ETHUSD (Ethereum) – Week 41 – Resistance Loading For BITSTAMP:ETHUSD By Financialflagship

Vitalik Buterin, the co-founder of Ethereum has lashed out at the El Salvador government over their Bitcoin adoption. Buterin’s comments came during his interaction on Reddit where he targeted Bitcoin maximalists and said it’s very easy to impress them as all you need to do is praise BTC and they would be heels overhead.

Ethereum has burned close to half a million of its supply in just two months with the burning seemingly currently running at 250,000 eth a month, worth $900 million. Some 477,000 eth has been burned at the time of writing, worth $1.7 billion, with it currently running at $1.3 million or 372 Eth burned per hour. Ethereum’s current total supply is at 117,842,811, making it 0.5% burned. At this rate, about 3% of the total supply would be burned a year. Currently miners get about 4% in new supply. Ethereum’s inflation rate thus has been slashed by 75% to 1% of total supply a year.

From a technical perspective, Ethereum did exactly what we expected in the last week’s report. The price climbed correctively and reached the resistance area at $3,6k. For the next week we expect a corrective leg to the downside and then a continuation to the upside. If the price breaks the resistance area convincingly and consolidates above, we have a high probability of going up.

Trade with care.

Best regards,

Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.