ETHUSD (Ethereum) – Week 6 – Expecting correction and then up
This week ETH reached an all-time high again, breaking the previous top and reaching $1750 per ETH. The 24h trading volume of ETH is 39 billion dollars, and based on the rankings it is the second cryptocurrency by market capitalization.
Technically, we expect a correction for ETHUSD that will probably reach the blue trendline on the chart and then reverse to continue its bullish trend. However, we should pay attention to the 1st and 2nd support areas highlighted on the chart.
Fundamentally, this week we heard billionaire Tyler Winklevoss (co-founder of Gemini cryptocurrency exchange) saying that ETH it is the most undervalued cryptocurrency. DeFi (decentralized finance) protocols reached a new high after reports revealed that more than $28 billion are locked into Ethereum based protocols. In addition, another big news is that BSN, the blockchain infrastructure provider backed by the Chinese government will offer financial auditing services to Ethereum developers in its network.
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.
Technically, we expect a correction for ETHUSD that will probably reach the blue trendline on the chart and then reverse to continue its bullish trend. However, we should pay attention to the 1st and 2nd support areas highlighted on the chart.
Fundamentally, this week we heard billionaire Tyler Winklevoss (co-founder of Gemini cryptocurrency exchange) saying that ETH it is the most undervalued cryptocurrency. DeFi (decentralized finance) protocols reached a new high after reports revealed that more than $28 billion are locked into Ethereum based protocols. In addition, another big news is that BSN, the blockchain infrastructure provider backed by the Chinese government will offer financial auditing services to Ethereum developers in its network.
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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