Ethereum Holding Support as Bitcoin Prepares for Inbound Price Discovery – Crypto Analyst

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A closely watched cryptocurrency analyst and trader said Ethereum (ETH) is hanging on to a key support level as Bitcoin (BTC) braces for an impending price discovery.

The pseudonymous trader known as Pentoshi tells his 337,000 subscribers that Bitcoin has crucial support in the $ 58,000 area.

Because BTC maintained this level at the start of the new week, Pentoshi says Bitcoin is likely poised to move towards the $ 65,000 range and threaten new all-time highs again.

“BTC continues to hold this important area of ​​58,000

The weekly low is probably already hit and I’m assuming the price discovery this week is based on the new test we did at the start. “

Source: Pentoshi / Twitter

Pentoshi also has an eye on Ethereum. The trader takes note of the negative net issuance trend of the main smart contract platform triggered by the London hard fork upgrade. One aspect of the upgrade included implementing a new fee structure that takes a portion of ETH from each transaction fee and burns it.

According to the analyst, the deflationary nature of Ethereum tokenomics in recent times, combined with bullish price action, bodes well for ETH in the near future.

“Most interestingly, he’s had some net negative (really deflationary) issuance over the past 7 days. He has yet another halving event in Q1-Q2 via merge

TA-wise [technical analysis] it retested previous all-time records and should now be confirmed as support

I received completed offers with clear invalidation.

Source: Pentoshi / Twitter

Looking at Ethereum in its Bitcoin (ETH / BTC) pair, Pentoshi says ETH has one last resistance to cross before hitting a multi-year high at the 0.10 ($ 6,100) level. According to the analyst’s chart, ETH / BTC could register gains of 50% if it maintains its strength.

“ETH still has one last resistance

He maintained the perfect trendline, as well as the 3-year PoB [proof-of-burn]

Its next independent breakout should take it towards a trend of .10-11 BTC and a price discovery on the USD [US dollar] pair.”

Source: Pentoshi / Twitter

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