- Ethereum price gains versus Bitcoin
- Eth2 is live
- BlackRock’s CEO confident in Bitcoin
- Ripple is energy-efficient
Trending News: Bitcoin on Focus, Eth2 Launches, and Ripple’s CEO Optimism
It only took three days for Bitcoin prices to recover from lows of $16.1k and register all-time highs in some exchanges.
At its peak of $19,833, the Bitcoin price was at an all-time high in Bitstamp and Binance.
However, the fragmented nature of cryptocurrency exchanges means Bitcoin bulls are flirting with Coinbase’s all-time high but have not been successful.
At the time of press, Bitcoin is trading at $19.3k, less than $1k from breaking above $20k and officially printing a new 2020 highs, an all-time high.
There are several reasons to stay positive. First off, comments from Larry Fink, the CEO of BlackRock, is supportive.
The executive thinks Bitcoin can evolve to be a global network—which it is, but only that it would disrupt the USD’s reserve status—as Satoshi meant.
Additionally, Bitcoin has the attention of Millennials. Ready to receive trillions in inheritance from Baby Boomers, most are likely to invest in cryptocurrencies and digital assets.
The most valuable and battle-tested of them all is Bitcoin. It is here to stay according to BlackRock’s CIO and is considered a store of value by several hedge fund managers including Druckenmiller and Paul Tudor Jones.
The End of Gas Problems in Ethereum is Near
A new era has begun in Ethereum after the launch of Eth2 Beacon Chain mainnet. A lot more remains. The good news was that activation was smooth; without technical hitches, as expected.
The objective of Eth2 and Serenity is to rid the high transaction fees and drastically improve the network’s throughput. Layer-2 options and Optimistic Rollups are immediate solutions that might be merged with shards ending the high Gas fee nightmare.
At the time of writing, the Eth2 validator count compares to those of Bitcoin, less than a week after launching.
Accordingly, it means Eth2 might end up being the most decentralized network with more capacity beyond being a basic transactional layer.
Ripple May Flourish under Biden’s Presidency
Under Biden’s presidency, Ripple and energy-conservative projects stand to benefit according to Ripple’s CEO, Brad Garlinghouse.
In an interview with Julia Chatterley, the CEO said the president could go against Trump’s policies and stand on climate change.
For this reason, the energy-efficiency of Ripple will be superior to Bitcoin, placing the network among the top efficient blockchain companies.
Ethereum Price Forecast
At the time of writing, the Ethereum price was trading at $611, adding three percent in the last week of trading. It is also bullish, gaining against BTC.
From price charts, the path of least resistance has been set. Every low, factoring in recent fundamentals, is a buying opportunity, fanning buyers aiming to print a new all-time high.
The immediate resistance level is $633, printed on Dec 1. On the flip side, bears should look at $563 as immediate support. These levels mark Dec 1 trade range.
Now that prices are still stuck between these two levels, bear attempts will be squashed if prices rally above $640 with high trading volumes exceeding those of Dec 1. The immediate target will be $660, the 161.8 percent Fibonacci extension level of the July to September trade range.
Conversely, odds of contraction back to $550 or worse will be likely if prices fall from spot levels. In that case, a correction back to Sep 3 highs of $490—in a retest, will be highly likely.
Chart Courtesy of Trading View
Disclosure: Opinions Expressed Are 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.