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Blockchain Weekly - Issue No. 10

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BlockHash Research

April 26 · Issue #10 · View online

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This week, I want to circle back to the Ethereum chart to cover its renewed price performance. But first, I need to cover an important piece of news that makes Ethereum a very tempting investment for the remainder of the year.
Bitmain has confirmed a brand-new ASIC miner. You might be thinking that crypto mining is dead. Old news. Irrelevant. The fact is, that’s not entirely true. What is pushing crypto mining to become obsolete is environmental concerns via high electricity usage (which I think is a dumb claim) and Proof-of-Stake (PoS) as a simple, more secure alternative.
But mining Ethereum is still a thing and all it takes is the right computing power to achieve profitability and the financial backing to make it happen. The coming Antminer E9 just might make that possible, with a whopping 3 GH/s. That’s the equivalent of using 32 Nvidia GeForce RTX 3080s. In layman’s terms, that’s an insane amount of computational power.
On top of that, the speculated price point would be nearly ¼ the price it would cost to buy all those GPUs. If all of this is true, at only 2556W in power usage needed, then mining farms have been given a second life in the mining game. My guess is that Ethereum will have a significant hash rate surge on the Eth Algorithm, which historically has been tied closely to price movement. This could be key to prolonging Ethereum as an investment in a world where it’s at risk of becoming subpar (some would say it is already).
So with this in mind, let’s look at some ETH price possibilities:

Ethereum (ETH)
Bullish Prediction:
I’m not a big fan of Ethereum like I use to be in the past. Simply because there are better blockchains. With that said, price action is price action. An Ethereum is proving to still be a viable investment (contrary to my original opinion earlier this Spring). It’s clearly in an upward funnel since at least the beginning of this year and it’s currently testing the upper Bollinger Band, which indicates a potential breakout. That MACD hasn’t confirmed this yet, but it’s very tight. If Ethereum breaks that upper Bollinger Band around $2600, it’s likely we see a $3000+ price in the month of May.
A lot of events are happening in May around DeFi, mining and on-chain updates. So there is light at the end of the funnel (pun intended).
Bearish Prediction:
In contrast, if we reject the upper Bollinger Band, we’ll first retest the moving average, then the lower Bollinger Band. If we go that low, then you would risk a sub $2k price. However, if this does happen, it could present a buying opportunity if it stays within the year long funnel. That’s how big profits are made in trading. “BUYING” low, and “SELLING” High.
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Stay tuned for the newsletter next Monday and thanks again for being a subscriber! Feel free to email me with any questions or suggestions you may have. Have a killer week trading!
Brandon Zemp
brandonzemp@blockhashresearch.com
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