ETHUSD (Ethereum) – Week 46 - Bigger correction?
Sotheby’s has announced that it will be holding another auction where it will accept payment in Ethereum. This is not the first time that the auction house will accept crypto payment for pieces. However, it will be the first time that it will be accepting live bids in Ethereum. Sotheby’s had made its mark in the space as one of the first auction houses to accept payment in crypto earlier in the year.
When Arbitrum first launched, it took the DeFi market by storm. Arbitrum is the biggest Layer 2 solution after Polygon on the Ethereum network and its growth in just four months has been exceptional. At its height, the DeFi chain was conducting 270k transactions. However, since the end of September, the chain has been consistently losing participants. While there are a few moments of good performance from a dApp or two, by and large, Arbitrum hasn’t been making much progress as an L2 solution. And, for the Layer 2 chain to actually become a viable long-term scaling solution, it must reduce its dependence on ETH and incorporate additional tokens.
From a technical perspective, Ethereum is in a correction that is preparing the next move to the upside. If the price breaks the blue trendline marked on the chart we may see a push down to the first or the second support areas marked on the chart before continuing the uptrend.
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.
When Arbitrum first launched, it took the DeFi market by storm. Arbitrum is the biggest Layer 2 solution after Polygon on the Ethereum network and its growth in just four months has been exceptional. At its height, the DeFi chain was conducting 270k transactions. However, since the end of September, the chain has been consistently losing participants. While there are a few moments of good performance from a dApp or two, by and large, Arbitrum hasn’t been making much progress as an L2 solution. And, for the Layer 2 chain to actually become a viable long-term scaling solution, it must reduce its dependence on ETH and incorporate additional tokens.
From a technical perspective, Ethereum is in a correction that is preparing the next move to the upside. If the price breaks the blue trendline marked on the chart we may see a push down to the first or the second support areas marked on the chart before continuing the uptrend.
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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