Can you trade Ethereum against the AUD?
A little bit of information on Ethereum first
Ethereum was launched by programmer Vitalik Buterin in 2015 with ether being the second largest cryptocurrency in circulation. It has a market cap of $185 billion compared to Bitcoins $360 billion.
“Ethereum is the community-run technology powering the cryptocurrency ether (ETH) and thousands of decentralised applications”
It is being heavily traded with the volume in the last 24 hours of $24.4 billion. That is 11.6% of the ether in circulation.
Figure 1 coinmarketcap.com 07/09/2022
Can you trade Ethereum against the AUD?
The answer is yes. The most popular counter products to trade against ether (ETH) is the USD or USDT, ether against tether (ETHUSDT). However, it is possible to trade it against various currencies like the Australian Dollar (AUD), the Great British Pound (GBP) and the Euro (EUR). It is also possible to trade ether against cryptocurrencies such as Bitcoin.
Figure 2 pepperstone crypto currencies
A look at the ETHAUD decline
Ethereum price in AUD has seen a decline of more than 80% from the dizzy heights of 6688 in December 2021 to the low of 1279, a level not seen for 17 months.
ETHAUD Monthly chart
Figure 3 Trading View ETHAUD
A possible technical outlook for the ETHUSD
ETHAUD Weekly chart
ETHAUD broke lower from a pattern known as a flag formation in the week 2nd May 2022. The technical measured move target for the flag is located at 1068. Will we see a drive lower to this area? Could this possibly signal a base for ETHAUD?
Figure 4 Trading View ETHAUD Flag
Don’t forget about the Ethereum Merge
The Ethereum merge has been a much hyped and highly anticipated event for cryptocurrency enthusiasts and traders. Some consider it to be the largest event since the launch of Bitcoin.
The first stage, called ‘Bellatrix’, completed at 7.34 EST yesterday, the 6th of September 20022. The second stage is called ‘Paris’ and is estimated to complete in 7 days from now.
It will change the way the Ethereum blockchain records transactions. It looks to move away from traditional mining. The new process that could save the network 99.95% of its power consumption.
Figure 5 coinmarketcap.com The Merge 07/09/2022 9.00am GMT
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