AniketK07567339

Ethereum (Triangle pattern)

Long
BITSTAMP:ETHUSD   Ethereum
Elon Musk's tweet on bitcoin had hitted crypto market badly, Ether(Crypto currency of Ethereum) had been falling from past few days, and currently ether is at one of its strong support. But we know that Ethereum is much better than bitcoin because it is not only used for transactions but it is a complete platform for development of decentralised applications, and for maintaince and using those dapps(decentralised applications) we require ether. So there is actual real life demand for ether, Elon Musk tweeted about high energy consumption by bitcoin, ether uses much less energy than bitcoin and we know ether is in the process of shifting to proof of stake system. Proof of stake will further reduce energy demand, making it more eco friendly, it will also increase number of transactions per second from 14 to above 1500. Further more according to EIP 1559, from July 15, few amount of ether will be burner(destroyed forever) with every transaction. This will make it more valuable than bitcoin because it will constantly reduce supply of ether, since some amount of ether will be destroyed with every transaction. Supply reduced = Price Increase. People don't understand blockchain technology like once they didn't understood computers, but if anyone would invested at that time, he would had seen huge profits, similar thing happened with internet, and this is web 3.0(blockchain). Because of all these upgrades, I see great demand increase of ether in upcoming months
So it will be wise to understand that this fall in price is only for short term, ether will rise in long term. And a triangle pattern on a strong support indicates a reversal. It is advised to buy ether at any price below $3500, profit will be seen in short term, but if you are able to hold it till end of August(long term), it will be above $10,000(because of all the reasons given above)

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