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Digital Currency Revolution Series: ETH/USD Bulls Uproar Ahead Of Ethereum 2.0 Testnet, Uphold Long Hedges
Ethereum’s minor and intermediate trends have been impressive of late, ether’s price has surged commendably (especially for this week, 15% jump) and it has been foreseen well in advance by our Econotimes team. Accordingly, the suitable long hedges have also been advocated in our recent post, the underlying price is edging higher towards $290 levels as anticipated, the rest is history.
The second-largest cryptocurrency by market capitalization, ether (ETHUSD at Coinbase) is currently trading at around $280 levels.
Technically, the bulls have managed to break-out the downtrend line with a stern bullish candle. Prior to which the intermediate trend takes-off rallies above EMAs upon the test of strong support zone at $88 – $110 levels. For now, more rallies likely as it manages to breakout the trendline, both leading oscillators (RSI & stochastic curves) signal intensified buying momentum.
Fundamentally, such massive rally is driven by the mounting adoption of DeFi applications as stated in our recent write-up.
We could foresee more upside risks upon the bullish driving force which is the Ethereum 2.0 final testnet that is scheduled in the 1st week of August.
Hence, the confluence of various fundamental and technical driving forces indicate the further upside prospects of ether.
We activated the longs in ETHUSD futures contracts of July month deliveries, we now wish to uphold the long hedges by rolling over August month deliveries with an objective of participating in prevailing uptrend. The investors are galloping into options markets in the recent times, leading Ether’s open interest to a record-highs nearing to $250 million.