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Ethereum could rocket to $3k as demand outstrips supply

Analysts predict that plummeting Ethereum (ETH) reserves on centralised exchanges could help ETH price…

The post Ethereum could rocket to $3k as demand outstrips supply appeared first on Coin Journal.

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Analysts predict that plummeting Ethereum (ETH) reserves on centralised exchanges could help ETH price soar to $3k in weeks

ETH currently trades above $1,200, posting a bullish outlook given its recent dip to lows of $900. Although the cryptocurrency’s all-time high (ATH) of $1,432 remains elusive, some analysts are now saying that the next bullish impulse for Ethereum could see ETH/USD value more than double.

This is the view of one analyst, who says ETH could jump to $3k within weeks of breaking its ATH. Another expert has pointed to hodlers strategy of not selling in the short term as bullish for the coin and has predicted ETH targets of $5k, $10k, or even $20k in the long term.

On-exchange reserves plummeting is bullish for ETH

According to the CEO of Nugget News Alex Saunders, ETH reserves on exchanges have plunged massively in the last few days, and “exchanges could be out of ETH within 48 hours“. As such, demand for Ether is rocketing, but there seem to be very few people looking to sell short term.

The same view is shared by Byzantine General, another highly respected crypto analyst and trader who says the above scenario is creating a sell-side liquidity crisis for Ether.

Saunders says the data points to an imminent explosion in ETH price.

We all know what happened when demand outstripped the supply of $BTC. It quadrupled in 90 days.

Chart showing ETH all-exchange reserves. Source: Alex Saunders

I’m not gonna share all the data, I’m just gonna tell you what you need to know. There is an extreme $ETH sell-side liquidity crisis“, the analyst teased.

Simply put, it appears investors are looking at Ethereum as an intrinsically valuable asset to hold for the long term and are thus moving assets off exchanges presumably for hodling.  This is creating massive demand for ETH, leading to a spike in buying pressure.

ETH/USD 1-hour chart. Source: TradingView

ETH/USD has climbed to highs of $1,230 in the past hour. However, bulls are facing resistance at this level, which coincides with the barrier provided by the middle line of an ascending parallel channel. Buyers need an upside to the upper boundary that extends to prices above $1,300.

If they manage it, a breakout above the channel’s apex line could see bulls retest recent resistance levels around $1,350 and possibly hit a new all-time high above $1,500. Ether in price discovery mode could rocket to $2k, $3k, or higher in the next 1—3 months.

On the flip side, a decline below $1,200 could see prices fall to the 100 hourly simple moving average at $1,105. From here, sellers can target recent lows of $900.

Source: https://coinjournal.net/news/ethereum-could-rocket-to-3k-as-demand-outstrips-supply/

Blockchain

XRP, Tron, Tezos Price Analysis: 01 March

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XRP could be in line for another sell-off as the 200-SMA looked to cross above the 50-SMA. Down the ladder, Tron and Tezos were projected to stick to a fixed channel, with a breakout largely dependent on the future movement of market leaders Bitcoin and Ethereum.

XRP

Source: XRP/USD, TradingView

The bearish nature of XRP’s market was evident on its 4-hour chart as the price remained below the 200-SMA (green) despite a slight recovery at the time of writing. Moreover, the long-term moving average looked positioned to cross above the 50-SMA (blue). The last time this development took place was when a lawsuit was announced by the U.S. Securities and Exchange Commission against Ripple which resulted in a massive price drop and a bear market that lasted for over a month.

The MACD line floated just above the signal line but momentum seemed weak on the buying side. The Stochastic RSI also tipped in favor of the bulls. A strong sell-off could be avoided if the indicators maintain a positive stance. If the sell-off does take place at the current level, $0.25 support could be in focus.

Tron [TRX]

Source: TRX/USD, TradingView

Tron continued to trade rangebound between $0.05 and $0.04 as momentum switched sides between the buyers and sellers. The Awesome Oscillator flashed green at the time of writing as momentum diverted back to the buyers.  The 24-hour trading volumes surged by over 27% and clocked in at $1.76 billion.

While it looked like Tron was poised to rise above its overhead resistance, low volatility according to the Bollinger Bands worked against a bullish outcome. That could change if buying picks up over the coming sessions. Conversely, a pullback in the broader market could see Tron move towards $0.036 support.

Tezos [XTZ]

Source: XTZ/USD, TradingView

A horizontal pattern formed on Tezos‘ 4-hour chart as the price oscillated between a resistance and support line since bouncing back from the $3.2 mark. For traders, sell signals were present on the upper trendline and buy signals on the lower trendline. Considering Tezos’ strong correlation with Bitcoin, the state of the king coin could determine the direction of a breakout from the channel.

The next resistance level lied at $4.3, while the next support rested at $2.7. The MACD line moved above the signal line as bullish momentum was on the up. The RSI also pointed north from around the 50-level.


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Source: https://ambcrypto.com/xrp-tron-tezos-price-analysis-01-march

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Blockchain

Why countries like the US can do better in terms of crypto adoption

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The interest in cryptocurrencies has been on the rise and the general awareness of the technology and its function as a digital asset has risen substantially in the past few years. While the United States has been open to innovation, the lack of regulatory clarity within the country has raised various concerns between people and businesses in crypto.

Whereas Asia has been enabling wide-spread adoption of cryptocurrency with countries like Japan and Hong Kong trying to form guidelines around cryptos. However, apart from the regulatory differences, the biggest difference could also be with regard to user behavior in these two regions.

Amber Group partner, Annabelle Huang, who recently appeared in Anthony Pompliano’s podcast stated that although the innovations were taking place in the United States of America, the greater chunk of adoption was coming from countries in Asia. The continent has also remained a hub for miners and crypto exchanges and according to Messari’s report, by the end of 2019 six out of ten of the largest cryptocurrency firms are located in Asia.

Huang noted:

“…The biggest difference is just the sentiment and the drive of people. I think in the States, just because there are a lot of regulatory constraints and concerns, people sometimes are more hesitant towards driving the business forward. But, in Asia, I think people are more eager to test things out, get things going on the ground. So, we do see a lot of early adoption in Asia.”

Asia has been a focal point for crypto adoption and nearly 42% of the market capitalization is based in the continent.

Source: Messari

The advantage Asia has been offering to new crypto projects is mainly due to the cultural mentality according to Huang who noted that:

“I think we see in Asia, in Korea and Japan, it is hard for people to find yield anywhere. […] Especially like, I guess, in Japan right, all the yields are negative and I think people are perhaps more inclined to find more opportunities and more acceptable to new things, so that’s why I think crypto adoption in Korea and Japan are highest among the world.”

Although China has remained apprehensive about cryptocurrencies, the country has been inching closer to launch its own Digital currency Electronic Payment [DCEP] system. As the market corrects itself, the coming changes in the market could also trigger changes in the sentiment across the globe about crypto, however, the regulations continue to remain in the gray area.


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Source: https://ambcrypto.com/why-countries-like-the-us-can-do-better-in-terms-of-crypto-adoption

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Blockchain

Hathor opens doors for Bitcoin traders

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KuCoin launches trading services for the trading pair HTR / BTC at 10:00 AM on March 2, 2021 (UTC).

The HTR / USDT trading pair is currently open for HTR.

HTR has also launched a grant program for projects that want to develop the Hathor ecosystem and contribute to the global adoption of blockchains.

Apply Now! #BuildOnHathor #HTR

https://landing.hathor.network/grantprogram2021

Disclaimer: This article is a paid post and must not be considered as news/advice. 


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Source: https://ambcrypto.com/hathor-opens-doors-for-bitcoin-traders

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