Ethereum course shoots above $ 700: what does ETH expect next?

The Ethereum price rose above $ 730 for the first time since May 2018. After the price of ETH breaks out, traders are becoming more optimistic about the near-term development.

The Cryptosoft course is currently out of control. It almost seems as if a slumbering giant has finally woken up, but what exactly is behind the rapid price increase in Ethereum’s native crypto currency ETH and what can we still expect?

Some of the possible reasons that can explain the sudden rally are mainly the following two important factors for the Ethereum price:

Now let’s take a closer look at exactly what effects this has and could continue to have.

Ethereum price continues to make higher highs

In technical analysis, the higher high pattern often suggests strong momentum as it shows that each new high is higher than the previous one.

The Ethereum price has continuously recovered in the last week and maintained the „higher high“ formation. Cryptocurrency trader Scott Melker said:

An endless series of higher highs and higher lows, with the most recent low confirmed by a new higher high. I consider this pattern the ‚Stairway To Heaven‘.

Similarly, on December 28, Michael van de Poppe, a full-time trader on the Amsterdam Stock Exchange, said that if the Ethereum price stays above $ 470, ETH is likely to be $ 1,200 to $ 1,300. He wrote:

In general, Ethereum still has a very bullish outlook as it has consistently made higher highs and higher lows. This has not changed. As long as $ 470 holds, the next run will push the markets towards $ 1,200–1,300 or a new ATH in Q1 2021.

A breakout against Bitcoin is crucial

Since the Bitcoin price exceeded its previous all-time high of around $ 20,000, Ethereum has stagnated against Bitcoin . In order for Ether to experience another rally, a breakout against Bitcoin is crucial.

The analysts at Santiment announced that the ETH mineral balances are at a two-year low and that the supply on the stock exchanges is also decreasing.

Ethereum is getting scarcer

The combination of the two data points suggests that selling pressure on ETH is easing. The analysts stated:

On what is usually the slowest trading day of the week, Ethereum cracked the $ 700 mark for the first time since May 19, 2018 on a great altcoin Sunday. The ETH Miner credit is at a 2-year low & supply on exchanges is at a 1.5-year low. Both are great validators.

What’s next for the Ethereum course?

Meanwhile, the futures on the Chicago Mercantile Exchange (CME) should start in 43 days. According to data from Bybt.com, the CME is already the largest futures exchange for Bitcoin in terms of open interest.

The term open interest refers to the total amount of capital that is actively traded on the stock exchange. As of December 28, the open interest of the CME Bitcoin Futures exchange is over $ 1.67 billion.

Some analysts expect institutional demand for Bitcoin to spill over to Ethereum in 2021 as well.


After promoting merchandising discount with Bitcoin, Mark Cuban praises BTC’s monetary policy

It seems that the billionaire can’t quite define his position when it comes to Bitcoin.

During a Christmas upswing that has raised Bitcoin’s all-time high, a couple of recent tweets indicate that a former digital currency critic continues to make strides toward a full-blown hodler conversion: billionaire investor and Dallas Mavericks owner Mark Cuban.

The tweet came on December 23, when Cuban announced that fans who buy Mavericks equipment will receive a 25% discount when they use Crypto Investor to make their purchase. However, oddly enough, the report Cuban linked to said that those who buy equipment worth more than $150 using Bitcoin would receive a $25 gift card, and it didn’t mention a 25% discount:

Mark Cuban owns Bitcoin but prefers bananas

This gift card offer, as well as a broader Mavericks policy of accepting Bitcoin as payment for tickets, seems odd to some observers given Cuban’s history of denigrating assets. In early 2020, it dusted off an idea it first launched in September 2019: that it prefers bananas to Bitcoin as a commodity.

However, many have described the approach to Bitcoin’s virtues as a store of value as a process rather than an event, and Cuban seems to be taking the necessary steps.

In a tweet today, Cuban seemed to praise Bitcoin’s programmatic monetary policy, saying that publicly traded companies would do well to restrict inflation in their shares:

Why have Bitcoin’s critics been so quiet in 2020?

It’s a positive commentary that’s part of a continuing shift that has led to Cuban being placed on the Cointelegraph list of Bitcoin critics who have withered away in 2020.

Still, hodlers should be careful about welcoming another member to their ranks. As he advances on his journey to the big money, Cuban has expressed disdain for what he believes is „religious“ fanaticism among forks waiting for an apocalyptic scenario, and in another tweet this week, it’s a topic he seemed to talk about, pretending to be one of the faithful: