CryptoFinance Metrics | 07.02.2021

Published in

BCISTCenter

4 min readJul 2, 2021

Social Media: LinkTree

Ethereum miners saw their revenue decline in June, to about $1.1 billion, compared to an all-time high of $2.35 billion reached in May.

Latest Headlines

A new German law allows special investment funds to allocate 20% of their valuation into crypto.
According to the Bitcoin Mining Council’s first quarterly survey, 56% of miners are using renewable energy.
The Kazakh president has signed a law that imposes surcharge for electricity used by crypto miners.
650 US banks and credit unions will be able to offer their clients to buy crypto currencies.
The inventor of the World Wide Web, Sir Tim Berners-Lee, has sold an NFT of the web’s source code for $5.4 million at auction house Sotheby’s.

Technical Analysis

BITCOIN [BTC] — 33,556.56 USD

The price of Bitcoin, which fell by 2 percent in the morning hours, is $ 32,829. When we check the chain data for Bitcoin and the 7-day average of the number of active and new addresses we do not see a full recovery, yet. On the other hand, when we look at the transfer between exchanges and wallets, we see that there is a net outflow dominance from the exchanges on an average of 7 days. Although this reduces the selling pressure for Bitcoin, we do not see the effect on the price yet. We see that 307 million dollars have been transferred from exchanges to wallets in the last 24 hours. The long-term outlook for Bitcoin is positive.

When we look at the BTC/USDT pair technically, we see that it opened just below the weekly DEMA and tried to rise above these levels, but failed. If the price continues its downward move, we would expect the monthly DEMA at $32,474 to act as the nearest support level. In case of an upward movement, our first resistance level will be $33,500. In the short term, due to the indecision about the direction in the market, buying near support and selling near resistance will be a healthier strategy.

Resistance Levels: 34.028 / 35.086 / 35.700
Support Levels: 32.356 / 31.742 / 30.684

ETHEREUM [ETH] — 2,111.40 USD

The price of Ethereum, which lost 3.43 percent in the morning hours, is $ 2034. When we checked the chain data for ETH, the supply of ETH held by Ethereum investors on exchanges fell below 18 percent, the lowest level in the last 31 months. This prevents future heavy sales and positively affects the long-term Ethereum outlook. When we look at the net flow, which is the stock market, there is an ETH outflow of 384 million dollars for the last 24 hours. Investors continue to transfer ETH from exchanges to addresses for long-term HODL despite the decrease in Ethereum’s price. The medium and long-term outlook is positive.

When we consider the ETH/USDT parity technically, the closest support level for ETH, which opens daily just below the 7-day DEMA level, will be the monthly DEMA ($ 2009) levels. For ETH, which does not have any negative news flow, the closest resistance level can be seen as $ 2092–2097 in a market-wide rise. Although MACD and Parabolic SAR are giving signals in the direction of buying, we anticipate that it will be more appropriate to buy near support and sell near resistance due to the mixed course in the market.