Kategorie: Crypto News

• Pepperstone’s Chris Weston says most clients are net-long on Ether

• Ethereum is primed for $5k and Bitcoin could soon hit $70,000

Bitcoin’s surge above $68,000 and Ethereum’s run to a new all-time high above $4,800 is down to the influx of new money.

According to Pepperstone’s head of research Chris Weston, the inflow of capital into crypto is driving prices higher as demand explodes.

“Crypto is where the fast money is at. Ethereum is trending like a dream and I’d be long and strong here,” Weston told Reuters on Tuesday.

Ethereum climbed as high as $4,857 in early deals Tuesday, hitting the landmark price level amid a 16% spike in daily volume. According to Weston, most clients are bullish about ETH, with over three quarters holding long positions to suggest another leg up to $5,000 is more than likely.

“Clients are net long, with 79% of open positions held long, and I can sense the $5k party could get going soon,” he added.

Crypto analyst Benjamin Cowen called Ethereum “an absolute beast” and expects further gains well into 2022.

Bitcoin has also benefited from strong demand over much of 2021, with data showing increased institutional adoption and positive regulatory conditions contributing to the more than 340% price surge this past year.

This week, upward momentum has been accelerated by inflation fears across the stock market, with money flowing into safe-haven assets.

On Monday, ARK36 fund manager Mikkel Morch told CNBC that current price action could see BTC top $70,000. He points to why there might be no major pullback for Bitcoin, noting:

“The uptick doesn’t seem to be leverage-driven but rather results from the increased demand on the spot market where there’s currently very little sell-side liquidity”.

However, crypto analyst Michael van de Poppe thinks it’s good to be cautious.

“Euphoria going through the roof. Yes, the market is easy, but be aware of the fact that markets can turn the other way quite fast. Don’t forget to take profits.”

The post Pepperstone head of research: ‘Fast money’ is behind Bitcoin and Ether rally appeared first on Coin Journal.

• ETH/USD hit highs of $4,782 on Monday morning

• ETFs and institutional adoption key to the continuation of the uptrend

Ethereum has broken above $4.700 for the first time ever, setting a new all-time high as the entire crypto market hit a record $3 trillion in market capitalisation.

Ether reached $4,782 as shown by data from CoinGecko and currently trades around $4,745 as bulls plot a new assault on higher prices.

According to crypto analyst Benjamin Cowen, Ethereum is yet to peak and is an “‘absolute beast’.” In a video analysis of the current market cycle, Cowen says Ethereum’s price is likely to rise even further, continuing its parabolic rally into 2022.

Ethereum’s pace looks unstoppable at the moment

Ethereum has steadily climbed from its March 2020 lows, with prices tracking a long term trendline going back 18 months to when ETH/USD traded around $100.

“We hit the trendline [again] at $1,700 and more or less at $2,500 or $2,600 and it its possible we hit it again multiple times in the future”

Crypto prices don’t move in a straight line and the analyst notes this in the video, expecting Ether prices to go sideways as buyers accumulate towards a new breakout.

According to Cowen, its possible ETH/USD will not touch the trendline until January. Many people expect the next bear market to start in early 2022, but the analyst thinks Ethereum will maintain a bullish outlook for much longer.

The analyst says Ethereum’s upgrade to a proof-of-stake network, possible ETF on the asset, and increased institutional adoption as some of the key price drivers.

 “At the end of the day, Ethereum is an absolute beast…And this pace, this pace that Ethereum’s on, is likely not stopping anytime soon. That’s the point.”

It’s possible for ETH to go down to $4k, or $3k, Cowen says. However, the market is not that extended and a breakdown beyond these support levels looks unlikely.

“The only way I would imagine us getting into a pretty brutal bear market would be if were to go up too quickly you know, imagine Ethereum had a run to $20k or something like that really quickly…that wouldn’t be good and we probably  would need to spend quite time being bearish.”

The post Analyst: Ethereum is ‘an absolute beast’ appeared first on Coin Journal.