• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: The Sandbox Seals Deal With Saudi Arabian Digital Government Authority
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: The Sandbox Seals Deal With Saudi Arabian Digital Government Authority
Bitcoin price
Advertisement

Why An Analyst Isn’t Convinced of Ethereum’s Price Action Despite Rally to $375

Nick Chong by Nick Chong
2 years ago
in Ethereum
0
Advertisement
  • 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

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
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:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

“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
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Zhejiang Testnet For Ethereum Staking Withdrawal Goes Live

Zhejiang Testnet For Ethereum Staking Withdrawal Goes Live

6 days ago
Ethereum

Ethereum Network Usage Skyrockets As ETH Hits Two-Month High

1 week ago
Ethereum

Ethereum Staking Service Providers Make Up Over 70% Of Staked ETH Supply

2 weeks ago
Ethereum

Ethereum Total Validators Surpasses 500,000 As Shanghai Upgrade Draws Near

3 weeks ago
bitcoin and ethereum

Bearish Signal: Bitcoin, Ethereum Profit-Taking Reach 2021 Levels

3 weeks ago
Ethereum

Ethereum DeFi Suffered 76% Decline In Total Value Locked This Year

1 month ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • ALTCOIN DAILY TO PRODUCE AND STAR IN NEW “SHARK TANK OF...

    18 hours ago
  • SinVerse Studios Announces $1 Million Buyback Program for...

    18 hours ago
  • Join the Revolution: Invest in STARSTAKING for 25% APY and...

    18 hours ago
  • The Crypto Bull Market Trend Has Started! What Does This...

    18 hours ago
  • Orbeon Protocol (ORBN) Grows 1625% During the Presale...

    19 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.