Cryptocoin. com, senior trader Peter Brandt says that Ethereum’s price chart is similar to that of Tesla (Inc.). Trader Peter Brandt tweeted that those who like this chart of Ethereum, the second largest cryptocurrency, should also like e-car manufacturer Tesla’s chart, pointing out some striking similarities between them.
Tesla and Ether similarity
Ether price is in the green ahead of the much anticipated London hard fork scheduled for August 4. Over the past three days, Ether has gained 14 percent against Bitcoin, reinvigorating the talk that ETH will overtake BTC. Shares of Tesla are also in the midst of an impressive rally, gaining more than 10% in the last three trading sessions, surpassing the $700 mark for the first time in three months. The continued recovery is supported by the company’s impressive second-quarter earnings announced last week. During the “B Word” conference, Tesla CEO Elon Musk announced that Ether is part of its cryptocurrency portfolio.
Ether in a Rally
After the recent reversal of the crypto market, Ethereum is in bullish mode. Ethereum has achieved its 12th consecutive green daily candle. From July 21 to August 1, ETH closed every day with higher prices and recorded the longest continuous daily gain period in its history. The current trading took the 2nd largest cryptocurrency from $1,793 to $2,554, up 42% in 12 days. 4 wins.
The previous longest series of green candles occurred in January 2018, when ETH rose to $1,420 in the tail of a major bull run for the first time. While the crypto markets showed signs of recovery last week, Ethereum is down 33% since July 21 so far. It outpaced Bitcoin, which saw a smaller increase of 3 percent. One of the biggest catalysts for the current run is likely the much-anticipated London hard fork, which will go live on the network on August 4. Many see EIP-1559 as a potential catalyst for upward price momentum, as it adds deflationary pressure to ETH, increasing its price pressure.
This weekend, a movement was also seen in the NFT domain on the Ethereum network. ETH is often used as the currency for NFTs. Several high-profile buyers, including Gary Vaynerchuk and hedge fund Three Arrows Capital, bought NFTs from leading projects like Art Blocks and CryptoPunks, causing prices to rise. Viewers are already starting to compare the current increase in NFT transactions to last year’s “DeFi post”, when the network saw a surge in activity in dApps like Uniswap and Compound. This time around, NFTs seem to be bringing in a new crowd of users speculating about the future value of cryptos on Ethereum.