ETH had an interesting last week with crossing highs of $1431 on 19th January 2021 and dropping to lows of $1424 on 20th January 2021. Then dropping further to $1043, testing various support levels. The currency has moved more than 17% during the last 24 hours. ETH Reached an All-Time High Even with a stall for a few days and huge drops, the currency has sustained on an incremental level for the last 1 month. Today, it crossed the important level of $1450. Ethereum’s blockchain has become the top utility contributing to the creation of worth of $24 billion assets. This has become a talking point for the last two months, with DeFi or decentralized finance gaining a foothold in cryptocurrency seekers and investors. The prices today have moved outside the upper Bollinger band of 1437, and are now hoping to cross $1476 in continuous trade during the day. https://ift.tt/2YaMY7l Ethereum Futures and Dapps Are the Reasons for Highs The Chicago Mercantile Exchange (CME) is launching Ethereum Futures by February 8, 2021, subject to approval from U.S. Commodity Futures Trading Commission (CFTC). This has brought ETH into mainstream trading at par with all assets. It is hoping to replicate the success of Bitcoin Futures which are now approximately 20% of all open contracts. Ethereum’s fees have now increased owing to a number of decentralized applications (dapps) and protocols on its blockchain. A small fee is provided as an incentive to process apps on it. However, the issue of increasing congestion and fees needs to be tackled. The move deliberated from the Proof-of-Work concept of blockchain to that of the Proof-of-Stake consensus mechanism is also in the offing. Forecasts on ETH Trades in the Coming Days The first resistance level of $1543 will be tested in the coming days, but for that, it will have to avoid a fall at the pivot of $1,291. The above reasons and no real reason for sell-offs should easily touch $1,500 levels, and the second resistance levels are seen at $1,689 or thereabouts. Look forward to an interesting week in ETH.
The post ETH Crosses $1465 to Current Levels of $1424 appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
