Ethereum Completes 61.8% Fibonacci Retracement!
The ETH/USD was closed at $3376.30 after placing a high of $3512.56 and a low of $3282.72. After declining for three consecutive sessions, ETH/USD rose on Tuesday and placed minor gains after research suggested that Ethereum might be able to reduce its energy consumption by up to 99.95%. After Tesla halted Bitcoin acceptance due to its effects on the environment, crypto energy usage and carbon emissions have become a hot topic. In light of this, the researchers from Ethereum Foundation published an article that estimated that Ethereum might be able to reduce its energy expenditure by 99.95% after it transitions to Proof-of-State consensus.
Currently, Ethereum miners consume about 9.9 terawatt-hours annually. However, this figure is just an estimation, but the research suggested that ETH 2.0 will be 200 times more energy-efficient than its current Proof-of-Work setup. Another factor that added strength in the ETH/USD prices on Tuesday was the report from Invezz that covered the top 20 countries which showed an interest in Ether. According to research, the U.S. was ranked number one with 1,116,000 online searches for Ether per month. After U.S., Germany, and Turkey ranked second and third respectively. Other countries like Brazil, France, UK, and Canada came in fourth, fifth, sixth, and seventh.
An Ethereum based layer-two decentralized finance platform, DiversiFi has secured $5 million in strategic investments from one of the largest venture capital firms in the crypto sector. DiversiFi said that it wants to make Defi trading highly accessible. They have a view that will enable users to invest, trade, and send tokens without paying any gas fees. This news also supported ETH/USD.
On the other hand, the U.S. dollar was also weak across the board on Tuesday. The U.S. Dollar Index that measures the value of the greenback against the basket of six major currencies fell below the $90 level and weighed on the U.S. dollar that supported the rising prices of ETH/USD prices.
ETH/USD Intraday Technical Levels
Support Resistance
3698.37 4288.01
3363.87 4543.15
2774.23 5132.79
Pivot Point: 3928.52
ETH/USD - Technical Outlook
The ETH/USD pair has exhibited a dramatic sell-off from a high level of 4,350 to 2,873 level. The ETH/USD pair has completed 61.8% Fibonacci retracement on the four hourly timeframes, and now it’s gaining support at the 2,850 level. The ETH/USD pair’s immediate resistance stays at 3,456 and 3,818 levels on the higher side. Conversely, the violation of 2,850 opens up additional room for selling until 2,498. The 20 & 50 periods EMA are still in support of selling trend, while the MACD and RSI are also suggesting bearish trend. Considering all technical indicators in mind, bearish bias remains dominant in the ETH/USD pair. All the best!
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