- The triple-support scenario, according to Wolf, could propel Ether's price to $3,330.
- Twitter founder, Jack Dorsey, believes Meta should have concentrated its energies on "making Bitcoin more accessible for everyone."
At least three support levels, according to the pseudonymous chart analyst, played a hand in propelling the ETH price up roughly 30% from its local low of $2,160. A 21-month exponential moving average (EMA), the 0.786 Fib level of a Fibonacci regression graph, produced a swing low of $1,716 to a swing high of $4,772. The bottom border of an upward triangle pattern was among the value floors.
The triple-support scenario, according to Wolf, could propel Ether's price to $3,330. The convergence would trigger a classic bullish reversal pattern known as inverse head-and-shoulders (IH&S).
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In the IH&S pattern, Ether could produce three troughs in a row, with the middle trough (the head) being deeper than the other two (the left and right shoulders). However, all troughs will be hanging upside down below the neckline, a common resistance trendline.
In an “ ideal “ situation, a break above the IH&S neckline might propel the Ether price as high as the maximum distance between the neckline and the head. As a result, the value of ETH is on its way to $4,000.
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However, if Ethereum is rejected on the run-up to $3,000, a retracement toward the ascending triangle support is likely.
Jack Dorsey believes Diem was just a waste of time
Meta's unsuccessful virtual currency project, Diem, was "wasted work and time," according to Twitter founder Jack Dorsey, who believes the company should have concentrated its energies on "making Bitcoin more accessible for everyone."
On Tuesday, MicroStrategy CEO Michael Saylor spoke with Dorsey about how businesses might incorporate and use Bitcoin at his firm's Bitcoin for Corporations 2022 conference (BTC).
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Although Facebook launched Diem for "the right motives," Dorsey believes it should have instead chosen an open-ended technology like Bitcoin rather than trying to develop its own money.
"I think there's a lot of lessons in this whole situation with Libra and then Diem," Dorsey told Saylor. "I believe they learnt a lot, but I feel there was a massive effort and time wasted."
It should come as no surprise that he criticizes Twitter's more famous and lucrative social media counterpart. Since resigning as CEO of Twitter in November of last year, Dorsey has made it plain that Bitcoin will be the focus of his new startup, Block.com (formerly known as Square). Block enables consumers to buy Bitcoin via Cash App, a mobile payment service.
"Those two or three years, or however long it has been, might have been spent making Bitcoin more available to a large range of individuals all around the world."
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Dorsey went on to say that making BTC more available would assist several of Meta's products, citing Facebook Messenger, Instagram, and WhatsApp as examples.
"Right now, we have an open network. It's also useful. It's not for everyone, but it's functional. The simpler, quicker, and more accessible we make it, the better it will be for everything, including what Facebook meant to do with Libra."
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The white paper for Libra, Facebook's long-awaited crypto-based financial infrastructure initiative, was released in 2019 (now branded as Meta Platforms). However, the initiative was forced to rename Diem in December 2020 due to a plethora of legal problems and terrible Publicity, and it eventually ended abruptly.
