August 9, 2022

Ethereum has been closing pink week after pink week for the previous 11 weeks. It’s the longest pink streak that has been recorded within the historical past of the cryptocurrency, therefore, it carried important implications for the digital asset. Via the decline, it has been one of many worst-hit cash, performing poorly in comparison with the opposite cryptocurrencies right now. Nevertheless, the digital asset has now closed its first weekly inexperienced candle in three months and issues are trying up.

Higher Days Forward

With this restoration has come a renewed curiosity within the digital asset. Coupled with the truth that the digital asset is now buying and selling above its 50-day transferring common, it has now solidified a bull pattern for the brief time period. The exercise on the community, although decreased, stays excessive sufficient to strike renewed religion within the coronary heart of traders. 

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Nevertheless, there are nonetheless issues that threaten the value of the cryptocurrency happening one other bull rally. The Celsius debacle had been one of many main causes behind the drawdown beneath $1,000 and stays a really actual menace. The lending protocol which has discovered itself in a good spot because of some dangerous trades stays liable to being liquidated, and rumors proceed to flow into that Celsius is planning to file for chapter, which might imply customers wouldn’t have the ability to get their tokens again.

ETH worth sees first inexperienced weekly shut after three months | Supply: ETHUSD on TradingView.com

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Moreover, Three Arrows Capital’s insolvency had hit the market exhausting however there may be nonetheless extra to come back. It is because it’s the main crypto fund and as such had its hand in numerous tasks within the area, particularly DeFi, nearly all of which might be considerably affected by the 3AC insolvency.

Ethereum To $1,500

Presently, the value of the digital asset remains to be trailing $1,200 however there are some issues rumored out there that can possible promote a pump in worth. One in every of these is FTX’s supposed acquisition of the buying and selling platform, Robinhood.

Now, Robinhood is likely one of the hottest platforms in relation to buying and selling crypto. Nevertheless, it has drawn the ire of the neighborhood prior to now because of its practices. As such, if it have been to be acquired by FTX, a trusted crypto trade, it will imply that FTX could be bringing Robinhood’s huge person base of greater than 22 million to the broader crypto neighborhood.

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There may be nothing particular relating to the acquisition but however the sentiment amongst traders relating to it has been good to date. A rally ensuing from such an acquisition might simply see Ethereum develop greater than 20% and that will put the digital asset above the $1,500 stage as soon as extra.

ETH is buying and selling at $1,221 on the time of this wring. It stays the second-largest cryptocurrency within the area with a market cap of $148 billion.

Featured picture from CoinMarketCap, chart from TradingView.com

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