ETHUSD (Ethereum) – Week 42 – Watching the rocket launch
Ethereum, the second-largest cryptocurrency by market valuation, is the digital asset with the most upside potential as an investment according to billionaire investor Mark Cuban, the owner of the Dallas Mavericks NBA team. Cuban made the revelation yesterday with CNBC when he was asked about which cryptocurrency, he would recommend to investors looking to newly enter the cryptocurrency space. He also added that Bitcoin is “better than gold.” “As an investment, I think ethereum has the most upside,” Cuban said.
As pointed out by a CryptoQuant post, about 400k ETH (1.5 billion at the current exchange rate) was withdrawn yesterday from the crypto exchange Coinbase. The indicator used here is the Ethereum outflow, which shows the total number of coins exiting wallets of the exchange. When the metric shows a big spike, it means a lot of ETH was withdrawn from the exchange. Investors usually take out a lot of coins to either hodl them or to sell them through OTC deals. So, constant outflows can mean that there is a buying pressure in the market and investors feel bullish on Ethereum.
From a technical perspective, Ethereum behaved as we expected in our last weekly report. We expected a correction and then a continuation to the upside and it happened. For this week can see a correction that will reach the support area marked on the chart or a continuation to the upside without this correction. The technicals for this cryptocurrency are bullish.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
As pointed out by a CryptoQuant post, about 400k ETH (1.5 billion at the current exchange rate) was withdrawn yesterday from the crypto exchange Coinbase. The indicator used here is the Ethereum outflow, which shows the total number of coins exiting wallets of the exchange. When the metric shows a big spike, it means a lot of ETH was withdrawn from the exchange. Investors usually take out a lot of coins to either hodl them or to sell them through OTC deals. So, constant outflows can mean that there is a buying pressure in the market and investors feel bullish on Ethereum.
From a technical perspective, Ethereum behaved as we expected in our last weekly report. We expected a correction and then a continuation to the upside and it happened. For this week can see a correction that will reach the support area marked on the chart or a continuation to the upside without this correction. The technicals for this cryptocurrency are bullish.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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