ETHUSD (Ethereum) – Week 35 – Strong bullish signs
Bitcoin status in the cryptocurrency sector is facing a threat from Ethereum as the number two ranked cryptocurrency continues to gain momentum. Data provided by Bloomberg indicates a sign of increased institutional interest in Ethereum with its one-month forward contract trading at an 8.37% premium to the spot price. On the other side, Bitcoin’s rate stands at a 6.58% premium, solidifying Ethereum’s possible bullishness.
The Chedi Andermatt, a luxurious five-star hotel nestled in the heart of the Swiss Alps, has started accepting Bitcoin and Ethereum payments, Swiss newspaper Blick reports. From now on, the hotel's guests can choose one of the two largest cryptocurrencies if they pay more than 200 Swiss francs (roughly $218). This was not a spontaneous decision. The hotel has been mulling over accepting cryptocurrencies for four years.
From a technical perspective, Ethereum is consolidating in this area which means that a move to the upside is a higher probability one than a reversal. One possible area for resuming the uptrend is the support area marked on the chart at $2,900. However, the price can continue higher without retracing to 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.
The Chedi Andermatt, a luxurious five-star hotel nestled in the heart of the Swiss Alps, has started accepting Bitcoin and Ethereum payments, Swiss newspaper Blick reports. From now on, the hotel's guests can choose one of the two largest cryptocurrencies if they pay more than 200 Swiss francs (roughly $218). This was not a spontaneous decision. The hotel has been mulling over accepting cryptocurrencies for four years.
From a technical perspective, Ethereum is consolidating in this area which means that a move to the upside is a higher probability one than a reversal. One possible area for resuming the uptrend is the support area marked on the chart at $2,900. However, the price can continue higher without retracing to 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.
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