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Amsterdam
15 June 2021
PumpMoonshot

Tag : Bullish

News

Ethereum, the second-largest cryptocurrency, has gained interest from not only retail traders but also institutions over the past year. The key catalyst for its abrupt rise to fame in recent times has been its much-anticipated upgrade Ethereum 2.0. ETH/BTC ratio has almost tripled in the last 6 months. What does this mean for the altcoin in the long term? While many showcased their bullish optimism in the space, few skeptics weren’t shy to say otherwise. Reality check Ethereum, like other alts, suffered a major price correction. At press time, it was trading at the $2,334 price level; it did however witness a surge of a mere 1% in 24 hours. As per the On-chain analyst platform Glassnode’s recent tweet, In a recent interview, CEO of Nvidia Jensen Huang spoke about Ethereum’s impressive rise. He stated: “It’s now established that Ethereum is going to be quite valuable. There’s a future where the processing of these transactions can be a lot faster, and because there are so many people built on top of it now, Ethereum is going to be valuable.” When asked if he was excited about proof of stake? The CEO was quick to acknowledge this: “Am I excited about proof of stake? The answer’s yes. I believe that the demand for Ethereum has reached such a high level that it would be nice for either somebody to come up with an ASIC that does it, or for there to be another method… There’s a lot of credibility. It works well. A lot of people depend on it for DeFi and other things. This is a great time for proof of stake to come. While projecting a bullish sentiment about Ethereum, he further reiterated the same for the entire crypto space. He added: “I believe that cryptocurrency is here to stay. It’s a legitimate way that people want to exchange value.” Furthermore, he said: “More important, Ethereum and other forms like it in the future are excellent distributed blockchain methods for securing transactions.” It’s because of this vote of confidence in this sphere, his billion-dollar company Nvidia created a new product called CMP. As per the official announcement, “This fresh off-the-line product is designed for professional crypto mining.”

PumpMoonshot
Ethereum, the second-largest cryptocurrency, has gained interest from not only retail traders but also institutions over the past year. The key catalyst for its abrupt...
Altcoins

Bitcoin price retested the $35,000 support level against the US Dollar. BTC is now rising, but it must clear $37,000 and the 100 hourly SMA for a steady increase. Bitcoin is recovering higher from the $35,000 support zone. The price is currently well below $37,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear $37,000 and the 100 hourly SMA to start a fresh increase in the near term. Bitcoin Price is Facing Key Resistance Bitcoin failed to stay above the $37,000 support zone and extended its decline. BTC even broke the $36,000 support level and settled below the 100 hourly simple moving average. There was a spike below the $35,000 support level. A low was formed near $34,830 and the price is now correcting higher. There was a break above the $36,000 resistance level. The price climbed above the 50% Fib retracement level of the recent decline from the $37,915 high to $34,830 low. There was also a break above a key bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair. The pair is still well below $37,000 and the 100 hourly simple moving average. Bitcoin Price Source: BTCUSD on TradingView.com The 76.4% Fib retracement level of the recent decline from the $37,915 high to $34,830 low is also near $37,200 to act as a major hurdle for the bulls. If there is a clear upside break above $37,000 and $37,200, the price could start a major increase. The first major resistance is near the $38,500 level. The main resistance is still near the $40,000 zone. A clear break above the $40,000 level could set the pace for a larger increase. Fresh Decline in BTC? If bitcoin fails to clear the $37,000 resistance, it could start a fresh decline. An initial support on the downside is near the $36,000 level. The first major support is near the $35,500 level. If there is a downside break below the $35,500 support and $35,000, the price could start a sharp decline towards $32,000. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $36,000, followed by $35,500. Major Resistance Levels – $37,000, $38,500 and $40,000.

PumpMoonshot
Bitcoin price retested the $35,000 support level against the US Dollar. BTC is now rising, but it must clear $37,000 and the 100 hourly SMA...