- Ethereum price has currently met resistance at 20-day SMA.
- The MACD reversed from bearish to bullish.
The Ethereum price met resistance at the 50-day SMA and fell from $2,325 to $1,790 between July 7 and July 20 – losing almost $550 in its overall valuation. During this drop, Ethereum flipped the 20-day and 200-day SMAs from support to resistance.
Ethereum Price Reverses Crucial Indicator To Positive
This Wednesday, the Ethereum price jumped from $1,775 to $1,995 – gaining more than $200 in its overall valuation. However, the 20-day SMA on the upside has prevented any further growth. Due to this jump, Ethereum has reversed the MACD from red to green.
Image: ETH/USD daily
Looking at IntoTheBlock’s IOMAP, the Ethereum price faces immediate resistance at the 20-day SMA ($2,050). Previously, at this level, almost 770,000 addresses had purchased over 3 million ETH tokens.
Rothschilds Get Into Ethereum
The Rothschild Investment Corporation recently bought 2,834.69 ETH in a stock form through Grayscale’s Ethereum Trust (ETHE). The firm reportedly holds $1.4 billion in assets, with about $5 million of it now held in Ether. This makes them one of the most prominent banks to buy ETH, most likely for one of their private clients, with this being just one of many private banks owned by the Rothschilds.
Once the richest family on earth, a Rothschild has even chaired an Initial Coin Offering (ICO). Meanwhile, Rockefellers, which once dominated America, began investing in crypto and blockchain startups way back in 2018.
Rothschild Investment Corporation appears to be slowly building up a position, currently hodling about $4.2 million worth of 141,405 GBTC shares and 279,119 ETHE shares, as per an SEC filing.
Ark Invest also purchased a reported 310,000 GBTC shares of its own, bringing its combined holdings to 8.81 million or 0.5% of its portfolio. At its peak, GBTC represented 0.9% of the ARK portfolio in late March.
In related news, a documentary project called “Ethereum: The Infinite Garden” has raised 1,036 ETH to complete its fundraising proposal. The project will use these funds to finance the first feature-length Ethereum documentary that will cast members from the community and key individuals from the Ethereum Foundation, including Ethereum co-founder Vitalik Buterin. The initiative aims for a 2023 release.
Ethereum Price Is Expected To Reach These Levels
The Ethereum price will likely re-enter the $2,000 psychological level and attempt to cross the 20-day and 200-day SMAs.