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Ethereum returns above $1000 – Should you buy

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Ethereum returns above $1000 – Should you buy

For so many years, many fence-sitters in the crypto industry have waited in bated breath for the prices to crash so that they can buy in. After all, in 2021 crypto was just hot. Coins hit record-breaking highs, and Ethereum was predicted to hit $10,000 this year. But things haven’t really turned out that way. Here are some facts:

  • ETH fell below $1000 for the first time in months.

  • However, the coin has managed to regain the four-digit price.

  • An upward trend reversal is not likely at the moment.

Data Source: TradingView 

Ethereum: Where will it go?

Now, when ETH fell below $1000, most analysts saw a deeper fall. But the crypto market just surprised us. Prices recovered, and ETH was once again above $1000. This may seem like a good sign. But it’s actually not. The driving economic and financial risks that have put so much pressure on crypto have not yet eased.

Yes, there are growing efforts to deal with inflation and reduce its impact on the economy. But the success of these efforts will come in the long term. So, even though ETH is now above $1000, the coin is still exposed to further downside.

We in fact think that another major sell-off is coming in crypto. This will likely be the last blow that finally sends ETH and most coins firmly into the bear market. As such, it may not be the most ideal time to buy.

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When to buy Ethereum?

There are two support levels for ETH after $1000. The most immediate one is around the $800 mark, and the second one is at about $550. ETH will likely bottom at either of these two.

The best strategy would be to use dollar-cost averaging and buy the moment ETH hits $800. Continue buying even if it dips towards $500. After that, give it a few months and just wait.

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Malaysia’s $30bn wealth fund to stand by carbon-emitting state companies

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Malaysia’s $30bn wealth fund to stand by carbon-emitting state companies

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Japan’s biggest chipmakers from Toshiba to Sony brace for engineer shortage

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Japan’s biggest chipmakers from Toshiba to Sony brace for engineer shortage

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Swiss Luxury Brand Hublot Adopts Bitcoin Payments

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Swiss Luxury Brand Hublot Adopts Bitcoin Payments

The Swiss luxury watchmaker – Hublot – allowed its customers to buy certain limited products in cryptocurrencies by partnering with the bitcoin payment service provider – BitPay.

In addition, Prague City Tourism joined forces with Global Payments to enable passengers of the emblematic Tram Line number 42 to purchase tickets in digital assets.

Hublot Enters the World of Crypto

Embracing cryptocurrencies as a means of payment has turned into a move practiced by numerous companies part of the fashion industry. The Switzerland-based renowned watchmaker – Hublot – is the latest member of that club.

In a recent announcement, the firm said it launched a limited collection called “Big Bang Unico Essential Grey,” which consists of 200 watches. Those products could be purchased only on Hublot’s US e-Boutique platform as clients can pay with cryptocurrencies.

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Introducing the new #BigBangUnico Essential Grey, a limited edition of 200 pieces solely available online on the e-commerce platform https://t.co/FtQRk4LWq7. Exclusively on our Hublot United States eBoutique, clients will be able to shop using select Cryptocurrencies with BitPay. pic.twitter.com/Ny2tct8lQ2

— Hublot (@Hublot) June 21, 2022

The price of a single watch from that edition is around $21,200, meaning that if one wants to pay in bitcoin, they will have to part with approximately 1 BTC (calculated at current prices).

Last month, another Swiss luxury watchmaker – Tag Heuer – also said “yes” to such payments. The enterprise accepted leading cryptocurrencies, including Bitcoin, Ethereum, and Shiba Inu, plus five stablecoins as a means of settlement on its US website.

Explore Prague in Exchange for Crypto

Another example of the latest cryptocurrency adoption is Prague’s iconic Tram Line number 42. One of the oldest trams in the Czech Republic is currently used as a tourist attraction. Visitors can ride on it and explore the most popular sightseeings of the country’s capital, such as the Prague Castle, Charles Bridge, and the Powder Gate.

According to a local coverage, the Tram Line teamed up with Global Payments to allow travelers to pay for their experience in crypto. Petr Soukup – Director of IT at Prague City Tourism – said:

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“Cryptocurrencies are a very popular source of money today. There is no reason why people should not use them for regular payments. They can now pay for a ticket with a piece of bitcoin or, for example, Ethereum.”

He further explained that clients could pay in digital assets, but merchants can choose whether to accept the transaction in crypto or fiat (for example, Czech crowns).

Featured Image Courtesy of Hublot

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