Ethereum & Bitcoin Test All Time Highs

Ethereum and Bitcoin are both testing all time highs, however whether they will push to news levels remains questionable.

Bitcoin (BTC/USD)

Bitcoin has broken into the 60,000+ dollar range, and is fast approaching the $64,895 all time high. The RSI is again showing overextended levels, however the ADX is starting to increase, showing that this bull trend may only be getting started.

BTCUSD 1D Chart 19 October, 2021.

The first bitcoin futures exchange traded fund to be approved by regulators is said to start trading THIS WEEK! The ETF will be backed by bitcoin futures contracts rather than the underlying asset. Many analysts are anticipating BTC to depreciate soon, following the recent bull market.

Ethereum Maturing but Transaction Costs Remain High

Another update has been announced for the Ethereum (ETH) network, developing on their proof of stake consensus algorithm – “The Merge”. The upgrade is estimated to be release around May-June of 2022.

Currently Ethereum (ETH/EUR 1D Chart below) is testing resistance levels, of both the trendline and previous highs. If price is to have a strong break above the zone we anticipate a corrective period prior to a prolonged bull market. This is as the market has had liquidity flow in, as crypto markets became increasingly accepted in legacy financial institutions.

ETH/EUR 1D Chart 19 October, 2021.

As any crypto fanatic will happily tell you, the fees of the Ethereum network are quite significant compared to other crypto currencies. One unfortunate soul attempted to participate in the token sale by Derivatives Decentralized Exchange (DEX) Strips Finance, and was charged around 123 ETH or $500,000 on a FAILED TRANSACTION. The token in question was STRP, and there were only 750,000 tokens available for auction.

Transactions such as this are one of the key reasons that mainstream investors are hesitant with avoiding cryptocurrency products.

Published by Tom Stewart

Head of data analytics at TradeProofer. Analyst at Opes Trading Group. FX enthusiast.

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