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Ethereum Looks Poised For Another Strong Uptrend

Ethereum continues to shape up well and looks poised for another strong uptrend. There are a few things that intrigue me about Ethereum as we approach the fall of 2021. First, as the push for DeFi, or decentralized finance, continues, I believe Ethereum will play a dominant role in the coming months and years. This is because as blockchain is used to offer traditional financial services much of this traffic is likely to go through the Ethereum network. While Bitcoin is currently the largest cryptocurrency by market cap, it just does not have the capability to do what Ethereum can do. Although it is the world's second largest cryptocurrency, Ethereum is actually the most widely-used blockchain. It is important to note the difference between Bitcoin and Ethereum. Bitcoin’s main purpose is to be a digital currency-a form of payment or a store of value, sort of like a "digital gold." Ethereum, on the other hand, offers an open-source operating system which allows for the creation of dApps (decentralized apps). Whereas Bitcoin decentralized money, Ethereum opens the possibility to decentralize many other things.

From a technical perspective, Ethereum has been performing really well over the past month. I’ve already purchased Ethereum multiple times this year, but will undoubtedly add to it should another entry point present itself. There are few things I really like about Ethereum’s action this summer. First, the consistent support above the $1,750 level is a sign of strong support. In addition, the fact that the 40-week moving average was not lost during the recent correction demonstrates accumulation. I also like the fact that the 10-week moving average has started to turn up as Ether's chart forms an elegant cup and handle pattern. I will be monitoring Ethereum closely in the coming weeks to see if I can add to my position off the 50-day moving average or through a heavy volume breakout above recent resistance.

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Full Disclosure: I currently own Ethereum and Bitcoin.

Full Disclosure: This post contains an affiliate link to Gemini and Coinbase.

Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.


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