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Analytics / Breaking News / Ethereum

Ethereum (ETH) Appears Bullish Than Ever Despite Sell Pressure

Ethereum Chart With Values

Ethereum (ETH) has been under a lot of sell pressure recently as projects built on Ethereum (ETH) continue to dump their coins on exchanges. It recently happened with EOS (EOS) when company accounts dumped a big load of their Ethereum (ETH) coins on Bitfinex. The same is true of other ICOs conducted on the Ethereum (ETH) blockchain. To Ethereum (ETH) founders and developers, this would be the cost of doing business, which is perfectly fine long term. However, for investors in Ethereum (ETH), it is a major concern considering they never know when an ICO project is going to dump a big load of their Ethereum (ETH) holdings on an open exchange.

Ethereum (ETH) looks more bullish than ever despite these negative developments. The monthly chart for ETH/USD shows how Ethereum (ETH) has reached the bottom of the bullish channel. The last time this happened, Ethereum (ETH) had a big run up to $1,000+. This time around, the price is expected to end up at 5 digits instead of 4, thanks to talks of an Ethereum ETF. Most exchanges and brokers are already offering Ethereum Futures and Options, but to make it easier for investors to invest in Ethereum (ETH), an ETF would be a big move. While this may seem trivial to tech savvy current crypto investors who can transfer Ethereum (ETH) to and fro wallets with no hassle, it is a problem for traditional investors.

Ethereum Chart With Values

Most people in the financial industry currently comprise of old school investors who have always looked down upon millennials as geeks lost in their own world. This is why they never bothered to find out what those geeks were up to or make an effort to understand what they were doing. If you are a millennial, it may be easy for you to create a Metamask account, configure a Trezor wallet or send funds to a complicated Ethereum (ETH) address, but think about your grand pa who currently holds an IRA account at Fidelity and does not know much about cryptocurrencies. Certainly, he would be more open to investing in Ethereum (ETH) if he could just buy it using his traditional broker like Interactive Brokers or TD Ameritrade.

Ethereum Chart With Values

On both the ETH/USD as well as the ETH/BTC charts, future prospects for Ethereum (ETH) seem brighter than ever. The cryptocurrency could definitely soar to new highs by late 2018 or the beginning of next year. However, it is alarming to see that the number of Ethereum Shorts is now close to an all time high on Bitfinex. One could assume that most of this is retail or dumb money that is going to lose big time once Ethereum (ETH) starts to recover. It could also be investors who think Ethereum (ETH) is under trouble and that competitors like EOS (EOS) and TRON (TRX) are going to carve out a big portion of its market share. However, it could also be insiders who know which ICOs are going to dump their Ethereum (ETH) next and they are looking to profit off the next dump. In any case, a professional investor would think twice before going short while Ethereum Shorts are close to their ATH for no good reason.


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