6000% Rally by 2023
A prominent analyst within the crypto community suggested that Ethereum’s price action seems to resemble the way Bitcoin was behaving between 2015 and 2018. Under such circumstances, the chartist im...
Read More
Altcoins 06/06/20 12:00 by Nick Chong
There Are Three Fundamental “Waves” That Could End Ethereum Bears in the Long Run
Although Ethereum has embarked on an impressive 170% rally since March’s lows, the cryptocurrency remains more than 80% below its all-time high of $1,430. With such a strong retracement from its...
Read More
Altcoins 09/08/20 12:00 by Nick Chong
Here’s Why Ethereum Holding Above $400 Could Unlock a Massive Surge
For the umpteenth time in the past week, Ethereum was rejected at the critical $400 resistance during Saturday’s rally. The cryptocurrency failed to decisively hold above that level despite the ...
Read More
Altcoins 16/11/20 01:20 by Nick Chong
Top Trader Expects Ethereum and DeFi Remains Bullish on a Short-Term Basis
Ethereum currently trades for $450 as of this article’s writing, stuck in a short-term range with DeFi coins as Bitcoin has entered a phase of consolidation. Analysts are optimistic about the le...
Read More
Altcoins 03/01/21 02:40 by Nick Chong
Here’s Why Analysts Think Ethereum Will Soon Move Toward $800
Ethereum has underperformed Bitcoin as BTC has pushed past $33,000 today. ETH is up 8% in the past 24 hours while BTC has gained over 11%. Despite the relative underperformance, analysts soon think th...
Read More