ETHUSD (Ethereum) – Week 28 – Retesting the support?
Goldman Sachs named Ethereum as the blockchain with the most real-world use cases in a letter to its customers on Tuesday. Ethereum, according to the company, may soon rule the digital market. Goldman Sachs observed that most people now prefer using Ethereum’s smart contracts due to ETH’s increasing popularity. This situation may lead to Ethereum overtaking Bitcoin soon to become the first crypto on market cap.
A non-fungible token (NFT) has landed in a museum. The CryptoPunk, from a popular and expensive collection of pixelated characters, was given to Miami’s Institute of Contemporary Art (ICA) by trustee Eduardo Burillo. According to ICA, it's the "first NFT to enter a major art museum collection." NFTs are unique digital tokens, typically minted and stored on the Ethereum blockchain.
Congressman Barry Moore of the United States has reportedly been investing in cryptocurrency for some time. Moore had made investments in Doge, Ethereum, and ADA. The trading reports submitted with the clerk of the House of Representatives on July 2nd demonstrated this.
Technically, Ethereum made a new low in June at $1692 per ETH. Since then, the price made a move to the upside that seems corrective. We reached a local top at $2400, 3 days ago, and now we had a sharp move to the downside. The price is consolidating here, so the higher probability move is one to the downside. If the prices goes up and breaks the small resistance marked on the chart, we have to study the structure to see if it will reverse to the downside or continue to the upside. We advise caution.
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.
A non-fungible token (NFT) has landed in a museum. The CryptoPunk, from a popular and expensive collection of pixelated characters, was given to Miami’s Institute of Contemporary Art (ICA) by trustee Eduardo Burillo. According to ICA, it's the "first NFT to enter a major art museum collection." NFTs are unique digital tokens, typically minted and stored on the Ethereum blockchain.
Congressman Barry Moore of the United States has reportedly been investing in cryptocurrency for some time. Moore had made investments in Doge, Ethereum, and ADA. The trading reports submitted with the clerk of the House of Representatives on July 2nd demonstrated this.
Technically, Ethereum made a new low in June at $1692 per ETH. Since then, the price made a move to the upside that seems corrective. We reached a local top at $2400, 3 days ago, and now we had a sharp move to the downside. The price is consolidating here, so the higher probability move is one to the downside. If the prices goes up and breaks the small resistance marked on the chart, we have to study the structure to see if it will reverse to the downside or continue to the upside. We advise caution.
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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