Crypto Industry News:

Currently, there is just over 3 million ETH worth $ 5.4 billion on the ETH 2.0 blockchain. According to data from the analytical platform beaconcha.in, there are currently over 84,000 active validators.

Stacked ETH earn 9% per annum. As the price of cryptocurrency recently hit another all-time high, staking has so far been extremely profitable. The record level of ETH stakes is not the only milestone the network has achieved. Currently, Ethereum has swapped places with Bitcoin in terms of adjusted on-chain value transfer (according to CoinMetrics data).

CoinMetrics reports that on February 4, the adjusted ETH transfer value reached over $ 19 billion, the highest level ever. Other strong figures include the highest ever hash rate of around 350 TH / s hit this week and a record for miners’ profits, which is not surprising given the astronomical gas prices.

Ethereum mining revenues peaked last week of $ 55 million in a single day. The miners were able to grab $ 3.74 million in one hour, setting another record. Of course, this comes at a cost for users. Gas is currently at its highest, averaging around $ 25 per transaction.

Technical Market Outlook:

The ETH/USD pair has made another swing high at the level of $1,836 but then made a Doji candlestick pattern on the H4 time frame chart and dipped to the level of $1,679. The next target for bulls is seen at the level of $1,904 (161% Fibonacci extension of the wave C). The intraday technical resistance is located at the level of $1,745. The momentum is strong and positive and market conditions are now bouncing from the oversold levels on the H4 time frame chart.

Weekly Pivot Points:

WR3 – $2,306

WR2 – $2,035

WR1 – $1,838

Weekly Pivot – $1,545

WS1 – $1,349

WS2 – $1,062

WS3 – $860

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $2,000, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.

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The material has been provided by InstaForex Company – www.instaforex.com

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