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ETHUSD Statistics:
Recent News:
Potential Catalyst:
Technical Setup:
ETHUSD Statistics:
- Market Capitalization: $264B
- CryptoAsset Rank: #2
- 24-Hour Return: +5.5%
- 7-Day Return: -1%
- From All-Time High: -10%
Recent News:
- Last week, Ethereum completed its Berlin upgrade. The hard fork set the stage for this summer's London upgrade, which will bring major changes to the Ethereum network.
- Last week, Mastercard announced a partnership with Consensys in a bid to build payment solutions on Ethereum.
- Today marks the launch of three ETH ETFs in Canada: Purpose Ether ETF (ETHH), CI Galaxy Ethereum ETF (ETHX), and Ether ETF (ETHR).
Potential Catalyst:
- This July, Ethereum's London hard fork will go live and includes the highly controversial Ethereum Improvement Proposal (EIP) 1559. The EIP will make ETH a deflationary asset by making gas fees, or "base fees," algorithmically determined and burned. EIP-1559 is expected to reduce miner’s revenue by roughly ~20-30%.
Technical Setup:
- Notwithstanding the market's weakness over the past several days, ETH has held up well against BTC for 4 weeks and counting.
- As previously discussed in weeks prior, ETHBTC remains in an ascending channel pattern formation. The recent relative outperformance on behalf of ETH has pushed its valuation relative to BTC to 0.04 BTC.
- The bounce off the channel's support and ongoing uptrend suggests that ETHBTC is headed for the channel's resistance at roughly 0.05 BTC - a level last seen in August 2018.
- Said differently, one could expect ETH to outperform BTC in the weeks ahead. However, history suggests that ETH will likely underperform once it hits the channel's resistance, wherever that may end up being.
- Assuming BTC holds at its current price of $57,000, a move up to 0.05 BTC would imply a $2,850 Ether.