ETH overtakes BTC? DOGE, BCH, LNK ideas
Hello and welcome, everyone. It's Martin here at CryptoGains. So we have a number of interesting developments to discuss today, so let's dive straight in.
Ethereum balances on exchanges see a historic drop, which lowers the risk of a major sell-off, according to data from Santiment. This is significant because it means that when people withdraw the money away from exchanges, they're not anticipating entering into transactions anytime soon. And typically, we have the reverse — money moving to exchanges — when people are about to sell. So, this is definitely suggesting that the current prices in ethereum are sustainable, and they can even trigger a potential rally.
In addition to that, JPMorgan analysts report that the staking industry, which Ethereum 2.0 is developing, is offering very attractive investments in this near-zero [interest] rate environment, suggesting that this would be attractive for retail and institutional investors alike.
In addition to that, considering the recent drop in the bitcoin active addresses, currently, ethereum has overtaken bitcoin by the number of active addresses, with the network hosting roughly 200,000 more active wallets than bitcoin as of July.
In addition to that, what's interesting to observe, which is proving more of a bullish case for bitcoin, is that the use of green energy for bitcoin mining increased 52.2% in 2021, according to a report from the Bitcoin Mining Council, which of course is very good news because large companies such as Tesla may embrace bitcoin once again if it becomes more environmentally sustainable.
And finally, a new game is going to be distributed. Millions of dogecoins to all the people who participate in it. Basically, it's an augmented reality mobile game titled Million Doge Disco, which is very similar to Pokemon GO. And it's going to reward its users with dogecoin. So let's move to the technical charts and see how we can trade some of these insights.
Visually, with bitcoin versus Tether. We're currently retesting support at $32,800. As long as we maintain that, good opportunities to buy Bitcoin, with targets at $33,400 and $34,400. Conversely, if we break with below the $32,800 support, we could see more declines to $32,400 and $31,300.
Now let's take a look at Ethereum. $2040 is the critical pivot point for Ethereum. You can see that at the time of filming, it comes with a sell signal on the StormGain platform. The first target on the short side is $1975 and then lower down to $1890. However, if we break above $2040, we could see some increases on the upside, with targets for long positions at $2140 and $2235.
And now we are moving to Dogecoin. Dogecoin has fairly robust support at the $0.24 mark, which gives us good opportunities to initiate long positions, with targets at $0.255 and $0.27. Conversely, however, if we break below $0.24, we could see more declines, which could take us down to $0.23 and $0.22 on the short side.
Now we're moving to Bitcoin Cash. At the time of filming, Bitcoin Cash also comes with a sell signal on the StormGain platform. Ideally, I want to break below $480 to initiate short positions, with the initial target at $470 and then $450. However, if we maintain $480 as support, you can be seeing a rally higher up, with targets at $500 and $513. If you want to be a bit more conservative, you can even take profit at $490.
And finally, we're moving to Chainlink. Сhainlink also comes with a sell signal at the time of filming. Below $17.50, which is a critical level for chainlink, selling chainlink, with targets at $16.80 and $16.15. However, if we break above $17.50, you could buy chainlink, with targets at $18.50 and $19.50.
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