Ethereum Plugs 11-Week Bleed, why $1,500 May Be On The Horizon
June 28 2022 - 7:00PM
NEWSBTC
Ethereum has been closing red week after red week for the past 11
weeks. It is the longest red streak that has been recorded in the
history of the cryptocurrency, hence, it carried significant
implications for the digital asset. Through the decline, it has
been one of the worst-hit coins, performing poorly compared to the
other cryptocurrencies at this time. However, the digital asset has
now closed its first weekly green candle in three months and things
are looking up. Better Days Ahead With this recovery has come a
renewed interest in the digital asset. Coupled with the fact that
the digital asset is now trading above its 50-day moving average,
it has now solidified a bull trend for the short term. The activity
on the network, though reduced, remains high enough to strike
renewed faith in the heart of investors. Related Reading
| Market Wallows In Extreme Fear As Bitcoin Struggles To Hold
$20,000 However, there are still things that threaten the price of
the cryptocurrency going on another bull rally. The Celsius debacle
had been one of the major reasons behind the drawdown below $1,000
and remains a very real threat. The lending protocol which has
found itself in a tight spot due to some bad trades remains at risk
of being liquidated, and rumors continue to circulate that Celsius
is planning to file for bankruptcy, which would mean users would
not be able to get their tokens back. ETH price sees first green
weekly close after three months | Source: ETHUSD on TradingView.com
Additionally, Three Arrows Capital’s insolvency had hit the market
hard but there is still more to come. This is because it is the
leading crypto fund and as such had its hand in a large number of
projects in the space, especially DeFi, the majority of which would
be significantly affected by the 3AC insolvency. Ethereum To $1,500
Presently, the price of the digital asset is still trailing $1,200
but there are some things rumored in the market that will likely
promote a pump in price. One of these is FTX’s supposed acquisition
of the trading platform, Robinhood. Now, Robinhood is one of the
most popular platforms when it comes to trading crypto. However, it
has drawn the ire of the community in the past due to its
practices. As such, if it were to be acquired by FTX, a trusted
crypto exchange, it would mean that FTX would be bringing
Robinhood’s massive user base of more than 22 million to the
broader crypto community. Related Reading | Ethereum Fees
Touch Monthly Lows As Transaction Volumes Plummet There is nothing
definite regarding the acquisition yet but the sentiment among
investors regarding it has been good so far. A rally resulting from
such an acquisition could easily see Ethereum grow more than 20%
and that would put the digital asset above the $1,500 level once
more. ETH is trading at $1,221 at the time of this wring. It
remains the second-largest cryptocurrency in the space with a
market cap of $148 billion. Featured image from CoinMarketCap,
chart from TradingView.com Follow Best Owie on Twitter for market
insights, updates, and the occasional funny tweet…
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024