After trading sideways for weeks below the stubborn resistance at $250, the Ether (ETH) price finally saw some action early on Thursday (UTC).
Since then, the ETH/USD pair has climbed all the way north of $275, which also happens to be its highest in about five months.
Despite the steep surge, the weekly ETH chart still portrays a somewhat bearish picture. Assuming that the second-largest crypto (by market cap) manages to exceed the Feb high of $285, ETH still needs to make its way through the resistance at $360 to convincingly establish a bullish trend.
Whether or not it can pull that off depends a lot on the underlying factors that sparked this new mini-rally.
What Caused ETH to Surge After Months in Slumber?
Shortly after the ETH price broke out from resistance at $250, BeInCrypto’s Martin Young posted a detailed report outlining the possible reasons that may have caused this upward momentum.
He brushes upon three possible factors that likely infused a sense of optimism among traders.
The foremost among these is the official confirmation that the arrival of the final ETH 2.0 public testnet is less than a couple of weeks away. This has raised some speculation that the mainnet launch could possibly happen by the end of 2020.
Prominent analysts also believe that compared to Bitcoin, Ethereum is still highly undervalued and is currently waiting for just the right chain of events to spark off the next major rally.
Bitcoin Confirms Upward Trend After Creating a Higher-High [Analysis]
On July 21, the Bitcoin price created a bullish engulfing candlestick, breaking out above the $9,250 area and the 50-day moving average (MA), both of which had been providing resistance to the price over the past two weeks.
And then, yesterday, after validating the breakout level, BTC created another bullish candlestick, confirming that it has begun an upward trend.
The closest resistance area is found at $9,720, while the closest support area lies near the breakout level at $9,250.
U.K.’s First Regulated Crypto Hedge Fund Knocked Out by Investor Apathy
As the first cryptocurrency-oriented hedge fund to obtain a license by U.K. regulators, Prime Factor Capital started its journey on a high note. The crypto community also had high hopes as they anticipated the firm would draw hefty institutional investment into the emerging asset class.
Unfortunately what began as a big bang soon turned into a whimper as the company struggled to attract sufficient big players since its launch in 2018. After slogging it out for a few years, Prime Capital is finally closing down.
As you’ll find out in this detailed report, Prime Factor Capital is not the first crypto-centric fund to close due to investor apathy. During 2019, almost 70 cryptocurrency-focused hedge funds closed their doors.
Has LINK Reached a Top or Will the Price Reach a New ATH?
The LINK price has been rising at an accelerated rate since it first broke out from the $4.7 resistance area on July 6. During this rise, the price followed a very steep rising support line, below which it broke down on July 20.
The price found support above the minor $7.1 support area and has been rallying over the past couple of days. Technical indicators are mixed, currently leaning bearish.
Stellar (XLM) Breaks Free from Range, Reclaims 1,000 Satoshi Level
Technical indicators continue to be bullish for Stellar (XLM). The weekly RSI is above 50 and moving upwards without showing signs of any bearish divergence. The price has moved above the 50-day moving average (MA), which had previously been providing resistance, and is now likely to act as support.
CoinMarketCap Quickly Retracts BNB Coin as No. 1 DeFi Project
CoinMarketCap (CMC) has quietly retracted Binance Coin (BNB) from the top of its DeFi rankings. The move comes shortly after BNB briefly appeared at the top, drawing flak from critics who allege that the company was merely serving the interests of its relatively new owner, Binance.
Although BNB suddenly disappeared from the number one position, many observers still feel that the way CoinMarketCap defines DeFi is inconsistent with how the industry at large does.