{"id":496476,"date":"2022-07-22T15:55:22","date_gmt":"2022-07-22T15:55:22","guid":{"rendered":"https:\/\/ktsl888.com\/?p=496476"},"modified":"2022-07-22T15:55:22","modified_gmt":"2022-07-22T15:55:22","slug":"ethereum-shows-signs-of-exhaustion-but-could-it-still-touch-1700","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-shows-signs-of-exhaustion-but-could-it-still-touch-1700\/","title":{"rendered":"Ethereum Shows Signs Of Exhaustion, But Could It Still Touch $1,700?"},"content":{"rendered":"

The crypto market has extended its bullish momentum despite recent tailwinds, Ethereum continues to lead in this recovery. The second crypto by market cap trades at $1,600 with a 35% profit in the past week.<\/p>\n

Related Reading |\u00a0Crypto Market On The Mend: ApeCoin And Curve DAO Show Gains<\/a><\/strong><\/p>\n

Trading firm QCP Capital shared<\/a> a market update claiming the current bullish price action has been a \u201cpleasant surprise for all\u201d. This price action started on the back of the latest U.S. Consumer Price Index (CPI) print; a metric used to measure inflation.<\/p>\n

The CPI stands at a 40-year high which was expected to have a negative impact on the crypto market. The opposite occurred, the trading firm claims, due to market participants expecting lower inflation in the coming months.<\/p>\n

This potential decline in inflation could give some room for risk asset to continue their rally and persuade the U.S. Federal Reserve (Fed) from ruling out a 100-basis point (bps) interest rate hike. The financial institution will announce its decision on July 27. QCP Capital said:<\/p>\n

Currently, a 20% chance of 100bps is still being priced in but our view is that 75bps is the most the Fed will do. So expect another boost as 100 bps gets completely priced out.<\/p><\/blockquote>\n

Ethereum is leading the relief because there is more clarity around the upcoming \u201cMerge\u201d, an event set to combine this network\u2019s execution layer with its consensus layer. Thus, consolidating Ethereum\u2019s migration to a Proof-of-Stake (PoS) consensus protocol.<\/p>\n

\u201cThe Merge\u201d has been tentatively scheduled for September which has contributed to the shift in the general sentiment across the crypto market and supported this rally. The bullish price action, QCP Capital said, has been \u201ckeenly felt in the options market\u201d.<\/p>\n

The sector saw a \u201crush\u201d to purchase buy contracts (calls) for the September expiry. In other words, options traders are bullish on the potential impact that \u201cThe Merge\u201d will have on Ethereum.<\/p>\n

\"Ethereum
ETH’s price with minor gains on the 4-hour chart. Source: ETHUSDT Tradingview<\/a><\/figcaption><\/figure>\n

Can Ethereum Extend Current Rally?<\/h2>\n

Conversely, the options markets hint at potential exhaustion for Ethereum in the short term. QCP Capital records an increase in calls selling for ETH\u2019s price and believes insolvencies announcements from other companies could operate as tailwinds for the second crypto by market cap.<\/p>\n

Part of the contagion triggered by the default of crypto hedge fund Three Arrows Capital (3AC), which failed to honor billions in debts from their counterparties, many companies have been negatively impacted. This includes Celsius, BlockFi, Voyager, and Genesis.<\/p>\n

These companies have had to halt their operations at some levels with new companies announcing that they have been affected by 3AC coming out almost every week. Yesterday, crypto exchange Zipmex suspended withdrawals, and there have been growing rumors about other companies taking similar measures.<\/p>\n

Related Reading |\u00a0<\/strong>Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions<\/a><\/strong><\/p>\n

QCP Capital said:<\/p>\n

While the markets have been sanguine, it might not be completely free of the credit contagion yet. We have been adding to our downside skew position and we are keeping slightly long gamma and vega (longer term options).<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

The crypto market has extended its bullish momentum despite recent tailwinds, Ethereum continues to lead in this recovery. The second crypto by market cap trades at $1,600 with a 35% profit in the past week. Related Reading |\u00a0Crypto Market On The Mend: ApeCoin And Curve DAO Show Gains Trading firm QCP Capital shared a market update claiming the current bullish price action has been a \u201cpleasant surprise for all\u201d. This price action started on the back of the latest U.S. Consumer Price Index (CPI) print; a metric used to measure inflation. The CPI stands at a 40-year high which was expected to have a negative impact on the crypto market. The opposite occurred, the trading firm claims, due to market participants expecting lower inflation in the coming months. This potential decline in inflation could give some room for risk asset to continue their rally and persuade the U.S. Federal Reserve (Fed) from ruling out a 100-basis point (bps) interest rate hike. The financial institution will announce its decision on July 27. QCP Capital said: Currently, a 20% chance of 100bps is still being priced in but our view is that 75bps is the most the Fed will do. So expect another boost as 100 bps gets completely priced out. Ethereum is leading the relief because there is more clarity around the upcoming \u201cMerge\u201d, an event set to combine this network\u2019s execution layer with its consensus layer. Thus, consolidating Ethereum\u2019s migration to a Proof-of-Stake (PoS) consensus protocol. \u201cThe Merge\u201d has been tentatively scheduled for September which has contributed to the shift in the general sentiment across the crypto market and supported this rally. The bullish price action, QCP Capital said, has been \u201ckeenly felt in the options market\u201d. The sector saw a \u201crush\u201d to purchase buy contracts (calls) for the September expiry. In other words, options traders are bullish on the potential impact that \u201cThe Merge\u201d will have on Ethereum. Can Ethereum Extend Current Rally? Conversely, the options markets hint at potential exhaustion for Ethereum in the short term. QCP Capital records an increase in calls selling for ETH\u2019s price and believes insolvencies announcements from other companies could operate as tailwinds for the second crypto by market cap. Part of the contagion triggered by the default of crypto hedge fund Three Arrows Capital (3AC), which failed to honor billions in debts from their counterparties, many companies have been negatively impacted. This includes Celsius, BlockFi, Voyager, and Genesis. These companies have had to halt their operations at some levels with new companies announcing that they have been affected by 3AC coming out almost every week. Yesterday, crypto exchange Zipmex suspended withdrawals, and there have been growing rumors about other companies taking similar measures. Related Reading |\u00a0Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions QCP Capital said: While the markets have been sanguine, it might not be completely free of the credit contagion yet. We have been adding to our downside skew position and we are keeping slightly long gamma and vega (longer term options).<\/p>\n","protected":false},"author":535,"featured_media":496262,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,78803],"class_list":["post-496476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Shows Signs Of Exhaustion, But Could It Still Touch $1,700?<\/title>\n<meta name=\"description\" content=\"The crypto market has extended its bullish momentum despite recent tailwinds, Ethereum continues to lead in this recovery.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/ktsl888.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Shows Signs Of Exhaustion, But Could It Still Touch $1,700?","url":"http:\/\/ktsl888.com\/news\/ethereum\/ethereum-shows-signs-of-exhaustion-but-could-it-still-touch-1700\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/ethereum\/ethereum-shows-signs-of-exhaustion-but-could-it-still-touch-1700\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/michael-fortsch-d9IlqdHF6kE-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/michael-fortsch-d9IlqdHF6kE-unsplash.jpg?fit=1920%2C1280"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethusdt"],"dateCreated":"2022-07-22T15:55:22Z","datePublished":"2022-07-22T15:55:22Z","dateModified":"2022-07-22T15:55:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Shows Signs Of Exhaustion, But Could It Still Touch $1,700?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/ethereum-shows-signs-of-exhaustion-but-could-it-still-touch-1700\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/ethereum-shows-signs-of-exhaustion-but-could-it-still-touch-1700\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/michael-fortsch-d9IlqdHF6kE-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/michael-fortsch-d9IlqdHF6kE-unsplash.jpg?fit=1920%2C1280\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethusdt\"],\"dateCreated\":\"2022-07-22T15:55:22Z\",\"datePublished\":\"2022-07-22T15:55:22Z\",\"dateModified\":\"2022-07-22T15:55:22Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/07\/michael-fortsch-d9IlqdHF6kE-unsplash.jpg?fit=1920%2C1280","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/496476"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=496476"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/496476\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/496262"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=496476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=496476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=496476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}