Why Ethereum’s Unstoppable Rally Could Cool Off at $3K

Ethereum has seen a 34.5% rally during the week. At the time of writing, ETH trades at $2.976 with a 1.8% profit in the daily chart. The cryptocurrency has been reaching a new high in the lower timeframes and seems poised to break a major milestone at $3.000.


However, several experts seem cautious due to major walls of resistance at those levels. Pseudonym trader “Edward Morra” has followed ETH’s price rally closely for the past days. The trader is “fascinated” by ETH price action which has shown shallow pullbacks with constant grind-ups. On this price structure, Morra said:

These type of patterns either end up exploding up or spill down cascading the stops, both extremes.

The trader also pointed to the ETH price chart for the past 3 months when the cryptocurrency broke $1.000 and 2.000. Almost immediately after, the price experienced severe corrections, as showed in the chart below. Next week could be critical to determined Ethereum’s price trajectory in the short term.

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Additional data shared by Morra and trader Byzantine General show a large amount of selling orders for ETH at $3.000 on all exchanges. The orders go from $9 million to $30 million. Therefore, they concluded that this price target will be a “challenge”. However, Byzantine General stated the following:

I saw walls like this at $1000 ETH too and they got eaten for the most part.


Ethereum Based Products Received $30 Million In Inflows

In support of Ethereum’s bullish case, Chief Strategy Officer of CoinShares, Meltem Demiros, shared data on the digital asset fund flows for last week. Demiros’ firm has determined that ETH’s bullish sentiment is on the rise as the cryptocurrency saw $34 million inflows for its investment product last week.

ETH has “bucked” a trend of outflows that most noticeable affected Bitcoin. In contrast, the first cryptocurrency by market cap saw a $21 million outflows in its investment product for the same period. The trend started after BTC’s mining sector was affected by a series of power outages in the Chinese province of Xinjiang. Demiros added the following:

(…) last week saw $21M in BTC product outflows, the largest outflow on record that same period saw $34M of inflows into ETH products. This data indicates investor sentiment around ETH is positive.


Institutions seem to be warming up to Ethereum at a high speed. In that period, the European Investment Bank announced a digital bong based on ETH. Senior Editor at the Economic and Financial desk for the German “Die Welt”, Holger Zschaepitz, believes this to be amongst the reasons for ETH’s rally.


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Bitcoin Primed for New All-Time High as Two Emerging Altcoins Breakout, Says Top Crypto Trader

Pseudonymous crypto trader Kaleo says Bitcoin is ready to climb higher while two large cap altcoins prepare for a renewed breakout.

In a series of tweets this week, Kaleo tells his 245,000 followers that despite Bitcoin’s recent shaky price action, it now appears to be on the verge of making a major move upward, expecting the asset to return above $60,000 this weekend.


“Expecting another leg up sometime soon. I really wouldn’t be surprised if BTC continues to grind higher to $60,000+ this weekend for a CME gap up Sunday.”

Source: Kaleo

Another chart Kaleo shares shows the king coin reaching $67,000 by the end of this week.


Source: Kaleo

Kaleo is also keeping an eye on blockchain network Terra (LUNA). The trader notes that LUNA is bullish against Bitcoin (LUNA/BTC) and has been buying the dips in the pair.

“The entire ladder up to the all-time high in March was defined by impulse moves up, followed by slower bleeds down, repeat. It’s been profitable to buy red, so I like this as an entry opportunity.”

Kaleo believes LUNA is set to increase nearly 40% versus BTC in the next few days from its current value of 0.00029 to 0.0004.

“LUNA/BTC basically looking for this.”

Source: Kaleo

Kaleo is also bullish on LUNA/USD, remarking that the pair is likely in a renewed accumulation phase, through which he will continue to hold the asset.

“I’m holding. I still see accumulation after a breakout that should send for the next leg up soon enough. Patience pays.”


The trader adds that LUNA may soon print gains of nearly 20% from its current value of $16.75.

“LUNA. Send it to $20.”

Source: Kaleo

Kaleo also tweets that the governance token for PancakeSwap, CAKE, is likely to jump over 30% in the near term from a price of $38.31 at time of writing.

“CAKE is such a machine. $50 is imminent.”

Source: Kaleo

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bank of England and UK Parliament get ‘Bitcoin fixes this’ treatment

One crypto user is seemingly taking exception to current monetary policy from the Bank of England, or BoE, and expressing their frustration with a laser projector.

Reported by Twitter user Dominic Frisby, an unknown person projected “Bitcoin fixes this” and other messages on the exterior walls of both the BoE and the Parliament of the United Kingdom on Saturday. The message appeared underneath Big Ben as well as the front of the central bank surrounded by a red box with the artist’s hallmark, and the photo has already been turned into a nonfungible token.

Many financial institutions around the world have struggled to adapt amid restrictions and economic uncertainty brought on by the pandemic since March 2020. The BoE has since purchased billions in government bonds and corporate debt.

It’s unclear why the anonymous Bitcoiner chose to project the message at this particular time. The BoE recently listed seven job postings related to a central bank digital currency, or CBDC, and will be establishing a task force to study its rollout in the U.K. market in collaboration with parliament. However, it seems that at least one person is dissatisfied with the direction of monetary policy in the United Kingdom.