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ETH Reaches New All-Time High, Technical Indicators Still Bullish

ETH is likely in the fifth and final wave of its upward movement, which has extended. Despite the parabolic increase, the trend has yet to show any significant weakness. Newa all-time high for ETH ETH has been moving upwards at an accelerated pace since Feb. 28, when it was trading at a low of $1,468. … Continued

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Ethereum (ETH) has just reached a new all-time high price of $3,605.

ETH is likely in the fifth and final wave of its upward movement, which has extended. Despite the parabolic increase, the trend has yet to show any significant weakness.

Newa all-time high for ETH

ETH has been moving upwards at an accelerated pace since Feb. 28, when it was trading at a low of $1,468. On May 6, it managed to reach a new all-time high price of $3,593.

While there is a potential bearish divergence in the weekly RSI, neither the MACD nor RSI show any weakness. Therefore, technical indicators are still bullish.

The price has reached and surpassed a potential reversal area at $3,300. The levels was created by the 1:1 Fib projection of waves 1-3 (white).

Afterwards, there are two other potential reversal levels.

The first is found at $3,852-$4,000, created by the 1.27 projection of waves 1-3 and the 3.61 external retracement of wave four (black).

The second is found at $4,441-$4,544, created by the 1.61 and 4.61 projection/external retracement, respectively.

ETH Wave Count
Chart By TradingView

Daily movement

The daily chart for ETH also shows an extended fifth sub-wave (orange). The sub-waves give a potential target of $4,128, aligning with the first one from the weekly chart. The target is found using a fib projection on sub-waves 103.

Therefore, it is likely that the price could reach a top near this level.

However, similar to the weekly time-frame, technical indicators do not yet show any weakness. Therefore, the daily trend is also considered bullish.

Wave Count ETH
Chart By TradingView

To conclude, ETH is likely in the fifth and final wave of its upward movement, which has a potential target near $4,000, found by a confluence of different Fib levels. If the move continues to extend, the next most likely area for the top is found near $4,500.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Blockchain

Charts Indicate Bitcoin Death Cross Is Here: What Comes Next?

Traders and analysts are closely watching Bitcoin price activity after the infamous death cross pattern made its appearance on 19th June.

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Traders and analysts are closely watching Bitcoin price activity after the infamous death cross pattern made its appearance on 19th June. While many believe the cross is a prescient warning signaling an impending crash, many factors point otherwise.

A History of Death Cross and Its Connection With Bitcoin

The death cross pattern is a technical indicator that has been used in both stock markets and the crypto sphere. It comes into shape when an asset’s short-term moving average (MA) slides lower than its long-term moving average. Typically, the death cross uses a 50-day moving average or 50MA to denote short-term activity and 200MA for long-term activity. To date, the indicator has predicted four significant crypto crashes and the stock market busts of 1974 and 2008.

Studying long-term averages helps understand the baseline demand for an asset. Since the momentum rises upwards with time in a bullish setting, the market tends to surpass long-term means during a shorter time frame like 50MA.

When short-term moving averages fall below the long-term ones, it often points to an incoming bear market caused by a scarcity in demand and interest in the asset. 

Not Always Followed By a Sell-Off

Cryptocurrencies are a newer asset class and the rules that are used to predict stock market behavior are not always applicable to them. Evidently, the indicator has time and again projected considerable losses for shares and indices with great success. And on several occasions, it also hinted at similar trends in the crypto market.

But the death cross hasn’t always worked for cryptocurrencies. Take, for instance, the trading activity for Bitcoin in mid-2015, when a death cross materialized on the charts, only to defy bearish expectations and lead to a prolonged bullish run. 

With time, the death cross has come to reliably forecast bearish blues for cryptocurrencies, which could be attributed to the maturing of the crypto markets. It’s a fantastic tool that has its place, but its projections aren’t set in stone.

Besides, there are other factors separate from the technical ones that could potentially fuel a Bitcoin surge. El Salvador’s BTC adoption, the Taproot update, miners flocking to Texas’ renewable energy scene, and other favorable instances could push hard against the negative trends to give BTC a solid standing.

READ  476M USDT Deposited by Whales in an Hour to Buy Bitcoin at Dip: Glassnode

#Bitcoin #Bitcoin Bearish Trend #Bitcoin Death Cross

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Blockchain

Miami mayor opens city doors for Chinese bitcoin miners

Miami mayor and prominent bitcoin proponent Francis Suarez has declared that the doors of his city are open for Chinese bitcoin miners who are currently facing intense crackdowns brought about by officials of their home country. In an interview with CNBC, the official said, “We want to make sure that our city has an opportunity […]

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Miami mayor and prominent bitcoin proponent Francis Suarez has declared that the doors of his city are open for Chinese bitcoin miners who are currently facing intense crackdowns brought about by officials of their home country.

In an interview with CNBC, the official said, “We want to make sure that our city has an opportunity to compete. We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here.’”

Suarez, who has also admitted that he holds the asset, has been engaging in a series of measures to make Miami one step ahead of other American cities by having bitcoin and other disruptive and innovative technologies integrated into the city’s operations.

Miami as hotbed for bitcoin

This year, the city became host to the largest bitcoin-related conference of all time, dubbed as “Bitcoin 2021.” In addition to that, Miami also hosts a Bitcoin white paper.

Moreover, there is a possibility that soon enough, city residents will be able to pay taxes using the largest cryptocurrency by market capitalization. Bitcoin currently trades at $35,407, according to tracking from CoinGecko.

With all of these, as a result, Suarez’s city could now be considered as “hotbed” for the most significant digital currency and as it appears, the mayor is far from done in publicly showing support for bitcoin.

Enticing Chinese bitcoin miners

For now, the mayor’s focus turns to bringing bitcoin’s most critical industry to his city and although he admits he hasn’t personally received calls from Chinese miners, the official said he wants to entice them with Miami’s supply of clean and cheap nuclear energy.

“The fact that we have nuclear power means that it’s very inexpensive power. We understand how important this is… miners want to get to a certain kilowatt price per hour,” said Suarez, adding that they are working with the bitcoin miners regarding the matter.

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/bitcoin/miami-mayor-opens-city-doors-for-chinese-bitcoin-miners/

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Texas supermarket will now accept crypto payments

Texas has been making moves recently to make itself an attractive place for cryptocurrency miners, spearheaded by its governor, Greg Abbott. And Texas’ latest initiative is to allow grocery buyers to purchase items using cryptocurrencies on H-E-B supermarkets, one of the oldest supermarket chains in Texas. It has 400 branches in the state as well as […]

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Texas has been making moves recently to make itself an attractive place for cryptocurrency miners, spearheaded by its governor, Greg Abbott.

And Texas’ latest initiative is to allow grocery buyers to purchase items using cryptocurrencies on H-E-B supermarkets, one of the oldest supermarket chains in Texas. It has 400 branches in the state as well as in Mexico.

In a report published by Houston Chronicles, Coin Cloud, a crypto ATM company, will start installing their machines on 29 H-E-B stores around Texas’ capital.

These ATMs will enable customers to buy and sell a wide range of cryptocurrencies such as bitcoin, ethereum, and dogecoin. The machines will also include U.S dollar-pegged stable coins and DeFi tokens.

Optimistic

Chris McAlary, CEO of CoinCloud, is optimistic about the upcoming crypto ATM installations.

He said that by making these machines accessible to anyone, more people will be aware of the significance of digital currency in the future.

The company is reportedly preparing to install its 2,000th crypto ATM machine, allowing more consumers to have access to cryptocurrencies.

These machines would allow users to make crypto transactions through traditional means such as cash, credit card, and debit card.

Crypto hotspot

Just like Miami, Texas is slowly but surely becoming a hotspot for cryptocurrencies.

But apart from its other crypto initiatives, one major thing that makes Texas an attractive place for miners is its renewable and loosely regulated power grid.

Riot Blockchain is one of the latest blockchain companies to take interest in Texas and announced that it is planning to acquire a data facility in the state. Blockcap, on the other hand, plans to set up offices in Austin to finally start its crypto operations.

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/blockchain/texas-supermarket-will-now-accept-crypto-payments/

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This will be another nudge for Bitcoin miners to use green energy

The American House of Representatives recently passed legislation requiring publicly listed companies to disclose Environmental, Social and Governance (ESG) metrics. The bill was passed by a narrow vo

The post This will be another nudge for Bitcoin miners to use green energy appeared first on AMBCrypto.

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The American House of Representatives recently passed legislation requiring publicly listed companies to disclose Environmental, Social and Governance (ESG) metrics. The bill was passed by a narrow vote of 215 to 214 and has now advanced to the Senate for consideration.

What is sustainable finance?

The bill defines “sustainable finance” as the ‘provision of finance with respect to investments taking into account environmental, social, and governance considerations.’  Expanding on the intent of this bill, House Financial Services Chairwoman Maxine Waters reportedly mentioned that the disclosure will provide investors with the necessary information to make the ‘best investment decisions’ and to hold companies ‘accountable.’

The bill also requires SEC to establish a permanent advisory committee to be called the “Sustainable Finance Advisory Committee.” Further, SEC Commissioner recently declared that the regulatory body was working toward a framework of rules for companies requiring climate-related risk disclosure, adding further that ‘climate and ESG are front and center for the SEC.’

What does this mean for Bitcoin?

The debate around the large-scale energy consumption caused due to Bitcoin mining has been around for many years. However, the issue escalated to new heights after related statements from the world’s billionaires went viral. In the last couple of months, the topic was making headlines almost every day.

In the light of these recent events, however, Bitcoin’s climate problem may have just gone a notch deeper. According to Chinese Journalist Colin Wu,

The Migration

Nearly two-thirds of all Bitcoin mining took place in China, until recently. The country shut down mining activities in Xinjiang, Inner Mongolia provinces, the first two of which are coal-rich provinces. Not only did this bring down Bitcoin’s hash rate, but also set off what is being termed as “the great mining migration.” The potential destinations miners are considering moving their operations to, include, Central Asia, Europe, and America.


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