First Mover: Ether Price Hits New Record High as Analysts Anticipate Supply Drop
  Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets April 22, 2021 Sponsored by  (Price data as of April 22 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Ether Price Hits New Record High as Analysts Anticipate Supply Drop
Ether (ETH) rallied to new lifetime highs on Thursday on speculation that an impending blockchain upgrade might result in a drop in supply.
The native cryptocurrency of Ethereum's blockchain rose to a record high of $2,564 during European trading hours, toppling the previous peak price of $2,546 reached on April 16, according to CoinDesk 20 data.
"Ethereum's net annual issuance will drop substantially following the Phase 1.5 ETH 1 to ETH 2 merger," Messari's research Wilson Withum tweeted.
With the upcoming EIP 1559 upgrade, ether will "become a deflationary asset," Nick Spanos, co-founder of Zap Protocol, told CoinDesk. "This feature will reduce the coin supply and have a corresponding effect on the price, creating an attraction point for more buyers."
 Ether issuance (Source: Messari)
Ether has been on a tear of late, outperforming bitcoin by a wide margin. While the native cryptocurrency of Ethereum's blockchain has gained 35% this month, bitcoin is down about 8%.
Analysts studying ether-bitcoin (ETH/BTC) chart patterns say ether's outperformance could continue in the near term.
 Ether/bitcoin pair over the past 30 days on Coinbase (Source: TradingView)
"ETH/BTC is getting a lot of attention as it broke above its long-term resistance of 0.04," Pankaj Balani, co-founder and CEO of the Singapore-based Delta Exchange, said. "We might see ETH-BTC push through 0.10. Expect sharp moves though, first to 0.06 in the coming weeks and subsequently to 0.1."
ETH/BTC is currently trading at 0.046 on Binance, according to data provided by TradingView.
Read the original story here: Ether Price Hits New Record High as Analysts Anticipate Supply Drop
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Technician's Take by Damanick Dantes Bitcoin Consolidates Below $56K Resistance As Buyers Lose Strength
Bitcoin (BTC) is holding short-term support and was trading around $54,000 at press time. The cryptocurrency is now below the 50-day moving average as upside momentum continues to slow. Buyers will need to defend support around $51,000 to stabilize the long-term uptrend.
 Daily BTC chart shows support and resistance levels with 14-period RSI (Source: TradingView)
Original story found here: Bitcoin Consolidates Below $56K Resistance As Buyers Lose Strength
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