ETHUSD (Ethereum) – Week 22 – Bearish pressure

Asset manager Wisdomtree has filed for an Ethereum exchange-traded fund (ETF), as the Securities and Exchange Commission continues to ponder over its Bitcoin ETF application from earlier this year. The move comes as Ethereum's popularity grows. Institutions are now taking notice to Ethereum, which has a significantly wider use-case than its older, bigger equivalent in Bitcoin.

Nvidia cautioned investors on its results call this week that Ethereum 2.0 might lower demand for its flagship graphics cards. In terms of profitability, the company recorded a significant profit beat, with revenue up 84 percent year over year and a 106 percent increase in the gaming division, which includes graphics card sales.

Technically, Ethereum follows the same pattern as Bitcoin for now. It touched the resistance area a couple of days ago and now it started falling again with small consolidations in between. We think this pair will continue its downward trend. For us to change our view we have to see a strong up move that would break the resistance and stay above it.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.