Analysts Predicts Bitcoin Will Plunge Shortly But Suggest Buy Bitcoin

Originally posted here.
By: Denis

Overview

It is no secret that many cryptos have been experiencing a price plunge. As of June 18, the price of the world’s largest digital currency, Bitcoin, fell to about $17,622. This data was taken from Binance. Since then, there have been several conversations as to whether or not that price will be the lowest for the asset. A digital currency analyst from CryptoQuant has revealed the possible price of Bitcoin in the nearest future. CryptoQuant is a recognized digital currency resource platform. According to the analyst, the $17,622 price mark may not be the lowest Bitcoin will see. However, this assumption is not very solid given the level it is at the moment. Crypto Winter Overview Many traders and investors are still doubting if there will be a positive change soon. Several pieces of information state the possibility that Bitcoin will still hit a price mark lower than $20K. Related Reading: Shiba Inu Displays Surprising Price Movement – Can SHIB Ditch The Flatline? The scenario has made several digital currency holders sell off their assets. Also, before now, certain major crypto firms have taken some hard decisions due to the bearish turn of the market. A notable example of these crypto firms is Vauld. According to reports, the crypto lending platform had to suspend withdrawals and reduce its headcount. This was revealed on July 4. Probable BTC Price Going further, a cryptocurrency resource platform analyst, Tomáš Hančar, has explained the possibility of his prediction. According to him, the LTH SORP 20-day chart SMA is projecting a 1/3rd chance of Bitcoin hitting that bottom price mark. The explanation of the indicator (SMA) presented above is an acronym for 20-day chart Simple Moving Average. This represents the LTH SOPR (Long-Term Holders’ Spent Output Profit Ratio. According to the data, the ratio derived has been below the impartial level worth of “one” for up to three months. Drawing from the analyst prediction, this is 1/3rd the level that explains a potential bottoming process. The analyst further explained the function of the 20-day idea of the indicator he used. He cited that the idea of the 20-day indicator was for transferring appropriate standard lines. Buying Bitcoin Is Now, Says Tomáš Hančar After this analysis, Tomáš Hančar concluded that buying BTC should commence now. This is because there will be a strong bounce-off in a short while. But, there is a drawback to be aware of, he added. That is the probability that the digital token will drop below the $20K price mark. According to the crypto market watch data, 47 days have passed since the last new low of Bitcoin price. Related Reading: SOL Loses $40 After The Exploit – What’s The Next Support? Considering this fact, the analyst suggested traders furthermore; he cited that it will be necessary for traders to deploy a potential breakout option. Featured image from Pexels – Chart from TradingView.com

The Post

It is no secret that many cryptos have been experiencing a price plunge. As of June 18, the price of the world’s largest digital currency, Bitcoin, fell to about $17,622. This data was taken from Binance. Since then, there have been several conversations as to whether or not that price will be the lowest for the asset.

A digital currency analyst from CryptoQuant has revealed the possible price of Bitcoin in the nearest future. CryptoQuant is a recognized digital currency resource platform. According to the analyst, the $17,622 price mark may not be the lowest Bitcoin will see. However, this assumption is not very solid given the level it is at the moment.

Crypto Winter Overview

Many traders and investors are still doubting if there will be a positive change soon. Several pieces of information state the possibility that Bitcoin will still hit a price mark lower than $20K.

The scenario has made several digital currency holders sell off their assets. Also, before now, certain major crypto firms have taken some hard decisions due to the bearish turn of the market. A notable example of these crypto firms is Vauld.

Source: CryptoQuant

According to reports, the crypto lending platform had to suspend withdrawals and reduce its headcount. This was revealed on July 4.

Probable BTC Price

Going further, a cryptocurrency resource platform analyst, Tomáš Hančar, has explained the possibility of his prediction. According to him, the LTH SORP 20-day chart SMA is projecting a 1/3rd chance of Bitcoin hitting that bottom price mark.

The explanation of the indicator (SMA) presented above is an acronym for 20-day chart Simple Moving Average. This represents the LTH SOPR (Long-Term Holders’ Spent Output Profit Ratio.

According to the data, the ratio derived has been below the impartial level worth of “one” for up to three months. Drawing from the analyst prediction, this is 1/3rd the level that explains a potential bottoming process.

The analyst further explained the function of the 20-day idea of the indicator he used. He cited that the idea of the 20-day indicator was for transferring appropriate standard lines.

Buying Bitcoin Is Now, Says Tomáš Hančar

After this analysis, Tomáš Hančar concluded that buying BTC should commence now. This is because there will be a strong bounce-off in a short while. But, there is a drawback to be aware of, he added. That is the probability that the digital token will drop below the $20K price mark.

Bitcoin price sustains a bullish trend Source: BTCUSDT Tradingview

According to the crypto market watch data, 47 days have passed since the last new low of Bitcoin price.

Considering this fact, the analyst suggested traders furthermore; he cited that it will be necessary for traders to deploy a potential breakout option.

Featured image from Pexels – Chart from TradingView.com


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An insight into how the world of cryptocurrency is becoming gender neutral

Cryptocurrency, long thought of as a predominantly male bastion, is quickly moving towards becoming gender-neutral. More and more women are now looking at cryptocurrency as a new investment avenue and are learning the nuances and nitty-gritty of crypto trading and successfully trading and investing in it. The constantly evolving crypto world has plenty of opportunities to offer that is being grabbed by women, thus shrinking the gender diversity.

However, according to research by BlockFi 1 , 92% of women surveyed have heard about cryptocurrency, with almost 1 in 4 (24%) already owning some. Approximately 33% of the respondents said they would buy cryptocurrency in 2022, with around 60% saying they would buy crypto in the next three months.

One in 5 women surveyed believed that crypto would help them achieve their big and small financial goals.

Moreover, globally 21% of crypto owners are women, and that number is growing fast.

According to some statistics in India, over the last year, new women investors on Indian crypto platforms have increased by nearly 1400 per cent compared to new male investors. What’s surprising is that these women investors are not just from tier 1 or metro cities but also tier 2 and 3 cities, indicating that crypto is gaining acceptance with women across all strata of society.

Unquestionably, these figures are very encouraging and indicate that the number of female participants in the crypto market can only increase from hereon.

Many women believe that crypto is not just for immediate returns but is a long-term business venture.

Along with other asset classes such as Fixed Deposits, mutual funds, stock, gold, real estate and more, crypto offers a new and exciting avenue for women to achieve their goal of financial freedom.

Overcoming the hurdles-

Although there are quite a few roadblocks still in the way of crypto gaining more acceptance with women, here are just some of the ways that crypto can become more easily accessible and exciting investment avenue for women in general:

  • Digital literacy: Institutions must focus on making crypto education more simplified and practical for women to understand.
  • Risk-opportunity payoff – Emphasis should be given to educating them about the risks and opportunities of cryptocurrency.
  • Ease of Investment – There should be ease of trading and investing on various platforms with smooth deposit and withdrawal of money.
  • Debunking myths- The myths and misconceptions surrounding crypto should be clarified, and all doubts should be addressed.
  • Organizing workshops – There should be extra focus and impetus given to the inclusion of more and more women in the world of cryptocurrency by holding seminars, workshops, and education on social media platforms, camps and more.
  • Easy to use- It should be promoted as an easy to use financial tool that homemakers and businesswomen can access as a primary or secondary source of income.

Although, there is still work cut out to bridge the gap of gender neutrality in cryptocurrency, but the foundation and ground are all set to reduce this gap in a brief period. It is only a matter of time before we see women as investors and traders and in management roles such as CEOs and founders of emerging crypto trading platforms. The future of crypto is gender inclusive.



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Disclaimer

Views expressed above are the author’s own.



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Pearson considering move to blockchain and NFT for future digital textbook sales

In an interview with Bloomberg, Pearson plc CEO Andy Bird discusses the benefits of moving digital textbook sales to blockchain and Non-Fungible Token (NFT) technologies as a mechanism to capture portions of secondhand sales:

“In the analogue world, a Pearson textbook was resold up to seven times, and we would only participate in the first sale,” he told reporters following the London-based company’s interim results on Monday, talking about technological opportunities for the company.

“The move to digital helps diminish the secondary market, and technology like blockchain and NFTs allows us to participate in every sale of that particular item as it goes through its life,” by tracking the material’s unique identifier on the ledger from “owner A to owner B to owner C,” said Bird, a former Disney executive.

Andy Bird also mentioned that other technologies are also under consideration as well:

“We have a whole team working on the implications of the metaverse and what that could mean for us,”




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Bitcoin price analysis: Tug of war between bulls and bears keeps BTC below $24k

Bitcoin price analysis is stuck near the $23,000 support zone as the pair struggles to overcome major resistance ahead. The upside momentum is slowing down and the BTC bulls are looking increasingly exhausted. Still, they are doing well to hold the pair above the $23k support in anticipation of higher levels. The underlying bullish wave is still very much alive in the major cryptocurrency.

btc coin
Source: Coin360

As of press time, BTC/USD is trading at $23,100 with neutral bias. The trading volume is steady and the technical indicators are not showing any untoward movement to either side. The price action can be termed lackluster which has been the trend over the entire weekend. The upside momentum still beckons the bulls.


ITB Widget Example

Bitcoin price movement in the last 24 hours: Weekend remains sluggish for the BTC/USD pair

The BTC/USD pair is unable to post a major green candlestick to infuse buyer’s interest. The inability to sustain the pair above $23,500 level shows that the current rally may be invalidated with a deeper push downwards. Even though the rising price channel is intact, the stagnation can cost the bulls dear. The higher lows printed on the hourly charts are getting nullified by the sideways price movement on the daily charts.

btc usd 4h 071
Source: TradingView

The price retraced after touching a high of $23,197 as the bullish impulse faded on some technical indicators. The short-term reversal may not bode well for the day traders as the pair can touch $22,700 lows on a hourly basis according to Bitcoin price analysis. The bulls must close the day with a major green candlestick to ensure the corrective pullback does not move into the next week’s charts. The 50 percent Fibonacci retracement shows that the pair may move towards $22,700 level in absence of a major pullback.

BTC/USD 4-hour price chart: Positivity in short supply as day traders book profits

The positivity near the lower levels around $23,000 is still there but whether it will last or not depends on the volume. The buyer’s participation would push the price towards $24,000 level and face the short-term resistance near $24k level. Bitcoin price analysis shows that a decisive bullish move towards $24,200 level can even push the BTC/USD pair towards $25,600 level at the beginning of the next week.

btc usd 4h 07
Source: TradingView

On the flip side, the bears won’t give the pair much leeway either. A short rally can take the pair towards $22,600 mark and even drift lower towards $22,000 in a swift selling spree according to Bitcoin price analysis. The RSI remains comfortably above 50 level and the MACD indicator is bullish biased. Thus, there are still buying opportunities in the current market.

Bitcoin price analysis conclusion: Bullish breakout requires decisive buying with large volumes

Bitcoin price action will turn bullish only after it crosses $23,650 level with decent volume. As the next week approaches, the pair will gain strength on the back of a possible ‘Flag-Pole’ pattern emerging on the hourly charts. The bullish indicator would mean that the neckline pattern on the descending triangle will break on longer timeframe charts as per Bitcoin price analysis.

With good volume data, the BTC/USD pair can move towards $24,250 really quick. Bullish day traders must maintain suitable stop loss near $23,000 level to ensure profits.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.


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What Would Be The Ethereum Merge Impact On Cryptocurrency Miners

Originally posted here.
By: Sarah

Overview

Miners of both Bitcoin and Ethereum are still thriving regardless of the crypto winter. The revenue generated by Ethereum miners surpasses that of Bitcoin miners, according to the 2022 record. The growth of the miners is quite surprising given the increase in the cost of electricity. But all that might come crashing down very soon. There’s growing concern that the upcoming merge will put ETH miners out of their jobs. This can be traced to the effect of the asset’s merge on the operational mechanism of the network. Related Reading: TA – Polkadot Price Shows Strength, Eyes $10 Ethereum Miners Records High Revenue Drawing from Arcane Research information, it was recorded that in 2022, Ethereum mining has realized a revenue of up to $11 billion. This figure is a bit higher than that discovered in Bitcoin mining. According to the research, Bitcoin miners have realized about $10 billion within the same period. The research data pattern is not different from that of last year. At the time, Bitcoin mining generated up to $17 billion. But, again, the revenue figure generated was about $1 billion lower than that of the ETH miners, which was $18 billion. Bitcoin mining had been recording higher revenue compared to that generated through Ethereum mining. This was recorded as of 18 months back. Since then, the turn of events has been steady in favor of ETH miners. The higher gain in ETH mining revenue is a result of its ecosystem versatility. However, there is about to be a change that could cost the jobs of Ethereum miners. That has to do with the upcoming Ethereum Merge. This event aims to see the successful merging of Beacon Chain and Ethereum Mainnet. Achieving this objective will trigger the move of the ETH network to Proof-of-Stake (PoS). Impact Of Ethereum Merge On Miners Ethereum miners know that the Merge completion will end ETH mining. Also, all transactions performed on the ETH network will be taken up by validators. Moreover, based on the status-quo of the PoS blockchain, these validators will be rewarded for every effort they make. There is an option for ETH miners to migrate to Bitcoin mining, but there is also a problem with the idea. That has to do with the mining systems of both assets. While Ethereum miners use GPUs to perform their mining process, Bitcoin miners, on the other hand, use ASIC. This is where the problem of compatibility sets in. At the end of the Merge, ETH miners will have just one option: to receive a little of their previous amount before the merge. Also, they will no longer have possession of their GPUs, as they will sell them off. Related Reading: Crypto Market Trades Sideways As The Inflation Fear Kicks In, What’s Ahead? Going further, AntPool has announced its $10 million investment in ETC. the mining platform believes that ETH will be mineable even after the merge is completed. Furthermore, Chandler Guo, a Chinese miner, has revealed his thoughts about creating another version (a forked version) of the Ethereum network. This will be called ETHPoW as it will sustain the Proof-of-Work mechanism of the digital currency blockchain after the merge. Featured image from Pixabay – Chart from TradingView.com

The Post

Miners of both Bitcoin and Ethereum are still thriving regardless of the crypto winter. The revenue generated by Ethereum miners surpasses that of Bitcoin miners, according to the 2022 record. The growth of the miners is quite surprising given the increase in the cost of electricity.

But all that might come crashing down very soon. There’s growing concern that the upcoming merge will put ETH miners out of their jobs. This can be traced to the effect of the asset’s merge on the operational mechanism of the network.

Ethereum Miners Records High Revenue

Drawing from Arcane Research information, it was recorded that in 2022, Ethereum mining has realized a revenue of up to $11 billion. This figure is a bit higher than that discovered in Bitcoin mining. According to the research, Bitcoin miners have realized about $10 billion within the same period.

The research data pattern is not different from that of last year. At the time, Bitcoin mining generated up to $17 billion. But, again, the revenue figure generated was about $1 billion lower than that of the ETH miners, which was $18 billion.

Bitcoin mining had been recording higher revenue compared to that generated through Ethereum mining. This was recorded as of 18 months back. Since then, the turn of events has been steady in favor of ETH miners. The higher gain in ETH mining revenue is a result of its ecosystem versatility.

Ethereum marks a significant growth on the chart l Source: ETHUSDT Tradingview

However, there is about to be a change that could cost the jobs of Ethereum miners. That has to do with the upcoming Ethereum Merge. This event aims to see the successful merging of Beacon Chain and Ethereum Mainnet. Achieving this objective will trigger the move of the ETH network to Proof-of-Stake (PoS).

Impact Of Ethereum Merge On Miners

Ethereum miners know that the Merge completion will end ETH mining. Also, all transactions performed on the ETH network will be taken up by validators. Moreover, based on the status-quo of the PoS blockchain, these validators will be rewarded for every effort they make.

There is an option for ETH miners to migrate to Bitcoin mining, but there is also a problem with the idea. That has to do with the mining systems of both assets. While Ethereum miners use GPUs to perform their mining process, Bitcoin miners, on the other hand, use ASIC. This is where the problem of compatibility sets in.

At the end of the Merge, ETH miners will have just one option: to receive a little of their previous amount before the merge. Also, they will no longer have possession of their GPUs, as they will sell them off.

Going further, AntPool has announced its $10 million investment in ETC. the mining platform believes that ETH will be mineable even after the merge is completed.

Furthermore, Chandler Guo, a Chinese miner, has revealed his thoughts about creating another version (a forked version) of the Ethereum network. This will be called ETHPoW as it will sustain the Proof-of-Work mechanism of the digital currency blockchain after the merge.

Featured image from Pixabay – Chart from TradingView.com


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crypto news: Crypto Movement at a Glance: Bitcoin holds $23,000; Merge on the cards for Ether

This week, most cryptocurrencies faced a slight correction as uncertainty split from legacy markets. Despite the minor decline, cryptocurrencies have recovered and stood strong without sharp movements.

Bitcoin started the week trading above the $23,000 level but fell to $22,000 due to increasing pressure, US central bank’s latest interest rate hike, and ongoing tension betweenChina and Taiwan. However, bulls have succeeded in recapturing the $23,000 back the crypto lost its weekly gains.

The second largest cryptocurrency, Ethereum, fell to the $1,500 level mid-week. It again gained the $1,700 level on Friday following a consolidation of four days. On a weekly time frame, ETH might not have accumulated enough power to make a sharp move. But, a continued rise could take the price to its resistance at the US$1,785 level soon. The positive sentiment for Ethereum expands as the expectations for the September Merge. If this trend continues, we expect ETH to reach the $1,900 level in a few days. But a failure to close above $1,680 would weaken the bullish argument.

In an interesting turn of events, the largest crypto ecosystem in the world, Binance, has announced to add XRP, Shiba Inu, and Avalanche as its means of payment with the Binance Card. As of now, it will be available only for the residents of the European Economic Area and the Ukrainian refugees who have been given asylum in those countries.

According to a survey by ‘The Balance’ published this week, nearly 39 per cent of American investors are buying even more crypto as they look into new ways to invest and preserve their wealth as the unfolding financial situation becomes more unclear.

In the latest indication of how increasingly traditional investors are becoming involved in cryptocurrencies, Coinbase announced a partnership with BlackRock to provide the asset manager’s clients with easier access to digital asset markets.

Block Inc reported a Q2 profit of $1.47 billion, but only $41 million of it came from BTC trading services. The company attributed this to market volatility and a lack of customer demand. The digital payment company, run by former Twitter CEO Jack Dorsey, had its year-on-year (YoY) profit increase by 29 per cent to $1.47 billion in the second quarter despite sluggish consumer demand and falling bitcoin prices.

Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week (Data sourced from Coinmarketcap as of 11.45 hours ITS, August 7, 2022.)

Top 5 crypto gainers during the week:
1. Decred (DCR): 46% up

2. Flow (FLOW): 36% up

3. Trust Wallet Token (TWT): 20% up

4. Optimism (OP): 17% up

5. Quant (QNT: 17% up

Top 5 crypto losers this week:

1. Bitcoin Gold (BTG): 16% down

2. Solana (SOL): 9% down

3. Helium (HNT): 9% down

4. Convex Finance (CVX): 8% down

5. The Graph (GRT): 7% down

(Edul Patel is the CEO and Co-founder of Mudrex)


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The rise of Ethereum blockchain

For developers creating solutions using Ethereum as a base, there is a substantial amount of functionality hosted on the Ethereum blockchain, as reported by Cointelegraph. The native currency of the Ethereum blockchain is called Ether (ETH), and it is used to pay for transactions on the Ethereum blockchain.

As per Cointelegraph, At a Bitcoin conference in Miami, Florida, in January 2014, Buterin introduced the world to the idea of the blockchain project, which is how Ethereum came to be known. Later that year, the project received money through an initial coin offering (ICO), selling ETH tokens worth millions of dollars in exchange for cash to use for project development. The asset sale sold over $18 million worth of ETH, paid for in Bitcoin, between July 22 and September 2, 2014.

Despite the fact that ETH coins could be bought in 2014, the Ethereum blockchain did not go live until July 30, 2015, so ETH buyers had to wait until the blockchain launched before they could transfer or spend their ETH. Why was the Ethereum blockchain initially created? One explanation is that the Ethereum blockchain offers greater development flexibility for the blockchain and its ecosystem.

The switch to PoS that was made in order to scale the network is a significant modification to the Ethereum blockchain. Over the years, a lot of projects have developed applications for the Ethereum blockchain. Even then, during the 2017 era of CryptoKitties, a digital collectible cat platformed by the Ethereum blockchain, the network had difficulties.

Decentralised finance (DeFi) projects built on Ethereum attracted a lot of attention in 2020 and 2021, which brought Ethereum’s scalability difficulties to the fore as high network fees hampered participants. Although it happens gradually, Ethereum’s transition to Eth2 and PoS attempts to scale the well-known blockchain, Cointelegraph stated.

 (With insights from Cointelegraph)

Also read: What is Tokenomics and how does it work

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Blockchain tools to grow P2E guilds

GAMING guilds stand at the forefront of the blockchain gaming boom, acting as intermediaries between investors, managers and players. However, BlockchainSpace (BSPC), a leading data aggregator and infrastructure provider for guilds and Web3 projects, found that various issues such as poor community engagement, performance monitoring and fluctuating earnings still risk a guild’s survival. To help gaming guilds mitigate these risks, BSPC provides them with education, tools and financing through their Guild Partner Program.

The Guild Partner Program, launched earlier this year, is a grassroots effort to further empower and connect gaming guilds and gamers. Those, who join the exclusive membership, gain access to the guild partner network, Kozo Dashboard, Kaizen Guild Management System and BSPC’s game partners.

Through the Kozo Dashboard, guilds could compare their current performance to the overall global guild average or region average, and adjust their strategies, targets and goals accordingly.

Meanwhile, the Kaizen Guild Management System allows guilds to manage their core functions, such as HR Management, Earnings Forecasts, Performance Data and Payout Automation.

“We also found that more expenses could be saved when guilds have access to whitelisting opportunities, free in-game assets, discounted rates, chances to test-run new games and investment opportunities,” said Jen Bilango, lead for Corporate Strategy and Growth.

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The Guild Partner Program connects guilds to their game partners, such as Pegaxy, Axie Infinity and SolChicks, giving them access to several game perks. Partners could also connect with macro guilds such as Yield Guild Games and Unix Gaming Guild, mid-sized guilds like Hooga Gaming Guild, and guilds composed of casual crypto users like Play4Change.

“As we always say, no guild is too small, and no location is too far away. All guilds deserve the same resources and tools to help them and receive the support they need to unlock their potential,” said Peter Ing, BlockchainSpace chief executive. “We are confident that our Guild Partnership Program that provides an impressive selection of tools and solutions is the stepping stone to enable guilds of all sizes to thrive in the space.”



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Ethereum price rises by 50% against Bitcoin in one month — but there’s a catch

Ether (ETH), Ethereum’s native token, has been continuing its uptrend against Bitcoin (BTC) as euphoria around its upcoming network upgrade, “the Merge,” grows.

ETH at multi-month highs against BTC

On the daily chart, ETH/BTC surged to an intraday high of 0.075 on Aug. 6, following a 1.5% upside move. Meanwhile, the pair’s gains came as a part of a broader rebound trend that started a month ago at 0.049, amounting to approximately 50% gains.

ETH/BTC daily price chart. Source: TradingView

The ETH/BTC recovery in part has surfaced due to the Merge, which will have Ethereum switch from proof-of-work (PoW) mining to proof-of-stake (PoS).

Ethereum’s “rising wedge” suggests sell-off

From a technical perspective, Ether stares at potential interim losses as ETH/BTC paints a convincing rising wedge

Rising wedges are bearish reversal patterns that occur when the price trends higher inside a range defined by two rising, converging trendlines. As a rule, they resolve after the price breaks below the lower trendline by as much as the structure’s maximum height.

ETH/BTC daily price chart featuring “rising wedge” breakdown setup. Source: TradingView

Moreover, a declining volume and relative strength index (RSI) against a rising ETH/BTC further increases bearish divergence risks. This gives weight to the wedge’s bearish setup for a target of 0.064 BTC, or down 11% from today’s price.

Ether looks stronger vs. dollar

Meanwhile, technicals paint a brighter picture for Ethereum against the U.S. dollar. The potential of a 10% breakout for ETH/USD looks strong in August due to a classic bullish reversal pattern.

Related: Decentralized finance faces multiple barriers to mainstream adoption

On a four-hour chart, ETH/USD has formed what appears to be a “double bottom.” This pattern resembles the letter “W” due to two consecutive lows followed by a change in direction from downtrend to uptrend, as illustrated below.

ETH/USD four-hour price chart featuring “double bottom” breakout setup. Source: TradingView

Meanwhile, a double bottom pattern resolves after the price breaks above its common resistance level and—as a rule of technical analysis—rises by as much as the distance between the first bottom and the resistance. 

As a result, ETH could rally toward $1,940 in August, up 10% from today’s price.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.