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You Can Now Buy UK Gift Cards with the BitPay App

BitPay’s in-app gift cards have come to the UK! Use crypto to purchase cards for shopping with 20 popular brands in the latest versions of the BitPay app.

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Ethereum price prediction – Bulls take ETH/USD beyond $384 to target $400 next

Ethereum price prediction largely following a broader altcoin rally ETH/USD posted a 2.74 percent rise on Sunday and continued the upsurge today Volume and liquidity combination to fuel the next rally upwards Ethereum price prediction – Current price overview The current Ethereum price sits at $379 after piercing through the Bollinger Bands to show a […]

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  • Ethereum price prediction largely following a broader altcoin rally
  • ETH/USD posted a 2.74 percent rise on Sunday and continued the upsurge today
  • Volume and liquidity combination to fuel the next rally upwards
Ethereum price prediction – Bulls take ETH/USD beyond $384 to target $400 next 1
Cryptocurrency heat map by Coin360

Ethereum price prediction – Current price overview

The current Ethereum price sits at $379 after piercing through the Bollinger Bands to show a bullish resolve. Unlike Bitcoin, Ethereum ended last week on a relatively positive note and traded near the upper channel at $367. After a successful close above $370, ETH/USD pair rose to touch a high of $384 propelled by solid buying activity.

The upward push also demolished the resistance at $374, and the pair look set to close the day above this crucial resistance. Even if the pair settles in a range between $375 to $381, traders would be happy to maintain their positions and continue further bullish momentum.

Ethereum price movement in the last 4 hours – Bulls are holding the fort

Ethereum price prediction – Bulls take ETH/USD beyond $384 to target $400 next 2
Ethereum price chart by TradingView

Though rejected from $384, the Ethereum price is currently settled around the $378 pivot point. As long as $374 support holds well, Ethereum price prediction remains high. In case ETH/USD closes above the $382 resistance, traders can start booking profits on a rally higher towards $395.

There is sufficient support from the broader altcoin realm, which is basking in positive sentiment. In case the rally falters, the 38.2 Fibonacci support at $367 would emerge as strong support where further accumulation may take place. An extended sell-off can bring $257 support into the picture, which is also the 23.6 percent Fibonacci levels for the pair.

The ETH/BTC pair is now in a symmetrical triangle. Bulls have been rejected multiple times from the upper end of the triangle at 0.0337 level. The pair is trading around 0.0327 BTC after failing to break the bearish pattern.

ETH/USD 4-hour chart– Bulls confidently maintain 2019 highs

The key support levels at $364 and $374 represent the 2019 highs. Ethereum touched $396 a few days ago, which was met with some selling pressure. However, the bears faltered as they could not bring the price under $355 support, and bulls closed in near the $374 level.

Over the weekend, Ethereum price prediction turned positive as ETH/USD pair gained to touch $380. The coin is currently in consolidation after a relentless push upwards with a rising trend line. The pair may soon witness historic $400 highs as bulls follow the broader crypto rally.

On the 4-hour chart, buyers are consistently emerging around the $380 level helping the pair maintain bullish Ethereum price prediction. The ‘Relative Strength Index’ is biased towards the positive side and is far from any overbought levels.

The rising wedge pattern in the daily ETH/USD charts is signalling a bearish trend. The pair must break above the pattern with a strong bullish up-wave. Any significant breakout from the pattern can result in a 15 to 18 percent upsurge in price. However, a false breakout can bring down the price towards the $200 level, a severe dent.

Ethereum price prediction – Conclusion

The technical indicators don’t point towards any untoward price action in the near term. The RSI is neutral to positive. MACD is on the verge of a bullish crossover. Backed by substantial volume, the price can continue its momentum upwards. The bullish action also depends on the severity of correction, if any. It remains to be seen how the bulls would react if the price drops abruptly bringing a question mark over Ethereum price prediction direction.

The 20-day EMA is now making an upward slope along with a positive RSI. Any bullish momentum that breaks above $396 can bring $475 into the picture. Remember, the annual high of $488 is very much possible in the next three months.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Bitcoin Price Has Only Ever Spent 93 Days Above $11,500

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With Bitcoin’s price hovering around $11,500, recent data indicated that the asset had spent only about three months of its existence above that particular level.

BTC: Only Three Months Above $11.5K

The official launch of the first-ever cryptocurrency came in early January 2009. Born during the last massive financial crisis, Bitcoin was this “magical money” that actually lacked any significant attention in its initial years. Consequently, its price traded close to zero for a while.

Since then, however, Bitcoin started gaining traction that ultimately resulted in severe volatility throughout the years. The massive fluctuations took the asset towards an all-time high in December 2017 of nearly $20,000, and just a year later, BTC saw its price beneath $4,000.

Fast-forwarding two years and Bitcoin is currently positioned around $11,500. Although this level is nearly twice as less as the all-time high, recent data from the analytics company Skew informed that BTC hadn’t spent a lot of time above $11,500.

Historical Performance Bitcoin Price. Source: Skew
Historical Performance Bitcoin Price. Source: Skew

More precisely, BTC’s price has hovered above $11,500 for only 93 days (or three months) since January 2009.

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Fundamentals in Place

Apart from the data above, Bitcoin’s hash rate has experienced a significant boost even after the completion of the third halving in May. As CryptoPotato reported recently, the metric measuring the computing power miners use to validate transactions on the BTC blockchain reached a new all-time high of 170 exahashes per second. This represented a 40% increase in the five months following the halving.

Although the hash rate is not correlated with the price, another report suggested an upcoming price increase. By indicating that Bitcoin whales, meaning entities with at least 1,000 coins, have slowed down accumulation, Glassnode asserted that this could ultimately be a bullish sign for the asset price.

Historically, once whales have stopped buying massive quantities, this has led to an opportunity for retail investors. According to the analytics company, Bitcoin may be in the “beginning of a run-up to a market top.”

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Source: https://cryptopotato.com/bitcoin-price-has-only-ever-spent-93-days-above-11500/

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US Fed Chair Jerome Powell Says It’s Better to Be Right Than First on CBDC

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  • US Fed Chair Powell believes that the United States should focus on getting right the development of a central bank digital currency (CBDC), rather than attempt to be first.
  • While speaking on a panel hosted by the International Monetary Fund (IMF), Powell reassured that the US is “committed to carefully and thoughtfully evaluating the potential costs and benefits of a CBDC for the US economy and payments system.”
  • Although Powell admitted that the digital currency has the potential to improve the current payments system, he claimed that the Fed hadn’t made a final decision on launching its own.
  • Reports from earlier this year suggested that the Federal Reserve had started experimenting with a hypothetical digital currency.
  • Nevertheless, today’s speech showcased that the US central bank is still unconvinced by that idea. In contrast, the other global superpower China has been making serious improvements on the matter. 
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  • CryptoPotato reported earlier today that China had taken the CBDC tests to its citizens by airdropping $1.5 million worth of the digital yuan and urging them to buy goods. However, the initial results weren’t promising as users said it didn’t offer anything groundbreaking. 

Featured Image Courtesy Of CNBC

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Source: https://cryptopotato.com/us-fed-chair-jerome-powell-says-its-better-to-be-right-than-first-on-cbdc/

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