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Analyst: Ethereum Forming Extremely Bullish Pattern as Bulls Target New Highs

Ethereum and the entire crypto market is consolidating today following some recent turbulence Bulls stepped up after the entire market saw a massive selloff yesterday and absorbed the influx of selling pressure, allowing BTC to rocket past $40,000 and ETH to move higher Today, the market has consolidated and drifted slightly lower, although bulls still […]

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  • Ethereum and the entire crypto market is consolidating today following some recent turbulence
  • Bulls stepped up after the entire market saw a massive selloff yesterday and absorbed the influx of selling pressure, allowing BTC to rocket past $40,000 and ETH to move higher
  • Today, the market has consolidated and drifted slightly lower, although bulls still seem to be poised to catalyze further upside
  • One trader is now noting that Ethereum could be well-positioned to see upside in the near-term, adding that its outlook is growing strong by the day
  • He is specifically noting that a move up to the $2,000 region could be imminent in the days and weeks ahead

Ethereum has been struggling to gain any immense momentum as it navigated towards the mid-$1,200 region, with the selling pressure here proving to be significant.

Each move towards $1,300 has sparked rejections, and its price has been moving in close tandem with Bitcoin’s.

One analyst believes that the crypto is on the cusp of making a serious push higher. He notes that ETH’s macro-outlook is incredibly bullish, with his first price targets resting within the lower-$2,000 region.

Ethereum Faces Heightened Selling Pressure Due to $1,300 Resistance

At the time of writing, Ethereum is trading down just under 4% at its current price of $1,185. This marks a notable decline from its recent highs of $1,300 set earlier this morning when bulls stepped up and sent its price rocketing higher.

Where the market trends in the mid-term should depend largely on Bitcoin and whether the benchmark crypto can gain a strong foothold above $40,000.

Bulls are struggling to reclaim this level at the present moment, hampering Ethereum’s price action.

Trader: ETH Likely to Surge Past $2,000

One trader explained in a recent tweet that Ethereum’s macro-outlook is growing strong by the day.

He specifically notes that a move past $2,000 is likely to occur in the mid-term and that he wouldn’t be surprised if it went much higher.

“ETH on a macro timeframe is mega bull bull bull imo. Monster extended w3 probably underway, with each leg up extending again. There’s no doubt in my mind that it trades at all time high this year probably much sooner than i have it showing.”

Ethereum

Image Courtesy of @SmartContracter. Source: ETHUSD on TradingView.

The coming few days should offer insight into Ethereum’s mid-term outlook. For the time being, it is showing some subtle signs of weakness as the entire market inches lower.

Featured image from Unsplash.
Charts from TradingView.

Source: https://www.newsbtc.com/analysis/eth/analyst-ethereum-forming-extremely-bullish-pattern-as-bulls-target-new-highs/

Blockchain

45,000 Bitcoin Mining Rigs Confiscated by Iranian Authorities Amid Blackout Controversy

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Iranian authorities have confiscated 45,000 bitcoin mining rigs that used subsidized electricity to mine the cryptocurrency. This is yet another considerable seizure in the Middle East country, which has experienced frequent blackouts that the government blamed on BTC mining.

45,000 BTC Mining Machines Confiscated In Iran

Local media outlets reported that the police had seized about 45,000 rigs that consumed 95 megawatts per hour (MWh) of electricity at lower prices.

Head of the country’s state-run electricity company, Mohammad Hassan Motavalizadeh, said that the perpetrators also modified street lighting systems in Tehran and other cities.

“The total reduced consumption corresponds to the (electricity) usage for a city with a population of over half a million.” – he added.

The report outlined that the country has faced numerous similar situations in the past several months. Earlier this January, the Energy Ministry halted the supply of electricity to a giant farm in the southeastern region after a video circulating social media channels showed tens of thousands of BTC mining rigs situated under the same roof.

It’s worth noting that Iran became one of the first countries to legalize cryptocurrency mining in 2019. However, all miners had until August 2020 to register with the authorities, otherwise risk operating outside the country legislation. This is why Iran has initiated a nation-wide crackdown on various farms that failed to register within the timeframe.

Mining Blamed For Blackouts

The Middle Eastern country has experienced several issues lately that the government blamed on bitcoin. Apart from the aforementioned frequent blackouts, some of the nation’s largest cities have seen intense air pollution in recent weeks.

However, a popular crypto analyst Ziya Sadr told the Washington Post that bitcoin mining takes a low percentage of the overall electricity capacity and shouldn’t receive the blame.

“The miners have nothing to do with the blackouts. It is a known fact that the mismanagement and the very terrible situation of the electricity grid in Iran and the outdated equipment of power plants in Iran can’t support the grid.”

Separately, the absence of natural gas due to intense consumption to heat private homes has driven plants to use lower quality fuels that have polluted several cities.

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Source: https://cryptopotato.com/45000-bitcoin-mining-rigs-confiscated-by-iranian-authorities-amid-blackout-controversy/

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Australian crypto exchange operator accuses banks of discrimination.

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Allan Flynn, a Bitcoin trader in Australia, has filed a complaint against two commercial banks ANZ and Westpac, accusing both of systematic discrimination. According to the Australian Financial Review report, Flynn is seeking compensation to the tune of 250,000 Australian dollars (about $192,000). According to Flynn, he has been the victim of discriminatory practices, with banks allegedly continuing to shut down his accounts. Flynn lamented that no fewer than 20 banks closed accounts operated by his exchange in the last three years.

The crypto exchange service is registered with AUSTRAC.

The reported account closures come despite Flynn’s crypto exchange service being registered with the Australian Transaction Reports and Analysis Centre, or AUSTRAC. Flynn’s platform reportedly services over 450 customers. Earlier last year, the crypto exchange operator lodged a complaint with the Australian Financial Complaints Authority. However, AFCA ruled that Westpac — one of the banks involved in the matter ­— acted per its laid down terms and conditions. At the time, Westpac offered Flynn 250 Australian dollars as restitution for the sudden account closure, which the complainant says he is yet to receive.

Banks denying services to crypto exchanges is not restricted to Australia.

Crypto exchanges accusing banks of discriminatory practices are not restricted to Australia alone. Earlier last year, India’s Supreme Court reversed the central bank’s ban against banks servicing crypto businesses. However, reports still emerged of “crypto-phobic” behavior among Indian banks even after the Supreme Court’s decision to overturn RBI’s blanket ban on cryptocurrencies. A similar situation also exists across Latin America, where commercial banks continue to intensify account closures targeted at crypto exchanges. In Brazil, two major platforms were also forced to shut down their operations following stringent tax compliance policies.

Source: https://chaintimes.com/australian-crypto-exchange-operator-accuses-banks-of-discrimination/

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Pantera Capital’s Big Bitcoin Price Prediction Playing Out Exactly As Forecast, Says Dan Morehead

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Pantera Capital founder and CEO Dan Morehead is doubling down on his bullish 2021 Bitcoin prediction, asserting that the leading crypto asset is still right on track to hit $115,000 by August 2021.

In Pantera’s latest Blockchain Letter, Morehead says that Bitcoin’s price movements, although delayed by a week, are playing out exactly as forecast based on the stock-to-flow projection published last year.

“Bitcoin is exactly on track with the forecast we made in our April letter. Our analysis was based on comparing the reduction in the supply/flow of bitcoin relative to the outstanding stock – at the time of each halving – and the subsequent impact on price.”

According to the projections set by Pantera, Bitcoin’s price lagged by as much as 15 weeks in July 2020. In December, Bitcoin began to catch up with Pantera’s projections and by mid-January, the leading cryptocurrency hit the ninth milestone in Pantera’s forecast after climbing to $38,000.

For the next date, February 15th, 2021, Pantera predicts Bitcoin will trade at $45,268.

Pantera makes its projections based on the Bitcoin halving cycle. Historically, Morehead says Bitcoin prices have surged after each halving, which happens every four years.

After the first halving in 2012, Bitcoin’s supply dwindled by a little over 15% in a span of 446 days as block rewards were halved from 50 to 25 BTC. Subsequently, Bitcoin witnessed a rally of 9,212%.

Following the 2016 halving, Bitcoin rallied by 2,910%.

If Bitcoin follows Pantera’s predicted trajectory, Morehead expects BTC to hit its peak in August 2021 with a price of $115,212, rising over 1,091% after the May 2020 halving.

“I’m not saying I’d bet our life savings that’s definitely going to happen, but I think it’s possible, and we’re right on pace to do that.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Philipp Tur

Source: https://dailyhodl.com/2021/01/18/pantera-capitals-big-bitcoin-price-prediction-playing-out-exactly-as-forecast-says-dan-morehead/

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