ETHUSD (Ethereum) – Week 12 – On the road to all-time highs

This week, AMD told PC Gamer during a pre-briefing call for its Radeon RX 6700 XT graphics card on Wednesday that it has no plans to impose any arbitrary limits on its graphics cards' crypto mining capability. Nvidia, AMD's primary (and only) rival, recently announced that new GPUs would be subject to constraints that will limit Ethereum mining.

Ki Young Ju, the CEO of analytics data provider CryptoQuant, recently shared some new data from the firm on the sum of cryptocurrency owned by centralized digital exchanges. It turns out that Ethereum and two other common altcoins are the most popular on such crypto exchange sites, not Bitcoin.

Technically for Ethereum we are forecasting the continuation of the move to the upside, breaking the resistance zone at $2050. However, one scenario that has some steam behind it, is a correction that will send the price of ETH to the minor support area or even the blue trendline before resuming its 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.