Unique Ethereum addresses surged from 208,392 in January to 542,458 in July, up 160.3%. At the same time, Bitcoin registered an increase from 585,047 to 832,751, up 42.3%. While the growth in Ethereum usage is powered by the rise in DeFi applications, it does not accurately reflect the growth in users.
Our Analysis:
Should price action for the ETH/USD remain inside the or breakdown below the 235.00 to 248.00 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 241.50
- Take Profit Zone: 152.25 – 162.00
- Stop Loss Level: 261.00
Alternative scenario:
Should price action for the ETH/USD breakout above 248.00 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 261.00
- Take Profit Zone: 282.00 – 298.00
- Stop Loss Level: 248.00
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