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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Coinbase’s Weekly Ethereum (ETH) Volume Up 28% Could Be A Bullish Hint

Dalmas Ngetich
Dalmas Ngetich
6 years ago
2 mins read

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  • Ethereum (ETH) up 28.1 percent
  • Trading volumes surge ahead of Istanbul hard fork and Serenity

Serenity is supportive of prices. So far, Ethereum (ETH) is up 28.1 percent. Even so, there is room for further upsides once there is a close above the psychological $300 mark.

Ethereum Price Analysis

Fundamentals

Several factors are behind investors’ confidence in Ethereum (ETH). Apart from liquidity, fundamentals are overly bullish. Because of expectations and belief of how prices will pan out in days ahead, ETH is literally on a roll. Week to date, prices surged 28.1 percent.

As a result, the asset is one of the top performers, trailing Bitcoin SV, which is back in the top ten after adding 73.2 percent in the last 24 hours. Perhaps in response, Coinbase saw a spike in Ethereum (ETH) related volumes. Combined, ETH trading volumes against supported fiat rose to over $1 billion, the highest since Dec 2017.

However, with developers working overtime to beat the tight deadline of Ethereum 2.0 and hard fork Istanbul set for Oct 19, the network is increasingly attractive for developers and projects keen on working from a secure platform with facilitating ecosystem. In turn, that will most likely further drive prices up, and that will also lead to more participation now that there is better awareness of what crypto and Ethereum (ETH) is.

Candlestick Arrangement

Ethereum ETH

Up 2.2 percent in the last day, Ethereum (ETH) prices are stable, but there is room for further upsides thanks to supportive fundamentals as well as favorable candlestick arrangement. From the chart, caps are at $275.

Following the successful correction of May 16 prices and the strong comeback, odds are the retracement is a perfect opportunity for traders to buy on dips with targets as laid out in our last ETH/USD trade plan.

Notice that, buyers are in control in an effort versus result point of view and dictates from breakout rules. All the same, it all depends on how prices react in the next few days. If prices edge past $275, then ETH will likely expand to $300 and $400. On the flip side, any dip and close below the 61.8 percent Fibonacci retracement level of May high low could see ETH drop to within the $170 to $190 zone in a retest.

Technical Indicators

As a result, our anchor bar is May 16. It is wide-ranging with high transactional volumes—822k against 356k. Any break above or drop below $275 or $230 ought to be with high volumes exceeding the current average of 422k or 822k confirming bulls or temporarily invalidating our bull trend.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

 

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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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

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