CryptoFinance Metrics | 08.06.2021

BlockchainIST Center

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BCISTCenter

4 min readAug 6, 2021

Social Media: LinkTree

The ETH price has increased by approximately 12% after the Hard Fork upgrade on August 5.

Further Reading: EIP-1559 Has Already Burned $1 Million Worth of ETH

Latest Headlines

The London hard fork of Ethereum, which is expected to make significant changes to Ethereum’s transaction fee system. is now live.
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A senator from Uruguay has introduced a bill to allow businesses to accept cryptocurrencies as payments and regulate their use within the South American country.
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Technical Analysis

BITCOIN [BTC] — 41,983.05 USD

The price of Bitcoin, which lost approximately 1.5 percent in the morning hours, is $ 40,300. JP Morgan, a major anti-Bitcoin bank, started offering an in-house Bitcoin fund to Private Bank clients for the first time this week. However, according to the shares made by the chain data company, a total of $131 billion worth of Bitcoin was moved in a single day earlier this month, and only 1% of this amount was deposited and withdrawn from cryptocurrency exchanges. It was stated that the reason for this may be that the institutions are making purchases with OTC agreements.

When we consider the BTC / USDT parity technically, BTC, which found support at the level of $ 37500, which corresponds to the Fibo’38.20 slice, with the withdrawal from the August 1 peak level of $ 42605, again formed a double bottom formation at this level. With this formation, the buy signal from the MACD in the 4-hour period is a supporting factor. The formation target is the previous high at $42600.

Resistance Levels: 41.937 / 43.634 / 45.928
Support Levels: 37.946 / 35.652 / 33.955

ETHEREUM [ETH] — 2,839.92 USD

The price of Ethereum, which lost about 2.0 percent in the morning hours, is $ 2764. The anticipated London Hard Fork was yesterday at the chain’s 12,965,000 block. Looking at the network data after the upgrades, the Ethereum network is currently burning $395,000 ETH per hour. Updates in Ethereum are not just news, these upgrades are important developments specific to the project and can positively differentiate ETH in the market in the medium and long term.

When we consider the ETH/USDT parity technically, it has found support from the Fibo’38.20 tranche after the pullbacks it has experienced since the last August 1 peak. ETH, which declined to $ 2529 levels with the sales experienced throughout the market yesterday, made its daily close at $ 2826, above the $ 2727 level, which coincides with the Fibo’50 tranche, with a rapid recovery. Our target of 3300 dollars for ETH, which we interpret as positive in terms of outlook in the daily period, remains up-to-date.