Ethereum price In Brief
- The Rothschilds family invests in BTC
- CFTC chair is impressed by Ethereum
- Waves has plans for DeFi
- Ethereum price is bullish, targets at $480
Trending News: Bitcoin, Ethereum, Waves, CFTC
It’s an institutional FOMO wave. We had MicroStrategy, then Square Inc., and now the Rothschild Investment Corporation has reportedly acquired 27 BTC through the Grayscale Investment after purchasing the Grayscale Bitcoin Trust (GBTC) shares.
For perspective, the Rothschild Family is one of the wealthiest in the world. They have been very overt about cryptocurrencies. It is also not the first time they are delving. A Rothschilder once headed an ICO back in 2018.
That high profile investors are now zeroing in on Bitcoin five months after the network halved its network’s rewards shows the potent of BTC.
CFTC Chair Impressed By Ethereum
As institutions accumulate Bitcoin, the Grayscale Ethereum Trust now controls two percent of all ETH in circulation.
Even though the total supply of ETH is flexible–with an annual inflation rate of less than five percent, investors continue to pour into ETH, bullish of the network’s prospects. At the back of this development is the confidence regulators have in the smart contracting platform.
In a recent fire chat, the chair of the US Commodity Futures Trading Commission (CFTC), Heath Tarbert admitted that he is impressed by Ethereum confirming that DeFi is revolutionary and could help reduce systemic risk in the global financial markets.
Waves Plans for DeFi
Waves, an Ethereum competitor, is doubling down on DeFi. It recently incorporated Solana into its oracles service, Gravity Protocol.
The move now enables Solana—which has partnered with several Ethereum-based projects, to work in conjunction with other integrated chains, oracle systems, and data providers.
The WAVES coin is one of the top performers, adding five percent against the USD in the last 24 hours.
Ethereum Price Analysis
The Ethereum price is resilient, absorbing sell pressure as bulls flow back. Even though bears are in control, reversing gains, the ETH price is up 10 percent against the greenback in the last week of trading.
In the daily chart, candlestick arrangement points to buyers. After breaking out above the bull flag, not only did buyers press higher, edging past intra-day resistance levels, bars are banding along the upper BB. It signals momentum and demand in lower time frames.
As buyers accumulate, a break above $400 will confirm the double bar bullish reversal pattern of late September, building impetus for a possible rally to $480 or better in the coming days.
Notably, buyers are springing up from around the 31.8 to 50 percent Fibonacci retracement level of the April to October trade range. Historically, reversals from this zone often lead to a price pump above the most recent high. In this case, $480.
Therefore, if ETH bulls break above $400, the probability of bulls pushing prices to new 2020 highs is elevated.
Technical chart courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author. This is not investment advice. Do your research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.