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Ethereum price flirts with $400, Goldman Sachs changing tune

Ethereum ETH

The Ethereum price is on a roll. Flirting with $400, supporters are optimistic about further upsides. And their expectations come at an interesting time. 

Goldman Sachs on Cryptocurrencies

After resisting cryptocurrencies for years, Goldman Sachs is changing tune.

Going by recent appointments, the multi-trillion U.S. institutions seem to be embracing crypto and blockchain citing their inevitability. 

Mathew McDermott is now the new global head of digital assets after his promotion in July. He replaces Justin Schmidt.

In an interview, Mathew said:

In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on-chain. So what you’re doing today in the physical world, you just do digitally, creating huge efficiencies.

And that can be debt issuances, securitization, and loan origination; essentially you’ll have a digital financial markets ecosystem, the options are pretty vast.

Grayscale Ethereum Trust

While Goldman Sachs twists and turns, Cryptopolitan reports that Grayscale Ethereum Trust will soon be reporting to the U.S. SEC after filing the Registration Statement on Form 10. 

Last year they did the same with the Grayscale Bitcoin Trust and their application was approved early 2020. 

If their filing gets the node, they will be submitting their financial statements and reports as 10-Qs and 10-Ks. 

DeFi dominance

As per a DappRadar report, DeFi continues to dominate. 92 percent of July’s volumes were from open finance dApps thanks to renewed interest dApps like Comp, Aave, and Curve. Evidently, DEXes are gaining traction. 

The likes of Uniswap and Bancor continue to register high trading volumes, sometimes even eclipsing those of centralized exchanges.

Ethereum price analysis

Ethereum Price Daily Chart for Aug 7

At the time of writing, the Ethereum price is changing hands at $395, up 22 percent against the greenback in the last trading week. It has also outperformed BTC, adding 14 percent versus the world’s most valuable asset in the same period.

From the daily chart, the ETH price surge is near perpendicular. Bulls are emphatic. However, there are glimpses of exhaustion after Aug 2 bear bar printing. Notably, the conspicuous bear candlestick has high trading volumes and is wide-ranging. 

Five days later, ETH prices are oscillating within its high low with low trading volumes. From an effort versus results perspective, this is bearish unless otherwise there is a sharp rally above $420.

With lower lows relative to the upper BB, the middle BB is the immediate support line. A break below the 20-day moving average or a retracement towards $360 and $350 may spark a selloff.

Chart courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author. This is not investment advice. Do your research.

Dalmas Ngetich

Dalmas Ngetich

Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies. Enjoying the opportunity to help educate bitcoin enthusiasts, he writes insights and coin price chart analysis.

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