Sarah Tran
Independent Analyst
- The world’s largest movie theatre chain will be accepting Bitcoin as well as other cryptocurrencies by the end of 2021.
- AMC's CEO revealed that it would also be planning to support Ether, Litecoin and Bitcoin Cash.
- The American movie theatre firm would also consider blockchain-related options.
AMC Entertainment CEO Adam Aron announced on Twitter that the movie theatre chain would accept Bitcoin along with other cryptocurrencies as payment. Aron added that digital assets would be supported as payment by the end of the year.
AMC goes all-in on altcoins
AMC has expanded the range of cryptocurrencies it plans to incorporate as payment methods for its movie ticket and concession purchases. The entertainment company has previously announced that it would support Bitcoin payment for online tickets during its second-quarter earnings report.
Bitcoin payment was planned to be rolled out by the end of the year. However, the AMC CEO revealed on Twitter on September 16 that the company would also move to accept Ethereum, Litecoin and Bitcoin Cash.
During Q2 earnings call, Aron said that the firm would also accept payments through Apple Pay and Google Pay. In addition, AMC stated that it would also consider blockchain-related options, prior to announcing its plan to support altcoin payments.
Ethereum price takes aim at $3,800
Ethereum price is riding on bullish momentum as it looks to reach the optimistic target given by the prevailing chart pattern.
The second-largest cryptocurrency by market capitalization has presented a descending parallel channel pattern on the 4-hour chart. Although the governing technical pattern suggests that Ethereum price is locked in a downtrend, ETH may have reversed the period of underperformance.
The bullish target given by the prevailing chart pattern suggests that Ethereum price is set to aim for $3,783, reaching the topside trend line of the upper parallel channel. An increase in buying pressure could easily push ETH even higher toward the 78.6% Fibonacci retracement level at $3,801.
ETH/USDT 4-hour chart
However, should Ethereum price fail to galvanize investors’ enthusiasm, ETH would be able to find immediate support at the 200 four-hour Simple Moving Average (SMA) at $3,549.
The altcoin would also be able to discover meaningful support at the upper boundary of the original parallel channel that coincides with the 50 four-hour and 200 four-hour SMAs at $3,380.
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