Ethereum Price Target Reached

Ethereum (ETH) reached it's price target of 3900, then sold off hard. What do the charts suggest now? Corrections occur and are healthy for stocks or indexes. ETH has more than doubled in price in a very short period of time, from a low of around 1,700 to a high of 4,000, which is quite extreme. From the chart below, the previous consolidation area which runs from 2900 to 3400 should act as support for the recent pull-back. If that support is broken to the downside, then I would view that as negative sign, as Ethereum will have to find support at a lower price. Bottom line, the chart is still bullish, but expect some time to pass at this consolidation area, before another move higher. Thank you for reading.

    

   

Ethereum Price Target

The London upgrade on August 4th went smooth, and will make fees more predictable, reduce delays in processing, and decrease the amount of new coins issued.  The EIP-1559 process is explained here at Cointelegraph. Ethereum is running higher after the event, with new resistance seen at 3900. Between the current price of 3290 and 3900, there are few resistance points, based on time or volume. I see the 3900 area, where the next resistance can come into play. Chart below. Thank you for reading.

     

Ethereum Cryptocurrency

The second biggest Cryptocurrency, Ethereum , is about to get an upgrade that will be taking place on August 4th.  The London upgrade will make fees more predictable, reduce delays in processing, and decrease the amount of new coins issued.  The EIP-1559 process is explained here at Cointelegraph. Ethereum is running higher ahead of the event, with resistance at 2800 per chart below, will provide a good test at that level.

      

Ethereum

Plenty of talk regarding the recent sell-off in Cryptocurrency. From a another post here Cryptocurrency - Bitcoin we discussed breakout levels for Bitcoin, today we are going to talk about year to date gains in Ethereum versus Bitcoin. Regardless whether you believe that Cryptocurrencies will survive in the future for commerce, or as an inflation decentralized alternative to fiat money, there is a large market for trading the asset. On May 20th, for the year Ethereum has been a stellar performer. When thinking what is Ethereum; a blockchain that can be used for sending and receiving value globally, and without third party watching or stepping in unexpectedly. Chart below with year-to-date performance. Thank you for reading.

                                 

Bitcoin - Cryptocurrency

Cryptocurrency's such as Bitcoin are just starting to make their way mainstream, due to corporations, banks, online payment, and credit card companies looking for a decentralized alternative to fiat money. Bitcoin is seen as a more superior reserve asset, and store of value than the U.S. dollar or gold. To preserve our purchasing power due to the potential for run-away inflation, along with an increasing monetary supply, converting cash into a digital currency such as Bitcoin can be appealing. If we look at long-term vehicles to park our cash as a comparison, there is little incentive for buying bonds, as yields on a ten year basis is less than 1.50% annual. Looking for a web site to stay up to date, and learn more about cryptocurrency, Cointelegraph is a quality site to explore. Below is a list of sectors that have recently adopted Bitcoin.

• Online payment - PayPal
• Corporations - MicroStrategy, Tesla
• Credit Card - Mastercard
• Insurance - Mass Mutual
• Bank - BNY Mellon

Below is a daily chart of Bitcoin, which has broken out to new all-time highs, above $50,000, just this week. Thank you for reading.