ETHUSD has rallied in the bullish direction as suggested in accordance to the factors published in our previous article on 22nd Aug. Ethereum found strong support at 50% fibb retracement level i.e 3059 and gained hawkish momentum - breaking above 61.8% fibb i.e 3371 price action and now hovering below our next targeted destination i.e 4000 benchmark. A resurgence of buying pressure at 3716 or 3524 support barriers could hold the key to restarting the uptrend. In such a case, ETH is likely to push to 4059, and if the buying pressure continues to build, it could even retest the all-time high at 4382. While the new uptrend rests on the assumption that the retracement will exhaust, things will go awry if the selling pressure pushes Ethereum price to 3355. This barrier is a stable support level; hence a breakdown will indicate a lack of bullish momentum and invalidate the bullish thesis.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Looking at the reasons for the significant increase in the price of Ethereum, it seems that the growing demand for NFTs may play a key role in this increase. NFTs are the acronym for Non-fungible tokens. These are unique, irreplaceable, rare, easily identifiable digital objects protected by cryptography, with digital representations of real-world objects such as art, music, objects, and video game. They are bought and sold online, often with cryptocurrency, and are generally encrypted with the same underlying software as cryptocurrencies. The idea with NFTs is that each is a unique, irreplaceable, or rare asset, thus highlighting the concept of a rarity in the digital world. If the NFTs kept on supporting the cryptos through online purchases and transactions, would eventually lead ETHUSD towards its all time highs at 4382. 

ETHUSD

Sep 06 2021

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