ETHUSD (Ethereum) – Week 32 – Watching the resistance area
On August 5th, Ethereum received its most anticipated update since its creation. The update has already begun to consume coins. In the last 24 hours, it has burnt almost 3 ETH every minute. Following the upgrade, Ethereum co-founder Vitalik Buterin stated that the upgrade demonstrates the network's ability to make substantial changes. The success of the upgrade has no doubt introduced more faith in the network. Vitalik sees the successful hard fork as another step towards moving to ETH 2.0. The EIP-1559 that changed the fee structure was a very important part of this upgrade. Making it so that the gas fees generated from transactions were actually burned. Instead of being given to miners to be put back into circulation.
A CryptoPunk NFT sold for nearly $4.4 million today, making it one of the most expensive Punks sold to date. The seller purchased this particular CryptoPunk for just $443 worth of ETH back in November 2018. It just sold for 1,500 Ethereum, or about $4.38 million at the time of sale. That makes it one of the most expensive CryptoPunks sold to date, although the cryptocurrency’s changing value means that the rankings vary depending on the amount of ETH paid or the then-current value in US dollars. In any case, while the dollar amount is jaw-dropping, the rise in value over the last couple years is even more shocking. As data from CryptoSlam shows, this particular CryptoPunk was purchased for just $443 (3.5 ETH) in November 2018. All told, it’s just shy of a 1,000,000% return in less than three years’ time.
Technically, Ethereum, like Bitcoin, finds itself at the resistance area marked on the chart. If the price consolidates in this area or continues higher right away, we give a high probability for a continuation to the upside. Potential area for reversal after a sharp pullback is the small support area at $2500. After this big up move that started on the 20th July there is a very good chance for a bigger consolidation in this area. 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 CryptoPunk NFT sold for nearly $4.4 million today, making it one of the most expensive Punks sold to date. The seller purchased this particular CryptoPunk for just $443 worth of ETH back in November 2018. It just sold for 1,500 Ethereum, or about $4.38 million at the time of sale. That makes it one of the most expensive CryptoPunks sold to date, although the cryptocurrency’s changing value means that the rankings vary depending on the amount of ETH paid or the then-current value in US dollars. In any case, while the dollar amount is jaw-dropping, the rise in value over the last couple years is even more shocking. As data from CryptoSlam shows, this particular CryptoPunk was purchased for just $443 (3.5 ETH) in November 2018. All told, it’s just shy of a 1,000,000% return in less than three years’ time.
Technically, Ethereum, like Bitcoin, finds itself at the resistance area marked on the chart. If the price consolidates in this area or continues higher right away, we give a high probability for a continuation to the upside. Potential area for reversal after a sharp pullback is the small support area at $2500. After this big up move that started on the 20th July there is a very good chance for a bigger consolidation in this area. 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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