{"id":41995,"date":"2021-11-03T07:55:00","date_gmt":"2021-11-03T06:55:00","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=41995"},"modified":"2021-11-03T07:55:00","modified_gmt":"2021-11-03T06:55:00","slug":"ethereum-buyers-super-confident-will-eth-usdt-lift-off-to-6-6k","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/ethereum-buyers-super-confident-will-eth-usdt-lift-off-to-6-6k\/","title":{"rendered":"Ethereum Buyers Super Confident, Will ETH\/USDT Lift-Off to $6.6k?"},"content":{"rendered":"<p style=\"text-align: justify\">The <a href=\"https:\/\/crypto-economy.com\/ethereum-eth-price\/\" target=\"_blank\" rel=\"noopener\"><strong>Ethereum price<\/strong><\/a> is solid, outperforming the greenback and BTC on the last trading day.<\/p>\n<p><!--more--><\/p>\n<p style=\"text-align: justify\"><strong>ETH is up seven percent versus the USD and trading at new all-time highs backed by several fundamentals tied to NFTs and the disruptive DeFi scene.<\/strong><\/p>\n<p style=\"text-align: justify\">Ethereum, reading from the fees generated and channeled to miners in the last 24 hours, is several folds more active than Bitcoin.<\/p>\n<p style=\"text-align: justify\">The legacy blockchain even trails the level of activity of Uniswap and some Ethereum-tied NFT marketplaces like <em>OpenSea<\/em>.<\/p>\n<p style=\"text-align: justify\">According to data generated revealing the most intense dApps contributing to ETH burns, OpenSea <a href=\"https:\/\/ultrasound.money\/\" target=\"_blank\" rel=\"noopener\">tops<\/a> the chart. Meanwhile, Uniswap\u2014the DEX\u2014dominates and is a significant fixture in Ethereum.<\/p>\n<h2 style=\"text-align: left\">Ethereum On-Chain Fundamentals Stronger<\/h2>\n<p style=\"text-align: justify\">Recent data now shows that more ETH coins are destroyed than released to miners, effectively making it deflationary.<\/p>\n<p style=\"text-align: justify\">Ethereum analysts are convinced at this pace that ETH would be the bona fide ultra-sound money that&#8217;s better than Bitcoin.<\/p>\n<p style=\"text-align: justify\">Even so, the high demand for Ethereum block space is pushing up Gas prices to unsustainable levels, a fact that&#8217;s keeping most retail users away.<\/p>\n<p>https:\/\/twitter.com\/DeepFreakinPain\/status\/1455341406973689860<\/p>\n<p style=\"text-align: justify\">While Layer-2 platforms like Arbitrum may offer reprieve, the confidence of transacting on the battle-tested Ethereum mainnet is more appealing. Nonetheless, more platforms are intending to launch on Layer-2, relieving the base layer.<\/p>\n<p style=\"text-align: justify\">These stronger on-chain factors are why, according to Willy Woo, there are more upsides for the coin.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">While BTC is building up strength for ATH escape velocity, ETH is quietly building even stronger on-chain fundamentals not yet reflected in price. <a href=\"https:\/\/t.co\/V8Irs8z7Qb\" target=\"_blank\">pic.twitter.com\/V8Irs8z7Qb<\/a><\/p>\n<p>&mdash; Willy Woo (@woonomic) <a href=\"https:\/\/twitter.com\/woonomic\/status\/1455513235348590594?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">November 2, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\">Per his analysis, ETH may soar even higher, levels supporters maintain will be nothing short of five figures.<\/p>\n<h2 style=\"text-align: left\">Ethereum Technical Analysis<\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-42001\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/Ethereum-Daily-Price-Chart-for-November-3.png\" alt=\"Ethereum Daily Price Chart for November 3\" width=\"1366\" height=\"768\" \/><\/p>\n<p style=\"text-align: justify\">At the time of writing, ETH is at new all-time highs above $4.4k. From the daily chart, the confidence of traders in ETH is evident. The middle BB continues to act as the primary support level, anchoring upbeat bulls.<\/p>\n<p style=\"text-align: justify\">Besides, after a brief consolidation over the weekend, ETH\/USDT prices are swinging in favor of buyers, rewinding losses.<\/p>\n<p style=\"text-align: justify\">Accordingly, reading from the way ETH\/USDT candlesticks are arranged, every low may provide a loading opportunity for traders targeting $6.6k, the 1.618 Fibonacci extension level of the H1 2021 trade range, or even $10k.<\/p>\n<p style=\"text-align: justify\">Such a move, at spot levels, will confirm the surge of early Q3 2021 from a top-down view and October 28 bar for intra-day traders. This will further help narrow the gap with Bitcoin, making the crypto base stronger.<\/p>\n<p><strong><em>Technical charts courtesy of <\/em><\/strong><a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener\"><strong><em>Trading View<\/em><\/strong><\/a><\/p>\n<p><strong>Disclaimer:\u00a0<\/strong><em>Opinions expressed are not investment advice. Do your research<\/em>.<\/p>\n<hr \/>\n<div class=\"td_block_wrap tdb_single_content td_uid_54_61419039a1883_rand td-pb-border-top td_block_template_1 td-post-content tagdiv-type\" data-td-block-uid=\"td_uid_54_61419039a1883\">\n<div class=\"tdb-block-inner td-fix-index\">\n<p style=\"text-align: center\"><strong><em>If you found this article interesting, here you can find more\u00a0<a href=\"https:\/\/crypto-economy.com\/cryptocurrencies\/ethereum-news\/\">Ethereum News<\/a><\/em><\/strong><\/p>\n<\/div>\n<\/div>\n<p style=\"text-align: justify\">\n","protected":false},"excerpt":{"rendered":"<p>The Ethereum price is solid, outperforming the greenback and BTC on the last trading day.<\/p>\n","protected":false},"author":11,"featured_media":40872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[74,87],"tags":[5294,4682],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/41995"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=41995"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/41995\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/40872"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=41995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=41995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=41995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}