• Latest
ethereum ‘has to bounce’ as eth bulls pin $5k rally hopes on critical support channel

Ethereum ‘has to bounce’ as ETH bulls pin $5K rally hopes on critical support channel

November 12, 2021
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Ethereum

Ethereum ‘has to bounce’ as ETH bulls pin $5K rally hopes on critical support channel

coinnewsdaily by coinnewsdaily
November 12, 2021
in Ethereum
0
ethereum ‘has to bounce’ as eth bulls pin $5k rally hopes on critical support channel
191
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The price of Ethereum’s native token, Ether (ETH), is falling into a trading zone that has a previous history of drawing buyers, and this could result in yet another large rebound in the days ahead.

In addition to being a member of an overall ascending channel range, the rising trendline has been responsible for ETH’s price recovery since the beginning of the month of October.

Related articles

5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
accumulation
ETH/USD 4-hour price chart featuring the ascending channel setup. Source: TradingView

Consequently, despite pullbacks at the channel’s upper trendline, Ether’s path of least resistance has always been to the upside, with its quarterly gains currently sitting at more than 38 percent.

Recent sell-offs in Ether, which followed the cryptocurrency’s surge to a new record high above $4,870, were curtailed by the rising trendline, which has been in place since January. According to analysts, a major price rebound is expected in the near future, with a “swing long” scenario provided by Forexn1 on TradingView predicting an increase in price to $5,000.

analyst
ETH/USD 8-hour price chart featuring “swing long” setup. Source: Forexn1, TradingView

Following the last price retreat, MacroCRG, a Twitter-based independent market analyst, stated that Ether “needs to bounce” if it manages to hold on to the rising trendline as support in the short term.

Meanwhile, another analyst, Pentoshi, predicted a rebound but cautioned about the possibility of dips below the rising trendline of the stock market.
He stated the following in a tweet on November 12:

“I would love a 20-30% wipeout on alts. Usual bull run dip. Just bc I want it doesn’t mean it will happen. Greed to fear, please.”

Based on the chart below, Pentoshi’s downside objective in the event of a prolonged market fall was near $4,000 per coin.

Ascending Channel
ETH/USD 4-hour price chart featuring the ascending channel’s bearish breakout target. Source: Pentoshi, TradingView

Macro fundamentals support ETH bulls

Beyond technical factors, it appears that Ether’s capacity to minimize price corrections and, on top of that, to make new highs is a result of a combination of elements.

In his research report, Chris Weston, head of research at Pepperstone Financial Pty, identified fears of high inflation as the common denominator that has increased demand for potential hedging assets across the crypto market, resulting in price increases of 500 percent or more for Ether and 130 percent or more for Bitcoin in 2021.

To investors, “Crypto is where the fast money is,” according to Weston, who wrote in a note.

Aside from that, Mike McGlone, senior commodity strategist at Bloomberg Index, predicted a $5,000 price for Ether last week, stating that investment “portfolios consisting of some mixture of gold and bonds appear increasingly naked without some Bitcoin and Ethereum added to the mix.”

Three #Crypto Musketeers Driving $3 Trillion Market Cap – Representing a better way to transact, a strengthening ecosystem and here-to-stay asset class, #cryptodollars are the most significant advancing part of the digital-money revolution and the third leg of the crypto stool. pic.twitter.com/qhEOXttPW8

— Mike McGlone (@mikemcglone11) November 9, 2021

The analyst mentioned reducing supply as a big bullish stumbling block for the cryptocurrency.

In particular, Ethereum’s software upgrade in August, nicknamed the London hard fork, included a code change that began burning a portion of the gas fees given to miners in exchange for ETH, thereby limiting the supply of the digital currency.

According to data released by Ultrasound.money, the upgrade has resulted in the withdrawal of more than 860,500 ETH, which is currently valued more than $3.2 billion, since it was put into effect. At the present pace of consumption, the Ethereum network expects to burn 5.3 million ETH every year, compared to the 5.4 million ETH that have been distributed.

author
Ethereum fee burn. Source: Ultrasound.money

As McGlone pointed out, a lowering supply rate would put Ether on a bullish path in the face of increasing demand:

“Simply staying the course is the more likely outcome, as we see it. Ethereum has joined Bitcoin with a supply trajectory that is in decline by code. The first-born crypto is the store-of-value, and the No. 2 is the DeFi building block.”

The author’s thoughts and opinions are entirely his or her own and do not necessarily reflect those of CoinNewsDaily. Each investing and trading action entails risk; before making a decision, you should conduct your own research.

Tags: accumulationAscending ChannelBreakoutBullBullishCorrectionCryptoDeFiDipETHEtherEthereumethereum networkgas feesInvestmentMike McGlonenetworkPentoshipricePullbackRallyRangeResistanceStrategistTargetTechnicalTokenTrading
Share76Tweet48
Previous Post

Invest in Index Funds before the Wall Street invasion

Next Post

The Growing Defi Market on Bitcoin: What’s Yielding Already?

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
things you should know before investing in nfts
Alt Coin

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum
Alt Coin

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
btc and eth will break all time highs in 2022 — celsius ceo
Bitcoin

BTC and ETH will break all-time highs in 2022 — Celsius CEO

April 21, 2022
Load More
Next Post
the growing defi market on bitcoin: what’s yielding already?

The Growing Defi Market on Bitcoin: What's Yielding Already?

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,275.001.53%
  • ethereumEthereum(ETH)$1,680.612.61%
  • tetherTether(USDT)$1.00-0.12%
  • binancecoinBNB(BNB)$331.791.31%
  • rippleXRP(XRP)$0.4008111.53%
  • cardanoCardano(ADA)$0.3994733.16%
  • dogecoinDogecoin(DOGE)$0.0925201.63%
  • matic-networkPolygon(MATIC)$1.295.10%
  • okbOKB(OKB)$45.853.84%
  • solanaSolana(SOL)$23.933.50%
  • shiba-inuShiba Inu(SHIB)$0.0000141.31%
  • polkadotPolkadot(DOT)$6.944.78%
  • litecoinLitecoin(LTC)$101.392.08%
  • tronTRON(TRX)$0.0660322.67%
  • daiDai(DAI)$1.00-0.03%
  • cosmosCosmos Hub(ATOM)$15.024.57%
  • chainlinkChainlink(LINK)$7.213.74%
  • ethereum-classicEthereum Classic(ETC)$23.122.97%
  • leo-tokenLEO Token(LEO)$3.370.02%
  • moneroMonero(XMR)$168.080.81%
  • bitcoin-cashBitcoin Cash(BCH)$135.762.11%
  • stellarStellar(XLM)$0.0922882.85%
  • filecoinFilecoin(FIL)$5.566.44%
  • crypto-com-chainCronos(CRO)$0.0838503.73%
  • algorandAlgorand(ALGO)$0.2830359.15%
  • vechainVeChain(VET)$0.0264349.99%
  • internet-computerInternet Computer(ICP)$5.896.23%
  • aaveAave(AAVE)$88.692.40%
  • eosEOS(EOS)$1.124.09%
  • theta-tokenTheta Network(THETA)$1.198.59%
  • elrond-erd-2MultiversX(EGLD)$47.735.27%
  • tezosTezos(XTZ)$1.247.19%
  • huobi-tokenHuobi(HT)$5.672.50%
  • havvenSynthetix Network(SNX)$2.932.77%
  • paxos-standardPax Dollar(USDP)$0.99-0.23%
  • bitcoin-cash-svBitcoin SV(BSV)$43.602.36%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.571.72%
  • dashDash(DASH)$66.293.72%
  • makerMaker(MKR)$814.6114.42%
  • iotaIOTA(MIOTA)$0.2526694.99%
  • neoNEO(NEO)$9.214.09%
  • zcashZcash(ZEC)$46.665.86%
  • zilliqaZilliqa(ZIL)$0.0308795.33%
  • basic-attention-tokenBasic Attention(BAT)$0.31128011.63%
  • compound-governance-tokenCompound(COMP)$57.867.81%
  • nemNEM(XEM)$0.0432224.97%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$37.164.40%
  • qtumQtum(QTUM)$2.995.38%
  • bitcoin-goldBitcoin Gold(BTG)$17.823.90%
  • sushiSushi(SUSHI)$1.545.13%
  • wavesWaves(WAVES)$2.833.46%
  • golemGolem(GLM)$0.2661546.05%
  • yearn-financeyearn.finance(YFI)$7,857.393.20%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • omisegoOMG Network(OMG)$1.682.02%
  • ontologyOntology(ONT)$0.2442005.15%
  • digibyteDigiByte(DGB)$0.0115068.50%
  • umaUMA(UMA)$2.204.24%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%