CryptoPolyTech.com
Crypto, Politics, Tech, Gaming & World News.

Ethereum price prediction: ETH has more short-term upside | CPT PPP Coverage

 | cutline • press clip • news of the day |

Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE

200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |

View more Headlines & Breaking News here, as covered by cryptopolytech.com


Ethereum price prediction: ETH has more short-term upside appeared on coinjournal.net by Crispus Nyaga.

Ethereum price staged a strong recovery on Tuesday as investors remained optimistic about cryptocurrencies. ETH coin jumped to a high of $1,738 on Tuesday, the highest level since August 17th. It has soared by more than 11% above its lowest level this month.

Ethereum ETF next?

The main catalyst for the Ethereum price surge was the decision by a US court to side with Grayscale. The lawsuit emerged from a decision by the SEC to arbitrarily reject Grayscale’s attempt to convert its GBTC ETF into a spot ETF.

In the verdict, the court said that the SEC should review and approve the ETF. As a result, investors hope that the SEC will move on to approve the fund together with those requested by companies like Blackrock, Vanguard, and Invesco.

Grayscale’s initial strategy will likely be to convert the $5.2 billion Grayscale Ethereum Trust (ETHE) into a spot ETF. An ETF operates best because it does not have the discount to Net Asset Value (NAV). Today, the market price of ETHE stands at $11 while the value of holdings stand at $16.72.

Other companies like Blackrock and Invesco could also apply for their Ethereum ETFs. The challenge for Ethereum is that it has become significantly different from Bitcoin. By merging with the Beacon Chain, Ethereum transitioned into a proof-of-stake coin. 

SEC’s Gary Gensler has previously argued that Ethereum, because of its staking features, has transitioned into a financial security. He believes that brokers and exchanges that hold ETH for staking should provide more disclosures to investors.

Analysts believe that the agency has a better chance of convincing a court about Ether being a security than in the XRP case.

Ethereum price prediction

The 4H chart shows that the ETH price moved from a consolidation phase and made a strong bullish breakout. It has moved above the crucial resistance level at $1,702, the highest level on August 23rd. The coin has also moved above the 25-day and 50-day moving averages.

Most importantly, it seems like it is forming a small bullish flag pattern. Therefore, the outlook for the coin is bullish, with the next level to watch being at $1,800. A move below the key support of $1,702 will invalidate the bullish view.

How to buy Ethereum

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Public

Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.

FEATURED ‘News of the Day’, as reported by public domain newswires.

Find more, like the above, right here on Cryptopolytech.com by following our extensive quiclick links appearing on images or [NEWSer CHEWSer].
View ALL Headlines & Breaking News here.

Source Information (if available)

This article originally appeared on coinjournal.net by Crispus Nyaga – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.

We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.

CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.

We compile ‘news of the day’ content in an unbiased manner and contextually classify it to promote the growth of knowledge by sharing it just like Ethereum price prediction: ETH has more short-term upside

First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!

You might also like