ETH/USD Violates Descending Triangle Pattern – What can we Expect Next?
The ETH/USD was closed at $2310.43 after placing a high of $2337.41 and a low of $2196.90. ETH/USD rose on Tuesday
Arslan Butt•Wednesday, July 7, 2021•2 min read
The ETH/USD closed at $2,310.43, after placing a high of $2,337.41, and a low of $2,196.90. The ETH/USD rose on Tuesday, as a Swiss crypto bank, Sygnum, launched an Ethereum 2.0 staking service. Sygnum became the first digital bank to provide Ethereum 2.0 staking services, when it announced that its customers could use its institutional-grade banking platform to stake ETH for Ethereum 2.0 from their existing wallets. While doing so, the customers of Sygnum might be able to earn returns of up to 7% per annum.
The bank, which is both Swiss and Singapore-based, has announced that the staking services have been entirely integrated into its platform, highlighting increased security. According to the bank, Ethereum is a fast-growing network, and such staking is an attractive option for long-term investors looking to earn profits. Furthermore, Alex Mashinsky, the CEO of a cryptocurrency lending platform, Celsius, has revealed that Ethereum is already flipping Bitcoin, as the community of his company currently holds more US dollars’ worth in Ethereum than in Bitcoin. He believes that the trend will expand to the broader market, and Ethereum will eventually surpass the market capitalization of Bitcoin and become a leading cryptocurrency.
The CEO revealed that ETH has surpassed
BTC on Celsius, with the firm managing about $17 billion in deposits, and that the number-one coin held in dollar terms is Ethereum. He predicted that by 2022 and 2023, ETH will surpass the BTC market cap. These comments also added strength to the
ETH/USD on Tuesday, pushing its prices higher. Meanwhile, the core developers of Ethereum have recently announced a new proposal for activating the London hard fork upgrade. This will include one of Ethereum’s highly anticipated upgrades, EIP-1559. The new proposal is set to launch on August 4. This news boosted the ETH/USD even further, as the upgrade has been awaited with great anticipation.
Ethereum – ETH/USD – Daily Technical Levels
Support Resistance
2,225.75 2,366.26
2,141.07 2,422.09
2,085.24 2,506.77
Pivot Point: 2,281.58
Ethereum – ETH/USD – Technical Analysis
The ETH/USD coin is trading with a bullish bias, at 2,380. It is facing immediate resistance at the 2,416 level; however, a breakout at this level could extend the buying trend until the next target/resistance level of 2,641. In the 4-hour timeframe, we can see that the ETH/USD coin has violated the descending
triangle pattern at 2,350. A bullish breakout at this level increases the odds of a continued bullish trend in the ETH/USD coin. Lastly, the 50 EMA is also likely to show us a bullish breakout, and if this happens, we may open a buy trade in the
ETH/USD. Stay tuned to our
forex trading signals page for more updates. Good luck!
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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