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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Time To Tune In: Trader Says “Channel” Could Take Ethereum To $40,000

Reynaldo Marquez
Reynaldo Marquez
3 years ago
3 mins read
Ethereum ETH ETHUSD

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Leading the crypto market for the past month, Ethereum still displays conviction as it moves back to previous highs. The second cryptocurrency by market cap has slow down in the past day, but still seems bullish to records more gains in the short term.

At the time of writing, ETH trades at $3,157 with a 2% loss in the daily chart. After the EIP-1559 was introduced with the Hard Fork London, Ethereum took a stronger momentum to the upside.

Ethereum ETHUSD ETH
ETH with minor losses in the 24-hour chart. Source: ETHUSD Tradingview

Pseudonym trader Jackis has been keeping a close eye on ETH’s price, charting its potential short- and long-term scenarios. The former could see some ranging and consolidation at current levels, as seen below.

Ethereum ETH ETHUSD
Source: Trader Jackis via Twitter

This fractal predicts a potential move to the upside for Ethereum, as the cryptocurrency approaches the end of August. At that time, ETH holders could see some more gains with some pullbacks along the way.

Jackis drew this prediction by comparing Ethereum’s previous climb to its all-time high north of $4,000. A possible price target for this future rally could sit around $3,700 to $3,800, before the price experience a major retrace.

In higher timeframes, the trader claimed that ETH’s price is currently seen some resistance on a channel established after the 2017 rally. At this time, ETH reached its previous all-time high at around $1,400.

Ethereum ETH ETHUSD
Source: Trader Jackis via Twitter

After a long period of consolidation, ETH’s price has been slowly moving back to the highs of the channel with a potential price target of $20,000 to $40,000. This coincides with predictions made by other experts, as ETH migrates to its Proof-of-Stake (PoS) blockchain.

Along with the EIP-1559, the growth in the DeFi Sector, and the NFT mania, Ethereum and its ecosystem seem to have a lot of potential bullish catalyzers. Recently, the DeFi sector reached $148 billion in total value locked (TVL), as reported by research firm Messari.

Global total value locked in DeFi just reached $148 billion and is rapidly approaching new ATHs. Ethereum, Terra, and Solana are leading the way, with the latter two printing new ATHs in recent days.

ETH ETHUSD
Source: Messari, Ryan Watkins via Twitter

Ethereum 2.0 The Dominant Global Blockchain?

Once the migration to the Ethereum 2.0 is completed, the ecosystem could benefit from new financial tools and a new business model built around it. As analyst Natasha Che claimed, ETH could replace “risk-free” traditional investment assets such as U.S. treasuries in “any portfolio”.

In that sense, the analyst compared the Ethereum economy with that of a country with a robust economy with the transaction fee mechanism acting as a tax collection tool, and with more applications incoming.

Right now crypto is playing in the sandbox with itself. The activities are deFi and NFT. But it’s a matter of time before “real economy” stuff starts happening on chain. Settling imports and exports, buying houses and cars, paying employees and contractors.

Unlike the U.S. or any other country, this economic ecosystem is available to everyone on earth and has more room to record a higher level of revenue. Thus, owning ETH will be similar to owning a “cut” of that enormous global value creation chain.

Remember why US treasuries are considered risk-free assets? Cuz they are backed by tax incomes from the biggest economy in the world. But since gas fees are “tax incomes” from the entire world economy, ethereum can single-handedly beat US treasuries at the risk-free asset game.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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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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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