Symmetrical Triangle Pattern
The ETH/USD was closed at $2712.42 after placing a high of $2712.42 and a low of $2628.13. ETH/USD managed to recover all of its Saturday losses and turned green on Sunday. The cryptocurrency posted minor gains after declining for two consecutive sessions. One of the best-known antivirus software makers, Norton 360, has announced recently that it is adding cryptocurrency mining to its products. According to the company, the customers will have access to a feature of Ethereum mining in the coming weeks. The business model and charge fee by Norton 360 were not provided that left details unclear about the planning of the company.
Ethereum prices surged after this news as it was interesting how Norton decided to offer a mining option to its customers considering the number of arguments against it. Many environmentalists have claimed that bitcoin and crypto mining was causing irreversible damage to the planet by utilizing more energy than smaller or under-developed countries. Some have also said that the carbon footprint of biotin extraction was equivalent to that of Las Vegas, Nevada.
According to Norton, they were proud to be the first cyber-safety company to offer Ethereum miners the chance of safety by easily turning the idle time on their computers into an opportunity to earn digital currency. The company added that their customers would mine for cryptocurrencies with just a few clicks that would avoid many barriers to entry into the cryptocurrency ecosystem. Despite gains for the day, Ethereum was still well below its May highs; however, a highly anticipated update is expected to release in coming weeks that could raise its chances against the bitcoin as a destination for institutional dollars seeking a hedge against inflation.
The latest update named Ethereum Improvement Proposal 1559 or the London fork is expected to release in July. The said update will change the way of making transactions on Ethereum, and the developers believe that it should prove positive for the price of ETH. The update will divide the Ethereum transaction fees into base fees and tips that will burn the ETH in supple hence, keeping the inflation in check. The deflation feature of EIP 1559 will also be a solution for the high fees on Ethereum. It means ETH/USD might see a surge in its value after the update will be launched in July and could reach its highest level touched in May.
Moreover, the declining prices of the U.S. dollar added further strength to the rising prices of ETH/USD on Sunday. The U.S. dollar fell to 90.03 level after the U.S. Treasury yields reach the 1.5% level over the weekend and added extra gains in ETH/USD as the dollar and Ether shares a negative correlation.
ETH/USD Intraday Technical Levels
Support Resistance
2656.22 2740.51
2600.03 2768.61
2571.93 2824.80
Pivot Point: 2684.32
ETH/USD - Technical Outlook
The ETH/USD is trading at a 2,758 level, bounced off over the double bottom area of 2,541. On the 4-hour chart, the ETH/USD pair is now facing resistance at 2,870 level that's being extended by a downward trendline. At the same time, the violation of the 2,870 level can grow the ETH/USD pair towards the 2,962 level. The 20 and 50 periods EMA are extending mixed sentiments as the ETH is holding above 20 EMA and below 50 EMA. Besides, the ETH/USD pair has completed 38.2% Fibonacci resistance, and now the ETH/USD is likely to face resistance at the same level of 2,715 level. All the best!
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