- ETH bulls persistent, rejecting lower prices
- Benfica FC and UTRUST partnering will benefit fans
By partnering with UTRUST, a crypto payment processor, Benfica FC fans will now pay for tickets and other merchandise using Ether or BTC. Meanwhile, the reaction from $230 could be the foundation that will propel ETH to $400.
Ethereum Price Analysis
Fundamentals
The success of any blockchain project depends on reception. That Ethereum is one of the biggest benefactors because of their soft landing is true. Promising to create a platform that improves on Bitcoin, Vitalik, and the team did create an IT miracle.
Already, early investors are drawing benefits even as prices bottom up after tanking in 2018. Since ETH is the fuel within the Ecosystem, the coin has value thanks to supply-demand dynamics.
So valuable is the currency that Benfica FC, a Portuguese Football club and one of the top clubs in Europe, now accepts Bitcoin and Ether (ETH) as money. By doing so, the football giant is the first, opening path for other sporting clubs to accept ETH and other cryptocurrencies for their online sales or even player salaries.
To make this all this possible, Benfica FC has a partnership with UTRUST. UTRUST is a crypto processor, an alternative to BitPay. In a statement, the processors said:
“Benfica will be able to tap into the crypto market by allowing supporters to purchase a membership, tickets, and memorabilia from their official store. It will also expose millions of customers to the power of using cryptocurrencies.”
Candlestick Arrangement
At the time of press, Ethereum (ETH) is back to green. Reacting from $230, with increasing trading volumes, today’s candlestick is likely to close as bullish. As a result, there will be a double bar bullish reversal pattern from $230.
The same level flashes with the 50 percent Fibonacci retracement level of May trade range. If anything, this is exceptionally bullish for ETH. In days ahead, it depends on how bulls react following today’s snap back.
However, regardless of what prints, every dip is another buying opportunity for traders aiming to clip the market while targeting $290.
Meanwhile, any depreciation below $230 could spur a selloff as bears aiming at the $170-$190 support zone.
Technical Indicator
Leading this trade plan and cementing previous ETH/USD projections is May 30th bear bar. It is broad with high trading volumes of 410k. Therefore, any upsurge clearing $290 or negating this plan as ETH slide below $230 ought to be with an uptick of participation exceeding 410k.
Chart courtesy of Trading View. Image Courtesy of Shutterstock