Bullish Bias Dominates Ethereum
• Green believes that ETH will soon overtake Bitcoin as the most popular cryptocurrency.
• ETH/USD is trading with a bullish bias at the 3,224 level, with immediate support at the 3,190 level.
• Ethereum is forming neutral candles in between a narrow trading range of 3300 – 3200.
After hitting a high of $3123.48 as well as a low of $2951.66, the ETH/USD pair closed at $3015.62. The ETH/USD fell for the third straight session a day before, extending its losses amid recent poor cryptocurrency market sentiment and rising dollar strength.
The 1inch, a decentralized exchange aggregator, stated that its network would use the optimistic rollout Layer 2 solution. For 1inch users, the collaboration with Optimism will result in faster transaction speeds and decreased gas costs. The Optimistic Ethereum, according to Sergej Kunz, co-founder of 1inch, was an up-and-coming L2 solution directed at scalability, and the 1inch launch on Optimistic will allow a considerable boost in transaction speed.
Meanwhile, Nigel Green, the CEO of deVere, believes that Ethereum will outperform Bitcoin in the long run. The CEO of one of the world's top financial organizations, who has long been a proponent of cryptocurrency, has forecast that ETH will surpass BTC in the near future. Green added that this year has proven that Ethereum has outperformed Bitcoin, stating that ETH has increased by 240 percent this year while BTC has risen by less than 38 percent.
Green believes that ETH will soon overtake Bitcoin as the most popular cryptocurrency, as the pattern of ETH's greater growth rate is expected to continue throughout the year. All of these promising developments should have driven ETH/USD prices higher, but given recent poor market sentiment and the strength of the US dollar, the second-largest cryptocurrency by market size, remained under pressure.
The dollar rose after the release of minutes from the Federal Open Market Committee's July meeting, which revealed that many Fed officials agreed to begin tapering monetary support to the economy as soon as the new year begins, with some believing it could start even sooner given the progress of the economy toward the central bank's employment and inflation goals. The dollar rose versus a basket of other major currencies, and the DXY hit a new high of 93.26, putting more pressure on the ETH/USD pair, which has a negative correlation.
ETH/USD Intraday Technical Level
Pivot Point: 3030.25
ETH/USD - Technical Outlook
The second leading crypto pair, ETH/USD, is trading with a bullish bias at the 3,224 level. The pair is gaining support at the 3,190 level along with resistance at the 3,245 level. A bullish crossover above the 3,245 level could expose the ETH price towards the 3,295 and 3,430 levels. The Stoasctic is holding at 69, supporting a bullish trend in the ETH/USD pair.
On the downside, the breakout of the 3,200 support level exposes the pair’s selling trend until the 3,160 and 3,090 support levels. The pair is forming neutral candles in between a narrow trading range of 3300 – 3200 and the breakout of this range will determine further trends in the ETH pair today. All the best.
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