ETH/USD closed at 2299.0 after placing a high of 2299.40 and a low of 2136.59. Ethereum prices spiked higher on Tuesday and reached their new all-time high level near $2300. The recent hike to its ATH near $2300 was caused by famous companies’ latest investment in Ethereum Infrastructure Company, ConsenSys. The leading Ethereum software development company has raised about $65 million in funding with investment from leading financial services firms like JP Morgan Chase & Co., Mastercard Inc, and UBS Group AG. This latest investment has pushed the Ethereum prices to a new record level on Tuesday.
The latest round of funding is aimed at accelerating the convergence of traditional and decentralized finance. This theme has emerged after several global financial institutions showed great interest in blockchain and crypto. Wall Street and corporate America’s attention has shifted to cryptocurrencies and blockchain projects more than ever before, which has resulted in higher prices of cryptos around the world. Visa Inc has said that it will use the public Ethereum network for part of its payment system, and now MicroStrategy Inc. and Tesla Inc. have started buying and holding Bitcoin on their balance sheet. These positive developments in cryptocurrencies are pushing the industry higher, and all of the assets are getting the benefit of it.
The Ethereum network is transforming to speed up transaction times and change how the blockchain is validated. This transformation from proof-of-stake to proof-of-work is expected to raise Ethereum prices further in the coming years.Furthermore, the upcoming listing of the Coinbase exchange on Nasdaq on Wednesday also supports the cryptocurrency prices. On Tuesday, almost all major cryptos reached their highest levels amid this news, as it will be a new milestone for the cryptocurrency industry. BITCOIN reached its new all-time high at $63,000, and this rise in the king of cryptocurrencies caused a hike in other altcoins as well. Ethereum also followed the Bitcoin surge and reached near $2300 n Tuesday for the first time.
ETH/USD is trading with a strong bullish bias at 2,382 level, facing immediate resistance at 2,450 level. Continuation of further upward trend and violation of 2,450 level can extend buying trend until 2,520 level. The 20 and 50 periods EMA are supporting bullish trend, along with the MACD and RSI. ETH/USD needs to violate the 2,450 resistance level to exhibit a further bullish trend, as below this level, the pair can trade bearish until 2,326. Let’s consider taking buying trades over 2,326 level today. Good luck!
// Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst.
Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D.
Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.