• Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
Newsletter
Crypto Hoarding
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
Crypto Hoarding
No Result
View All Result
Home Ethereum

Ethereum breaks out against Bitcoin: Is a strong bull rally in the works? – Cointelegraph

Admin by Admin
April 1, 2021
in Ethereum
0
Ethereum breaks out against Bitcoin: Is a strong bull rally in the works? – Cointelegraph
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Ether’s (ETH) price has broken out for the first time in 23 days in its Bitcoin (BTC) pair. It follows a high-profile announcement from Visa to use USDC, a stablecoin based on the Ethereum blockchain.

Although ETH/BTC saw a strong technical breakout, the uptrend has been fueled by firm fundamental catalysts, buoying the short-term bull case for ETH.

Related articles

Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

July 1, 2022
Facebook Begins Testing Ethereum and Polygon NFTs on Profiles – Decrypt

Facebook Begins Testing Ethereum and Polygon NFTs on Profiles – Decrypt

June 30, 2022

Traders think Ethereum will outperform Bitcoin in April

According to the pseudonymous trader known as “Rekt Capital,” Ethereum was close to breaking out of its triangle market structure multiple times since January 2021.

However, every time it attempted to break out of it, ETH saw a fairly large rejection from the resistance area. 

ETH/USD 1-day chart with key lines. Source: Rekt Capital, TradingView.com

For the first time in nearly a month, ETH is beginning to rally past its resistance level at the top of the triangle, marking its third attempt at a breakout in three months. The trader said:

“Broke out from its triangle. But it has rallied straight into red resistance (last resistance before new All Time Highs) And while this resistance could force ETH into a retest of the triangle… A successful retest would likely result in a break past red.”

Rookie, another well-known pseudonymous trader, similarly said that the technical market structure of Ethereum looks optimistic.

The trader explained that he anticipates Ethereum to outperform Bitcoin throughout April to June, considering that it has begun to see momentum on the ETH/BTC pair.

The ETH/BTC pair continuously stagnated since early March, even when Bitcoin saw a strong uptrend to around $60,000.

Now, the ETH/BTC pair has broken out for the first time since March 9, refueling its technical momentum as it heads towards $2,000. Rookie noted:

“Expecting Ethereum to outperform Bitcoin for all of Q2.”

On-chain data is also bullish

Meanwhile, data from Glassnode shows that the number of active Ethereum addresses reached a 1-month high at 33,257.

Ethereum’s active addresses. Source: Glassnode

The increasing number of active addresses indicates that the user activity on the Ethereum blockchain is rising in tandem with the price.

For any blockchain protocol, the rally of its underlying token’s price being supplemented with an increase in user activity is an optimistic trend because a blockchain at its core is a value transfer network.

On top of this, the total value locked in DeFi lending on Ethereum has been consistently surging since 2020. A pseudonymous Ethereum investor and researcher known as DCinvestor said:

“Believe it or not, this was a common refrain a few years ago when DAI went live people didn’t get it, and they eschewed collateralized lending but numbers don’t lie now, it’s becoming the bedrock of a new, hyper-capital efficient world being built out on #Ethereum via #DeFi.”

As long as the user activity on the Ethereum blockchain continues to increase alongside important metrics pertaining to DeFi on Ethereum, the price of ETH would likely reflect the rising demand for its blockchain network.

Since the primary demand for ETH is coming from DeFi as a means to pay for “gas” or transaction fees, the popularity of DeFi would catalyze the value of Ethereum.

EIP1559 is not priced in

— Ξ DavidHoffman.eth (@TrustlessState) March 29, 2021

Commentators also say that the EIP1559 proposal, which is expected to go live in July, is not priced into the price of Ether, which would overhaul Ethereum’s fee market structure and indirectly lead ETH to become more scarce. 

Share76Tweet47

Related Posts

Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

by Admin
July 1, 2022
0

Given Ethereum’s dominance coupled with the current crypto bear market, it remains questionable if L1s will flourish. This was recently...

Facebook Begins Testing Ethereum and Polygon NFTs on Profiles – Decrypt

Facebook Begins Testing Ethereum and Polygon NFTs on Profiles – Decrypt

by Admin
June 30, 2022
0

Meta, formerly known as Facebook, has begun rolling out NFTs for some U.S. creators on its flagship social network.Facebook is...

Ethereum Activates ‘Grey Glacier’ Hard Fork, Merge Likely in September – Blockworks

Ethereum Activates ‘Grey Glacier’ Hard Fork, Merge Likely in September – Blockworks

by Admin
June 30, 2022
0

The hard fork pushed back the so-called “difficulty bomb,” which had been gradually slowing Ethereum block production, improving performance in...

After a Short Rally, Bitcoin and Ethereum Prices Plummet. Here’s What Comes Next, According to These Experts – NextAdvisor

After a Short Rally, Bitcoin and Ethereum Prices Plummet. Here’s What Comes Next, According to These Experts – NextAdvisor

by Admin
June 30, 2022
0

Editorial IndependenceWe want to help you make more informed decisions. Some links on this page — clearly marked — may...

‘Gray Glacier’ Upgrade Goes Live on Ethereum Network – Decrypt

‘Gray Glacier’ Upgrade Goes Live on Ethereum Network – Decrypt

by Admin
June 30, 2022
0

It’s another day, another upgrade for Ethereum as the world’s largest smart contracts platform has just rolled out a new...

Load More
  • Trending
  • Comments
  • Latest
Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

April 21, 2021

SteveWillDoIt reveals hacker stole his crypto wallet: “I lost a lot of money” – Dexerto

July 26, 2021
Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

February 11, 2022
DOGE passes Uniswap and Litecoin to become 8th largest cryptocurrency by market cap – Cointelegraph

DOGE passes Uniswap and Litecoin to become 8th largest cryptocurrency by market cap – Cointelegraph

April 15, 2021
Enormous 1 Billion XRP Unlocked on Ripple Escrow Wallet, 340 Million XRP Transferred Prior to That – U.Today

Enormous 1 Billion XRP Unlocked on Ripple Escrow Wallet, 340 Million XRP Transferred Prior to That – U.Today

0

Rivals Ripple and R3 partner up | PaymentsSource – American Banker

0
Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

0

Litecoin Gets Bullish Speculation, at Last, as Upgrade Approaches – Coindesk

0
Enormous 1 Billion XRP Unlocked on Ripple Escrow Wallet, 340 Million XRP Transferred Prior to That – U.Today

Enormous 1 Billion XRP Unlocked on Ripple Escrow Wallet, 340 Million XRP Transferred Prior to That – U.Today

July 1, 2022
Polygon, Fantom Users Targeted in Ankr Gateway Hack – Crypto Briefing

Polygon, Fantom Users Targeted in Ankr Gateway Hack – Crypto Briefing

July 1, 2022
Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

July 1, 2022
Report Shows Blockchain Will Have a Significant Impact on Businesses – ETF Trends

Report Shows Blockchain Will Have a Significant Impact on Businesses – ETF Trends

July 1, 2022
Crypto Hoarding

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Categories tes

  • Bitcoin
  • Blockchain
  • Cryptocurrency Hackers
  • Ethereum
  • Litecoin
  • Ripple

Newsletter

[mc4wp_form]

  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

© 2017 JNews - Crafted with love by Jegtheme.

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

Copyright (c) 2021 - Crypto Hoarding - All Rights Reserved - web design by TechyRack