The Etherum price GBP is one of the most popularly traded pairs in the financial market. The pair includes Ether and UK’s fiat currency GBP for trading. While Ethereum functions as the blockchain platform, which independent developers use for building smart contracts, as well as decentralized apps using the computing power, further paid in Ether, the British Pound, also known as Sterling, is a widely traded traditional currency after USD, Euro, and Yen. https://youtu.be/o4JEVCLJxDw
find out how to trade Etherum GBP
Etherum price GBP, despite maturing since its launch in 2012, is regarded as a highly volatile cryptocurrency. On the other hand, GBP is the traditional currency of the UK and one of the most sought-after fiat currencies in the world. When the two currencies are traded together, the focus lies entirely on the base currency i.e. on the crypto side, owing to its daily average volatility, which is nearly ten times higher than the GBP. This implies that to trade Ethereum Price GBP currency pair successfully, traders must gain an understanding of how the two are intrinsically linked with each other in the crypto market, as well as the blockchain segment. Additionally, it is also important to analyze the dynamics involved in the movements of sterling.
GBP and ETHereum – Main Differences
Many factors drive crypto’s price direction, and they are much different from those that influence fiat currencies like GBP. Traders looking to trade Ethereum Price GBP currency must understand these differences and factors to trade profitably. Even though it differs (in nature) from Bitcoin, Ether’s pricing direction, like any other cryptocurrency, is directly correlated to Bitcoin. Another thing that must be kept in mind is that all digital currencies, including that of Bitcoin, are mostly influenced by increased public sentiment related to the adoption of digital currencies in the future. Thus, news about developments that further impact cryptocurrencies’ traction drives the prices of cryptocurrencies, including Ether, upwards. Especially in the case of Ether, the number of decentralized apps being managed and operated on the Ether blockchain directly impacts its demand, and thus the price of the cryptocurrency. In turn, it affects the long-term pricing trends instead of daily movement. Over time, competition from different blockchains that offer similar functionalities as Ether shall also impact Ethereum’s users, as well as Etherum price GBP. On the other hand, the Sterling or the GBP’s value against many other fiat currencies is impacted depending upon the performance of the UK’s economy, as well as the BoE’s (Bank of England) monetary policy.
Trading Etherum GBP
Traders planning to trade ETH/GBP need to look at the chart positions and monitor GBP/USD market trends, as well as developments. They should primarily focus on ETH and also note that some of the major drivers of Ether’s value are news related sentiments. Thus, any news related to the rates of crypto adoption in the future and the long term use of the Ether platform, as well as other blockchains like EOS.IO can impact the price of ETH to a large extent.
CRYPTOCURRENCY TECHNICAL ANALYSIS – HOW TO TRADE ETH/GBP
We had projected a target objective of £1,000 in our previous analysis and Etherum price GBP hit a high of £996.45 on January 10. This may have attracted profit booking from traders but the bulls purchased the dip, forming a long-legged Doji candlestick pattern on January 10. However, the bulls could not build up on the recovery and the Etherum price GBP pair again turned down on January 11. The selling intensified after the bears broke below the £785.57 support. The bulls aggressively purchased the sharp drop to £621.02, which led to a sharp recovery by the end of the day. This suggests strong demand at lower levels. The bulls will now try to push the Ethereum price GBP back to £1,000, but the up-move will have to face stiff selling pressure as traders who are stuck at higher levels are likely to liquidate their positions. After the large range day on January 10, the pair may remain range-bound for the next few days as the bulls and the bears try to establish their supremacy. As the chart is not offering any clarity about the next possible move, traders may remain on the sidelines.