ETHUSD (Ethereum) – Week 40 – Is the correction over?
Institutional investors’ interest in Ethereum (ETH) and other bitcoin alternatives appears to be increasing, with bitcoin investment products seeing their total assets under management falling 7.8% in September to $35.1 billion, their lowest share this year. According to the September edition of CryptoCompare’s Digital Asset Management Review, Ethereum-based products reached their highest market share of assets under management last month. The movements appear to suggest investors are looking to diversify their exposure in the cryptocurrency space.
Recently, co-founder and COO of Polygon Sandeep Nailwal was on Cointelegraph to talk about the future of the leading smart contracts blockchain, Ethereum. Ethereum is the number 2 layer 1 blockchain, only behind bitcoin. And Nailwal believes that it is only a matter of time before the blockchain takes over as the leading Layer 1 protocol. He credits this to a number of reasons and differences between the two blockchains.
From a technical perspective, Ethereum broke the orange trendline marked on the chart and we give a higher probability for the price to move to the upside. An area we should be watching for the underlying price structure would be the resistance marked on the chart as we have to see if the price consolidates above or below which would indicate a continuation to the upside or reverses to retest the support.
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.
Recently, co-founder and COO of Polygon Sandeep Nailwal was on Cointelegraph to talk about the future of the leading smart contracts blockchain, Ethereum. Ethereum is the number 2 layer 1 blockchain, only behind bitcoin. And Nailwal believes that it is only a matter of time before the blockchain takes over as the leading Layer 1 protocol. He credits this to a number of reasons and differences between the two blockchains.
From a technical perspective, Ethereum broke the orange trendline marked on the chart and we give a higher probability for the price to move to the upside. An area we should be watching for the underlying price structure would be the resistance marked on the chart as we have to see if the price consolidates above or below which would indicate a continuation to the upside or reverses to retest the support.
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.
