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- Ethereum (ETH) up 5.1%
- Institutions boost demand for Grayscale Investment Large Cap Fund
According to Grayscale Investments, institutional demand in cryptocurrency, including ETH, is high. Last quarter, their large cap fund grew 178.8%. Currently, ETH is stable but vulnerable in the event of a bear break.
Ethereum Price Analysis
fundamentals
The "detectives" of the crypto-currencies report that this week's Bitcoin drop below the $ 10,000 figure was due to the rapid accumulation of Ethereum (ETH) by whales. According to observers, a single purchase order of 15,000 ETH triggered a demand shock, as temporary oversupply led to a fall in ETH prices as price action sought balance.
He is back$ ETH@ binance pic.twitter.com/QfdpHrdu3S
– Su Zhu ? (@zhusu) July 18, 2019
As BTC and ETH prices are highly correlated, the price of BTC also declined in response. If anything, this could be a possibility. Even worse, critics may insist that it was deliberate attempts to support ETH prices.
Anyway, the fundamental factors around Ethereum and even Bitcoin are bullish. This is despite all the negative news of American politicians. By cushioning the dollar, their eyes are turning to cryptocurrencies, which is a necessary creation stemming from FIAT's vulnerabilities.
Meanwhile, the latest quarterly report from Grayscale Investments reveals the demand of institutions. According to their report, badets under management in their Bitcoin and Ethereum trusts tripled from $ 927 million in the first quarter of 201C to $ 2.7 billion. As a result, the Grayscale Digital Large Cap fund with EPF investment gained 178.8% in the second quarter of 2019.
Chandelier arrangement
At the time of writing, the ETH was down 18.7% last week but stable over the last 24 hours. Up 5.1%, the ceiling is $ 230. Even in this case, note that the sellers control firmly.
Following the drastic drop in prices below two levels of support – the main support trend line and $ 230, the current withdrawal is probably a new test. In this case, and despite impressive gains in the second quarter of 2019, any increase to $ 230 is an opportunity for bears who have views to 170 or even 150 dollars.
The projection is valid and pending a possible correction of the significant gains of the second quarter of 2019. Similarly, a retracement of the areas between $ 170 and $ 190 will be perfect for traders seeking $ 300 and June 2019. However, if ETH prices exceed $ 230 with high trade volumes, this trade plan will be nil.
Technical indicators
As we have already mentioned, the candlestick of June 26 marks this commercial plan. It has high trading volumes of 554k. As a result, for the continuation of the purchase trend, any increase above $ 230 or the previous support trend line must now withstand a high participation in excess of $ 554,000. Similarly, lowering levels below $ 190 with a separate bar driven by high trading volumes would trigger potential dumping at $ 150 and $ 100.
Graphic courtesy of Trading View. Image provided by Shutterstock
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