Ether Price Update: Technicals Indicate $100 ETH Is Within Reach

Despite a recent correction and profit-taking with bitcoin, the top five coins by market capitalization continue showing extremely strong gains. Ether (ETH) has risen over 100% since April 24th and has made new all-time highs (ATH) in market capitalization every day.

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Hash rate however has slowed slightly, currently sitting near its ATH.

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Based on inflation, Ethereum needs a significant infusion of cash per day to keep up with block rewards to remain at its current price. This could be some cause for concern for long-term holders of ETH.

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GDAX continues to handedly lead the ETH-USD volume, suggesting on-ramping remains strong. The GDAX price has also begun closing in on the Bitfinex premium, which remains in place due to USD deposit and withdrawal halt on that exchange.

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There is an active and near-complete bullish chart pattern, the Cup and Handle.

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The chart pattern includes a matching descending volume profile for the cup as well as the handle. A resolution of the diagonal resistance should yield a break of the local high on volume. The measured

Read more ... source: Bitcoin Magazine

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