- Ethereum network burned has hit $100 million, and over 32,000 burned ETH in the cryptocurrency space in only seven days.
- Delaware-based Kryptoin Investment Advisors has filed with SEC for an Ethereum exchange-traded fund.
- Forex trading market participants should look for a buy-stop above the $3,320 level.
The US session opening drives a bullish trend in Ethereum as its price surged over 0.78% to trade at the 3,240 level. A day before, the ETH/USD was closed at $3047.01 after placing a high of $3237.89 and a low of $2980.41. ETH/USD turned red on Thursday despite the Ethereum network’s latest upgrade continuously burning the base fees for a week straight. Ethereum price prediction is neutral as the pair is consolidating below an immediate resistance level of 3,280 level.
Ethereum network burned has hit $100 million and counting.
ETH burned has hit $100 million, and over 32,000 burned ETH in the cryptocurrency space in only seven days. According to the latest estimate, the burn rate is expected to hit 4 ETH per minute very soon. Recently the burn rate has reached around 3.38 ETH per minute. In monetary terms, about $10,000 has been burning per minute, and the price is rising day by day.
All this burning has raised hopes that it will eventually make the nature of ETH deflationary. However, it was still very far as the burning of base fees was at early stages right now. The burning of base fees will reduce the supply of ETH in circulation that will make ETH more valuable, and, in turn, would drive up the prices of the second leading cryptocurrency.
Kryptoin Investment Advisors Filed with SEC for an Ethereum ETF
Delaware-based Kryptoin Investment Advisors has also filed with SEC for an Ethereum exchange-traded fund. The company previously tried and failed to get approval for bitcoin ETF greenlit back in 2019. In April 2021, it came back with another attempt and filed for a Bitcoin ETF; however, it is still under review by the SEC.
On Thursday, the company announced that the Krypto in Ethereum ETF Trust has plans to issue its common shares on the Chicago Board Options Exchange’s BZX Exchange under a ticker that will be announced before the commencement of trading. This news should have pushed ETH/USD prices higher, but the cryptocurrency remained under pressure amid the strength of the US dollar along with the recent sell-off after investors started booking profits at a three-month high level.
The US dollar index that estimates the greenback value against the basket of six major currencies rose above 93 levels on Thursday as the macroeconomic data related to PPI came in favor of the currency. Furthermore, the sooner-than-expected rate hike and tapering by Federal Reserve amid the improvement in the Jobs sector and inflation added further strength to the US dollar that ultimately kept ETH/USD lower as both have a negative correlation.
Ethereum Price Prediction – Daily Technical Levels
Support Resistance
2938.99 3196.47
2830.96 3345.92
2681.51 3453.95
Pivot Point: 3088.44
Ethereum Price Prediction – Daily Technical Analysis: Double Top Resistance at 3,270
Ethereum price prediction is neutral as the pair is consolidating below an immediate resistance level of 3,280 level. It’s now testing the double top resistance level of $3,280.
The ETH/USD’s next resistance stays at the $3,280 level, and an upward breakout of this mark can lead the bullish trend towards the $3,440 level. On the 4-hour timeframe, the ETH/USD has close a Shooting Star candle that’s followed by an upward momentum. Typically this drives a bearish reversal in the market. Therefore, the breakout of 3,280 breakouts will determine whether there will be a bullish trend continuation or a bearish reversal.
The 50 days EMA (exponential moving average – red line) stays at 3,240 levels, working as a resistance for the ETH/USD pair. On the flip side, the leading tool, Stochastic RSI, is heading north into a buy zone. Thus, the chances of a bullish trend continuation remain high during the weekend.
On the bearish side, the support level prevails at 3,160 and 3,096 levels, while the resistance holds at 3,280 and 3,440. The Forex trading market participants should look for a buy-stop above the $3,320 level. The initial target remains at $3,360 and $3,440. All the best.
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