Ethereum Platform Hits the Right Chord; Worth Investing in ETH

Ethereum’s IPO Completes

Ethereum is surrounded by many updates recently, and the price of crypto is clearly above $585 but lacks momentum to trade below $600; however, bullish crossover prevails. One of the many updates is that Ether, the native of Ethereum platform, the largest altcoin by market capitalization, completes its Initial Public Offering comprising 7,240,000 class A units and Class F units for aggregate gross proceeds of approximately $76.5 million. These Class F units are reclassified into Class A units immediately after the closing of the Offering. The major objective here was exposure to the digital currency, i.e., Ethereum, and the opportunity for long-term capital appreciation.

WordPress Adds official Ethereum Ad plugin

The next Ethereum news update about Ethereum that follows after the completion of Initial Public Offering is that WordPress had added an official Ethereum ad plugin. This new plugin will let the WordPress users to gain ad earnings directly into their ETH wallets. The WordPress plugin allows publishers to earn ETH through banner ads. Moreover, this new plugin allows all kinds of content and is not just limited to crypto content.

Grayscale Increases ETH Holdings in Past 30 Days

Additionally, Grayscale, the company that manages cryptocurrency investment funds, is not just holding the largest cryptocurrency by market capitalization, i.e., Bitcoin, but is exceeding in its Ethereum holdings. Grayscale has gathered as much as 388,714 ETHs in 30 days now, wherein; ETH 2.0 staking is one of the many reasons for this massive accumulation in a month.

As per our Ethereum Price Prediction, ETH price is also hitting the best chords as the major altcoin of the global crypto market despite trading below $600.

Ethereum Price Analysis

Ethereum News
ETH/USD Chart By TradingView

Today, at the time of penning down this analysis, Ethereum price was seen trading at $586 after having pulled back from the 30-month high of $640. It was earlier when the price trend of ETH/USD was seen hitting the upper band, and with a slight pullback of a mere 8%, it is continuing to retain 50-day and 200-day daily MA support at $417 and $254, respectively.

The 30-month movement of ETH/USD shows apparent gain after a consolidation recorded for over a year now. The MACD indicator shows a clear bullish divergence, and, in this respect, the RSI of the coin is also inclined towards the overbought zone at 66.97 due to an increase in intraday demand.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

Related Articles

Back to top button