Ethereum
Fidelity’s Crypto Branch will Increase Staff by 70%. President Sees “More Interest In Ether”
According to Tom Jessop, president of Fidelity Digital Assets, the company is planning to increase staff by 70% because demand for cryptocurrencies continues to keep the firm busy. Fidelity Digital Assets Inc. is a subsidiary of Fidelity Investments Inc. and has seen significant demand for ethereum.
Fidelity Digital Assets Pushes Fidelity Crypto Demand to Increase Staff
Fidelity Digital Assets is looking to increase staff at its locations in Boston, Salt Lake City, and Dublin, according to a Bloomberg interview with Tom Jessop. New hires will be devoted to developing new products in other areas of crypto assets, besides bitcoin.
“[2020] was a breakthrough year in the space due to the increased interest in bitcoin since the pandemic began,” Jessop stated. Jessop added
We’ve seen more interest in ether, so we want to be ahead of that demand.
The company will also be trading digital currencies more frequently, Jessop stated. He explained that crypto trading is a 24/7 environment, unlike traditional markets. Fidelity Digital Assets’ CEO explained that they want to work full-time during the week.
Fidelity digital assets President describes new types of institutional demand
Jessop explained that institutional enthusiasm for crypto assets is still high and growing. He clarified that the company is open to services from hedge funds and family offices. Jessop explained that retirement agencies and corporations are also entering the crypto world.
The Fidelity Digital Assets President conducted an interview with Matthew Leising. Matthew Leising is a Bloomberg contributor who covers the crypto scene frequently. A few years ago, Leising, wrote an article that claimed Satoshi Nakamoto was allegedly writing a book. Last year, Jessop explained that bitcoin is not a true store of value just yet, but he remained positive the leading crypto asset will attain this status.
The Jessop interview with Leising highlights that Fidelity Digital Assets seems to have a focus on other digital assets besides bitcoin (BTC). Jessop stated that Bitcoin has been an entry point for many institutions in his interview. He said, “It’s now really opening a window on the other things happening in this space.”
What do you think about the recent interview with Tom Jessop, president of Fidelity Digital Assets? Comment below to let us know your thoughts on this topic.
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Image Credits: Shutterstock, Pixabay, Wiki Commons, Fidelity Investments Inc.
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Ethereum
Ethereum Foundation Sets Up Multisig Wallet for Defi Participation
Ethereum
Ethereum Price Analysis: This Support Is Crucial for Ethereum to Reach $4K
Ethereum is grappling with a decisive support range between the 100-day MA ($3.2K) and the 200-day MA ($3K), a critical region serving as the buyers’ last line of defense.
The outcome at this level is expected to shape Ethereum’s mid-term trajectory.
Technical Analysis
By Shayan
The Daily Chart
ETH recently encountered heightened volatility as it approached the significant $3.2K-$3K price range, reflecting an intense battle between buyers and sellers. The price action highlights sellers’ attempts to push the asset below these key moving averages, signaling a potential bearish breakdown.
Currently, Ethereum is finding temporary support within this range, with the price confined between the $3.2K level and the bullish flag’s upper boundary. A decisive breakout in either direction is likely to determine the next major trend for Ethereum.
The 4-Hour Chart
On the 4-hour chart, Ethereum consolidated near the 0.5 ($3.2K) and 0.618 ($3K) Fibonacci retracement levels before briefly breaking below this critical support zone. However, strong buying interest quickly drove the asset back above the $3.2K mark.
This region remains pivotal as it represents the final primary support zone for buyers. A sustained hold above the $3.2K level could reignite bullish momentum, targeting a recovery toward higher resistance lines.
Conversely, a breakdown below this range could trigger liquidations, potentially driving the price toward the $2.5K support zone. For now, Ethereum is consolidating near this critical region, with a battle between buyers and sellers dictating the market’s next move.
Onchain Analysis
By Shayan
The Binance liquidation heatmap provides insights into key levels where significant liquidation events are likely. Based on the clustering of liquidation levels for long and short positions, these levels often act as magnets, driving price action toward them as market participants aim to capture liquidity.
During the recent shake-off, Ethereum grabbed liquidity at the $3K mark, resulting in a sharp price recovery. A notable cluster of wrecked levels still exists just below the critical $3K support, representing long-position liquidations. This makes the $3K area highly attractive to bears and institutional sellers, increasing the probability of a bearish breakout toward these levels in the mid-term.
However, a significant liquidity pool also rests at the $4K threshold, marking a potential ultimate target for buyers. However, it is likely that the price may grab liquidity below $3K first, creating a shakeout phase before resuming a bullish trajectory toward $4K. While Ethereum’s current price action reflects consolidation, the $3K level remains pivotal. A bearish breakout to capture liquidity below $3K is plausible in the short-to-mid term.
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Cryptocurrency charts by TradingView.
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