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Breaking News: New Hope For Crypto: Senators Introduce Blockchain Regulatory Certainty Act

Ethereum Path To $1,700 – Predictions For The Week Ahead

Christian Encila
Christian Encila
Last Updated: September 20, 2023 2:00 pm
3 mins read
Ethereum

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Ethereum (ETH) enthusiasts have found a glimmer of hope in the recent bullish reversal as the entire crypto market appears to be headed for recovery. The second-largest cryptocurrency by market capitalization experienced a significant upturn, clawing its way back from the $1,550 support level just last week. 

At the time of writing, ETH is trading at $1,655 according to CoinGecko, showcasing a commendable 5% uptick. This surge has bolstered investor confidence, prompting them to set their sights on challenging the overhead resistance trendline.

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Battling The Resistance: A Critical Juncture

The current phase in Ethereum’s price dynamics is marked by a descending resistance trendline. Over the past two months, the cryptocurrency has encountered this formidable resistance barrier twice, both instances leading to a sharp downturn in price. This pattern underscores the resurgence of selling pressure whenever the price nears this elusive boundary.

Analysts are closely monitoring the situation, suggesting that should ETH breach the September 18 low of $1,610, it could open the floodgates for bears to push the asset below the $1,550 floor. Such a scenario could set the trajectory towards the $1,460 mark, representing a potential decline of 9.5%. The battle with overhead resistance remains a pivotal juncture for Ethereum, with both bulls and bears on edge.

ETH market cap currently at $195 billion. Chart: TradingView.com

Ethereum: Blockspace Profitability 

Concurrently, Ethereum’s blockchain ecosystem is encountering a series of exceptional challenges. Insights from Blockworks data have illuminated a noteworthy aspect of Ethereum’s blockchain activity: it has consistently yielded profits since the network’s transition to a proof-of-stake consensus mechanism in September 2022. This transition was heralded as a pivotal moment in Ethereum’s evolution, aiming to enhance its scalability, security, and sustainability.

Related Reading: Halving Hype: Bitcoin Gearing Up For A Parabolic Ride, Analyst Says

Activity on the Ethereum network has dwindled, leading to September shaping up as the first month to post significant losses since the proof-of-stake upgrade. Throughout the month, Ethereum’s blockspace has recorded only one day of profitability, with losses accumulating to a staggering $15.9 million as of Monday.

Source: Blockworks Analytics

Meanwhile, this transformation in blockspace profitability aligns with an expansion in Ethereum’s circulating supply, which has increased by approximately 8,900 ETH this month, as reported by ultrasound.money. 

Source: Ultrasound.money

Ethereum’s price battle at the resistance trendline may determine its short-term fate, while the concerning decline in blockspace profitability highlights broader challenges for the network.

ETH investors and enthusiasts are keenly observing these developments, hoping for a resurgence in both price and blockchain activity to regain their confidence in the platform’s future.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from E-Mountainbike Magazine

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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