CryptoFinance Metrics | 08.11.2021

BlockchainIST Center

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BCISTCenter

4 min readAug 11, 2021

Social Media: LinkTree

After the Hard Fork update, the Ethereum transaction fee decreased by approximately 27%.

Further Reading: What is EIP-1559?

Latest Headlines

The US Senate gave an approval to a $1 trillion infrastructure bill without amending the controversial cryptocurrency tax reporting requirements.
Brazil launches its first eco-friendly Bitcoin ETF (BITH11).
Brian Brooks has quit as the US CEO Binance four months into the job.
Cryptocurrency exchange CoinDCX became India’s first crypto unicorn.
Bank of Jamaica mints the first batch of national digital currency.

Technical Analysis

BITCOIN [BTC] — 46,267.41 USD

The price of Bitcoin, which is dominated by horizontal price movements in the morning hours, is $ 45,680. According to the data shared by Santiment yesterday, it is seen that the Bitcoin supply rate held on the exchanges has reached the lowest levels of the last 26 months. The drop in the supply rate on the exchanges is important because the high supply of Bitcoin held on the exchanges indicates that the amount of Bitcoin investors have available to sell is high, which creates selling pressure across the market. This risk is now minimized.

When we consider the BTC/USDT parity technically, BTC, which broke the $ 44985 level, where its 200-day moving average is located, on August 9, with a volume above the average, although it fell below this level yesterday, it closed the day again above its 200-day moving average with the support it found. When we examine it in the daily period, the MACD, which exists as of July 22, continues the buy signal. If this level is broken for BTC, which experienced a pullback with the reaction seen at the $ 46850 level and which coincided with the Fibo’50 slice yesterday, an increase towards the $ 50,000 level is expected.

Resistance Levels: 46.387 / 47.038 / 47.926
Support Levels: 44.848 / 43.960 / 43.309

ETHEREUM [ETH] — 3,236.26 USD

Ethereum, which gained about 0.77 percent in the morning hours, is priced at $ 3163. ETH, which rose to the level of $ 3233 during the day yesterday, started to retreat with the news that the PolyNetwork, which came with it, was used to steal the investors’ $ 600 million Polygon, Binance Smart chain and crypto in Ethereum. The medium and long-term outlook is positive when the positive outlook of the chain data is taken into account for ETH, where the impact of the news seems to be limited.

When we consider the ETH / USDT parity in a technical sense, ETH, which rose to the level of $ 3233 yesterday, regressed to $ 3050 with the withdrawal caused by the negative news flow. When we examine it in the daily period, we see that the 50-day moving average crosses the 200-day moving average upwards again. Considering this metric, which shows that the trend has turned to the upward direction again, we think that the upward price movement for ETH will continue.