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Crypto Market Holds $100B, BTC, XRP, ETH Post Losses

Crypto Nears $100B, As BTC, XRP, ETH Post Slight Losses

Although many still expect for markets, crypto included, to undergo a “Santa Claus” rally, whereas publicly-tradable assets surge as the year climaxes, the crypto market continued to falter on Saturday, with BTC, XRP, and ETH all posting slight losses after a strong sell-off on Friday. The aggregate value of all cryptocurrencies is currently at $103.29 billion, as per Live Coin Watch, with this figure being down by $6 billion since Ethereum World News’ last market update.

Interestingly, while plunges lower often arrive on the back of an influx of sell-side pressure (volume), this most recent sell-off was backed by relatively measly volumes — a mere $5.5 billion in adjusted 24-hour volumes. Yet, the market is down nonetheless, with this recent bout of capitulation moving this asset class one step closer to the key level of psychological and emotional resistance at $100 billion.

The past few days has seen Bitcoin market dominance slightly increase, from 54.5% to 54.92% in a matter of days. Although dominance shifts often precede underlying industry shifts, this move doesn’t seem to be indicating that BTC will outperform altcoins drastically.

The past 24 hours have seen BTC, which remains in a downtrend, fail to breakout, moving lower to $3,200, the asset’s just recently-established year-to-date low. Analysts are currently looking to $3,000, which BTC has yet to breach, as a key level of support to watch in the coming days. At the time of writing, BTC is down 0.97% and has found itself at $3,200, as aforementioned.

XRP and Ether have followed close behind BTC, failing to decouple from this market’s leading asset in the recent market tumult. Ripple’s XRP, second only to Bitcoin, saw itself post a 1.62% loss, recently moving under $0.300 to $0.284 in-step with BTC’s chaotic price action. Interestingly, while the go-to asset for Ripple underperformed BTC, many still believe that XRP has copious use cases and upside.

As reported by Ethereum World News, Travala.com, a popular crypto-friendly hotel booking service, recently began to accept XRP. The service, known as crypto’s own version of Expedia and Airbnb, currently lists more than 550,000 properties across the globe’s 210 most traveled destinations. American Express, also known as AMEX, recently lauded Ripple, which has ties to XRP, for its ability to process cross-border transactions in a cost-effective, near-instant, and secure manner.

Ether (ETH) posted a similar performance to BTC and XRP, as the now third highest cryptocurrency by market capitalization is down to $83.24, down 1.44% on the day. Yet, like XRP, many still see value in Ether, as reports indicate that the CFTC may be preparing to green light futures contracts for ETH.

Although the world-renowned crypto trio posted near-homogeneous performances, altcoins were all across the board. EOS, for instance, saw a 5% gain, while Stellar Lumens (XLM) was down 6% in the past 24 hours. So, the fact of the matter is that the cryptocurrency market remains in a state of disarray.

Analyst Expects Bitcoin (BTC) To Move Under $3,000

With this recent move, analysts have sought to determine where BTC — stuck between a rock and a hard place — will head next, as the single asset currently determines all of crypto industry’s fate. Speaking with MarketWatch, Nick Cawley, an analyst at DailyFX, stated that the Bitcoin price could break under $3,000 in “a matter of time,” drawing attention to the asset’s value on September 15th, 2017. During that period last year, the crypto market was reeling from China’s apparent ban on Bitcoin trading.

Regardless, Cawley noted that $2,970 is the next “target” for BTC, before adding that long-term support for the popular digital asset is situated around $1,760.

Dark Tunnel Image Courtesy of Jake Oates on Unsplash

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Ethereum (ETH) Price Analysis: Downside Triangle Breakout

Ethereum was previously consolidating inside a symmetrical triangle pattern and has broken below support to signal that further declines are in the works. Price could be due for a quick pullback to support before heading further south.

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is more likely to resume than to reverse. However, RSI is turning higher after recently hitting the oversold region, indicating that buyers could return from here. Stochastic is also starting to pull up and head north so price could follow suit while bulls are in control.

Ethereum might hit resistance at the broken triangle bottom around $90 that lines up with the 100 SMA dynamic inflection point. If so, more sellers could jump in at these level and push for a move below the swing low. A larger bounce could hit a ceiling at the triangle top close to the 200 SMA dynamic resistance.

The CFTC is reportedly looking closer into ethereum, issuing an RFI or request for input from the public to respond to its questions on the nature of this digital asset. In its press release, the regulator stated:

“The CFTC expects the comments and information received will benefit LabCFTC, the CFTC’s FinTech initiative, and help to inform the Commission’s understanding of these emerging technologies.”

The request lists around 25 questions on ethereum and its network, also asking about the differences and risks compared to bitcoin. It went on to state:

“The input from this request will advance the CFTC’s mission of ensuring the integrity of the derivatives markets as well as monitoring and reducing systemic risk by enhancing legal certainty in the markets. The RFI seeks to understand similarities and distinctions between certain virtual currencies, including here ether and bitcoin, as well as ether-specific opportunities, challenges, and risks.”

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Ethereum (ETH) Futures Rumors Mount, As CBOE’s Bitcoin Foray Turns One

CBOE’s Bitcoin Foray Turns One

As noted by Tom Hearden, a senior trader at Skylands Capital, subsequently relayed through MarketWatch, one year and one day ago, the Chicago Board Options Exchange (CBOE Global Markets) made history, becoming one of the first financial institutions to launch a fully-fledged Bitcoin (BTC) product.

Now that crypto is in the midst of a bear market, might as well look back and reminisce… right?

This instrument was, of course, a BTC-backed futures contract that became an industry hot topic near-instantly. Still, in Ethereum World News’ original report on the matter, which seems decades old now, community members divulged that they were dissatisfied with the product’s launch, as the Chicago-based institution’s webpage crashes just eight minutes after the launch of the first bonafide BTC futures. Yet, during that day in history, December 11th, 2017, BTC purportedly rose from $14,500 to $15,700 in minutes, presumably due to the influx of interest that speculators expected.

In fact, spot and futures BTC rose so fast that CBOE, likely inundated with queries from investors worldwide, had to halt trading on its market… twice. And now, amid the market lull, catalyzed by the absence of Bitcoin bulls, CBOE’s enamorment with halting trade is as apparent as ever. Case in point, the institution had to adjust its “Lower Price Limit” percentage twice, when the futures price hit $3,160, the year-to-date low.

Mati Greenspan spoke to the aforementioned financial media outlet on the matter of the Bitcoin futures, lauding them as a resounding success: He wrote:

They’ve managed to open up the market to users who otherwise wouldn’t have access, so in that regard, I think they have been somewhat of a success. Not only did they allow people to go long, but it opened up short selling to a wider audience.

While the eToro in-house crypto analyst painted the product in a good light, as it broadened Bitcoin’s horizons, MarketWatch noted that CBOE data indicates that the product failed to catalyze an unparalleled influx of institutional money.

Bakkt, Nasdaq, and ErisX To All Launch Bitcoin Futures

Although CBOE’s in-house crypto instrument might not have garnered boatloads of investment interest, there remain a number of firms looking to unveil futures for Bitcoin, and reportedly even Ethereum.

As reported by Ethereum World News previously, Bakkt, a diverse crypto startup partnered with the Intercontinental Exchange, Starbucks, and Microsoft, has the intent to launch a physically-backed Bitcoin futures product by January 24th, 2019, in an industry first.

ErisX, backed by TD Ameritrade, issued a similar announcement, seemingly aiming to undermine its rival in Bakkt. Not much is known about this venture, but many expect that it will offer a product roster that mirrors or somewhat resembles that of Bakkt.

Most recently, Nasdaq, the world-renowned financial institution, divulged that it is working in collaboration with crypto-friendly VanEck, to bring “crypto 2.0 futures” to market, with the firm presumably looking at Ethereum and Bitcoin as supported assets. Bloomberg has revealed that Nasdaq is planning to publicly embark on its first notable crypto foray by Q1 of 2019, pending a green light from the U.S. CFTC.

 

Ethereum Product Rumored

Even with all this hype surrounding Bitcoin-centric futures, a new contender is expected, if not slated to emerge into crypto’s alternative investment vehicle scene. This, if you haven’t guessed already, is Ether (ETH), the native asset of the “world computer” that is the Ethereum Network.

Just recently, the U.S. Commodities Futures Trading Commission (CFTC) hinted that it is looking into ETH. In a statement, the prominent American financial regulator claimed that it was seeking the public’s opinion on digital currencies, most notably Ethereum. In a public release, the somewhat crypto-friendly body wrote:

The RFI [Request For Information] also seeks to understand similarities and distinctions between Ether and bitcoin, as well as Ether-specific opportunities, challenges, and risks.

It is believed that the entity is seeking feedback to precede its ruling on an Ether-backed vehicle, such as purported Ethereum futures contracts backed by CBOE. Yet, a number of crypto commentators recently took to Twitter to allude to the theory that if Ethereum-backed futures, even a non-physical instrument, goes live, the aforementioned blockchain’s native asset may actually fall, due to “rehypothecation” — a common sight in traditional financial industries.

Confetti Title Image Courtesy of Jason Leung on Unsplash

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Changpeng Zhao Likens Binance Chain To Ethereum, BNB To ETH

Binance Chief Speaks On DEX — BNB Like Ethereum (ETH) 

As reported by Ethereum World News last week, Changpeng Zhao, CEO of the world-renowned crypto startup that is Binance, recently sneak peaked its most promising venture yet, the so-called “Binance Chain” and the decentralized exchange (DEX) that will be based upon it.

Through the medium of a short video, an unnamed member of the project’s vast team outlined the latest edition of the DEX demo, which sports a graphical user interface (GUI) that is reminiscent of the startup’s world-renowned centralized exchange. The seven-minute video outlined a number of the venture’s pertinent features, including the issuance of trade orders, which were surprisingly quick, account and wallet creation for the newfangled blockchain, and the in-house block explorer.

While the ambitious project was well-received by the community at large, with Binance Coin (BNB), the startup’s in-house crypto asset, posting a hefty single-digit gain following the DEX sneak peek on Tuesday/Wednesday, little is still known about the venture’s exact intricacies and caveats. Former Bloomberg employee Zhao, who also goes by “CZ,” recently took to CoinTelegraph to lend his insight on the matter.

The long-time crypto advocate, who made an entree into this innovative ecosystem years ago, told the media outlet:

The Binance DEX is a decentralized exchange that allows you to trade you to another token on our chain… The chain also allows you to send and recieve BNB, which is the native coin, plus other tokens. So the blockchain can allow you to send and recieve [tokens/coins] directly, only if I want to send them to you.

CZ, doing his best to explain Binance’s latest initiative in-depth, added that the blockchain his upstart developed is very similar to how Ethereum, ETH, and ERC-20 tokens operate and are transacted/traded.

Touching on what sets Binance’s DEX and blockchain apart from competing networks, namely Ethereum, Stellar, EOS, or Tron, the industry savant first noted that ideally, cryptocurrency transactions would be “instantaneous.” Yet, as seen by the block times posted by the Bitcoin network, for example, transactions almost always take upwards of 10 minutes to settle.

While Zhao acknowledged this, stating that “initially [blockchains] did that,” the CEO noted that as Bitcoin and Ethereum have drastically grown in popularity, not only can transaction fees spike, but so can the speed of transfers. CZ noted that with Binance Chain, faster and cheap transactions should be possible yet again, which he sees as the “original inspiration for crypto” and related technologies.

Further touching on this point, the former OkCoin (OkEX) executive, explained that current DEXs, while much more distributed than centralized exchanges, are “either slow or have relatively difficult UIs,” with there being close-to-zero platforms to provide a happy medium for consumers. As such, Zhao is seemingly stating that the creation of the Binance DEX was predicated on the need for a “high capacity chain” and an easy-to-use decentralized platform. CZ explained:

So, we believe that as we improve the latency and the user experience on the DEX, we’re hoping to see liquidity increase on the DEX, hopefully making a [good] contribution to the market.

Putting a spotlight on BNB, which has followed the performance of Bitcoin (BTC) in recent weeks, Zhao noted that his firm is currently “working with many partners on the business side” to implement BNB into their services. One of Binance’s recent notable partnership is with TravelByBit, which allows cryptocurrency users to travel the world through the use of cryptocurrencies. In the end, as alluded to by the member of Binance’s top brass, these partnerships come down to Binance’s goal to create a cryptocurrency ecosystem that is cost- and time-efficient and widely used.

Binance Forges Ahead In Crypto Bear Market

Binance Chain and its decentralized platform aren’t the only ventures that the preeminent crypto startup is embarking on.

Binance Labs, the venture and incubator arm of its namesake, recently made a $3 million investment into Koi Trading. San Francisco-based Koi Trading, for those who aren’t aware, is an emerging platform that acts as an OTC desk, specializing in the facilitation of non-retail investor-issued crypto exchange orders.

Title Image Courtesy of sydney Rae on Unsplash

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Ethereum Constantinople To Launch In Jan. 2019, ETH Surges 10%

Ethereum Constantinople Blockchain Upgrade Nearing Activation

As reported by Ethereum World News in early-October, after developing Constantinople for months, the Ethereum core development team decided to take the blockchain upgrade to the network’s Ropsten testnet. At the time, the developers believed that if the test succeeded, Constantinople, a protocol that will decrease block rewards and divert ASICs,  would be uploaded to the mainnet by October’s end.

However, upon activation of the upgrade on Ropsten, it became apparent that something was amok, as the fork stalled at block 4,299,999 for two hours, indicating that Constantinople had trouble coming out of the starting gate. Even after the testnet resumed, zero transactions were initially shown in the post-hard fork blocks.

Eventually, Afri Schoedon, a developer at Parity, took to Twitter to give the crypto community a concise update on the situation, simply explaining that a consensus issue had unfortunately occurred, catalyzing a three-way fork between Geth, Parity, and another popular Ethereum-based client. In a post-mortem of the fork, the Parity developer explained:

  • Recently added hashpower caused reduced block times and caused this hardfork to happen much earlier than expected on a Saturday which is, by all means, the worst time for a hardfork.
  • Hardfork happened only 6 days after Geth release and 1 day after Parity release, users had not enough time to upgrade.
  • There is no fork monitor available, only http://ropsten-stats.parity.io which does not reveal details about the different chains.

Keeping all these issues in mind, Schoedon, who is an active blockchain developer, claimed that the Ethereum community shouldn’t rush this pertinent upgrade.

After the event, Ethereum World News stipulated that Constantinople could activate by mid-January, the 16th to be exact. And now, in a recent Core Developer meeting, this call for a January blockchain upgrade has come true.

Through the project’s most recent bi-weekly call, it has been confirmed that Ethereum Constantinople will activate on the processing of block 7,080,000, which is slated to arrive around January 14th, per CoinTelegraph and statistics from Etherscan.

Serenity Continues To Loom 

For those who aren’t aware, the launch of Constantinople is a pertinent event in Ethereum’s long-term calendar, as the upgrade will move the long-standing project one step closer towards Serenity.

Justin Drake, a blockchain researcher, recently told Ran NeuNer that Serenity, or Ethereum 2.0, has been chugging along just fine. Drake claimed that researchers have continued to propose better and better designs for the upgraded blockchain, which would see Ethereum activate Sharding, a protocol that speeds up data processing.

Even Vitalik Buterin, a co-founder of the world-renowned project, lauded Serenity. At Devcon4, the Russian-Canadian coder noted that the blockchain overhaul may eventually facilitate “pure PoS consensus, faster times to synchronous confirmation (8-16 seconds), economic finality (10-20 minutes),” and, most importantly, a 1,000x scalability upside, which will likely discredit all fears of scalability.

ETH Posts 10% Gain Amid Market Tumult

Although the news regarding the Constantinople upgrade’s activation wasn’t confirmed as a bullish catalyst, in the past 24 hours, as per Live Coin Watch, Ether (ETH) has surged by 10.6%, beating the performance of Bitcoin by 8.62%.

This recent move, which sent the asset sky-high, brings ETH to $94.7, after falling to a more-than-year-to-date low at $82 on Thursday night/Friday morning from over-$100.

Title Image Courtesy of ian dooley on Unsplash

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BitMEX CEO’s Call For Double-Digit Ethereum Comes True: ETH At $90

Arthur Hayes: Ethereum (ETH), A “Double Digit S*hitcoin”

In late-August of this year, Arthur Hayes, the chief executive at BitMEX, the world’s foremost crypto mercantile exchange, took to his firm’s in-house blog to tout some controversial sentiment. In an extensive post, the former institutional trader began his Ethereum (ETH) bash by telling a personal story, hyperbolized to convey a point.

The BitMEX CEO discussed a s*hitcoin named Pepe Cash, an evident combination of a popular internet meme and Bitcoin Cash, and somehow, someway, related it back to Ethereum, which Hayes evidently holds a grudge against. Hayes, imbuing the op-ed with his normal swagger — unfiltered statements, crazy calls, and all — even noted that ETH could “go from a 3-digit to a 2-digit s*hitcoin.”

Backing his statement, which was inflammatory to put it lightly, Hayes drew attention to ICO-funded projects, many of which based their operations around Ethereum, venture capitalists “turned-hedge-fund-punters,” and crypto-centric funds.

Hayes’ chastising of Ether was quite extensive, but the long and the short of it is Hayes believed that there was enough prospective selling pressure to push the asset below $100, which was situated at $200 at BitMEX’s time of press.

While many proponents of Ethereum and “altcoin maximalists” laughed at the industry savant for his sentiment, lambasting the prediction (of sorts) as foolhardy, on Thursday, the asset finally showed signs of falling to double-digits.

At first, during the wee hours of Thursday morning, ETH suddenly flash crashed to $13 on Coinbase Pro — straight out of left field.

Although this move wasn’t backed by a clear catalyst, nor did Coinbase recently a statement on the matter, a number of Ether’s skeptics took to Twitter to claim that the asset’s time was up. Decentralist Kevin Pham, a zealous Bitcoin maximalist and anti-ETH fanatic, took to his Twitter following to claim that both the asset and Coinbase were a “s*hitshow.”

Others also chimed in, with Justin Sun of Tron even telling developers to “plz leave Ethereum and join Tron.” NVK, a pseudonymous crypto commentator, also expressed his/her thoughts, noting that at its core, the aforementioned project is “centralized,” before asking his followers to use Bitcoin and its recently-established Liquid Network to issue tokens.

While ETH subsequently recovered to $100, with those who bought in at the bottom making 770% near-instantly, the asset continued lower on Thursday, following BTC as it slid below $3,500. Eventually, the asset fell under $100, after putting up a fight at that key psychological, technical, and fundamental level for hours on end. As BTC continues to stumble, recently moving under $3,350 in a seemingly endless downtrend, ETH has followed suit, moving to $98 before finding itself rapidly falling to $88, where it has found itself.

So for the second time in weeks, it seems that Arthur Hayes has made a successful prediction against crypto, as the member of BitMEX’s top brass called for BTC to move under $5,000 previously.

Keeping all this tumult in mind, a number of analysts and market commentators took to Twitter to tout their thoughts. Alex Kruger, a prominent crypto-friendly macro markets analyst/investor, posted the photo above, evidently summing up Ether holders’ sentiment in a simple image.

Ethereum Believers Maintain Faith

Although the sentiment touted by traders is undoubtedly bearish, a number of diehard believers in this “world computer” project have maintained their bullish sentiment. Tom Lee, head of research at Fundstrat, recently took to Blockshow Asia to claim that Bitcoin, XRP, and Ethereum all have staying power, due to their status as established networks with purportedly bonafide use cases.

Mihailo Bjelic, a blockchain researcher, took to Twitter to claim that while ConsenSys, an Ethereum development consortium recently downsized, it remains a booming project.

ShapeShift CEO Erik Voorhees, responding to criticism regarding ETH from Peter Schiff, a Bitcoin hater, joked that “[Ether] HODLers are crying all the way to the bank… although they don’t need banks anymore, either.”

Title Image Courtesy of Pedro Gabriel Miziara on Unsplash

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BitMEX CEO’s Call For Double-Digit Ethereum Comes True: ETH At $90

Arthur Hayes: Ethereum (ETH), A “Double Digit S*hitcoin”

In late-August of this year, Arthur Hayes, the chief executive at BitMEX, the world’s foremost crypto mercantile exchange, took to his firm’s in-house blog to tout some controversial sentiment. In an extensive post, the former institutional trader began his Ethereum (ETH) bash by telling a personal story, hyperbolized to convey a point.

The BitMEX CEO discussed a s*hitcoin named Pepe Cash, an evident combination of a popular internet meme and Bitcoin Cash, and somehow, someway, related it back to Ethereum, which Hayes evidently holds a grudge against. Hayes, imbuing the op-ed with his normal swagger — unfiltered statements, crazy calls, and all — even noted that ETH could “go from a 3-digit to a 2-digit s*hitcoin.”

Backing his statement, which was inflammatory to put it lightly, Hayes drew attention to ICO-funded projects, many of which based their operations around Ethereum, venture capitalists “turned-hedge-fund-punters,” and crypto-centric funds.

Hayes’ chastising of Ether was quite extensive, but the long and the short of it is Hayes believed that there was enough prospective selling pressure to push the asset below $100, which was situated at $200 at BitMEX’s time of press.

While many proponents of Ethereum and “altcoin maximalists” laughed at the industry savant for his sentiment, lambasting the prediction (of sorts) as foolhardy, on Thursday, the asset finally showed signs of falling to double-digits.

At first, during the wee hours of Thursday morning, ETH suddenly flash crashed to $13 on Coinbase Pro — straight out of left field.

Although this move wasn’t backed by a clear catalyst, nor did Coinbase recently a statement on the matter, a number of Ether’s skeptics took to Twitter to claim that the asset’s time was up. Decentralist Kevin Pham, a zealous Bitcoin maximalist and anti-ETH fanatic, took to his Twitter following to claim that both the asset and Coinbase were a “s*hitshow.”

Others also chimed in, with Justin Sun of Tron even telling developers to “plz leave Ethereum and join Tron.” NVK, a pseudonymous crypto commentator, also expressed his/her thoughts, noting that at its core, the aforementioned project is “centralized,” before asking his followers to use Bitcoin and its recently-established Liquid Network to issue tokens.

While ETH subsequently recovered to $100, with those who bought in at the bottom making 770% near-instantly, the asset continued lower on Thursday, following BTC as it slid below $3,500. Eventually, the asset fell under $100, after putting up a fight at that key psychological, technical, and fundamental level for hours on end. As BTC continues to stumble, recently moving under $3,350 in a seemingly endless downtrend, ETH has followed suit, moving to $98 before finding itself rapidly falling to $88, where it has found itself.

So for the second time in weeks, it seems that Arthur Hayes has made a successful prediction against crypto, as the member of BitMEX’s top brass called for BTC to move under $5,000 previously.

Keeping all this tumult in mind, a number of analysts and market commentators took to Twitter to tout their thoughts. Alex Kruger, a prominent crypto-friendly macro markets analyst/investor, posted the photo above, evidently summing up Ether holders’ sentiment in a simple image.

Ethereum Believers Maintain Faith

Although the sentiment touted by traders is undoubtedly bearish, a number of diehard believers in this “world computer” project have maintained their bullish sentiment. Tom Lee, head of research at Fundstrat, recently took to Blockshow Asia to claim that Bitcoin, XRP, and Ethereum all have staying power, due to their status as established networks with purportedly bonafide use cases.

Mihailo Bjelic, a blockchain researcher, took to Twitter to claim that while ConsenSys, an Ethereum development consortium recently downsized, it remains a booming project.

ShapeShift CEO Erik Voorhees, responding to criticism regarding ETH from Peter Schiff, a Bitcoin hater, joked that “[Ether] HODLers are crying all the way to the bank… although they don’t need banks anymore, either.”

Title Image Courtesy of Pedro Gabriel Miziara on Unsplash
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Ethereum (ETC) Price Analysis: Bears Win Consolidation Battle

Ethereum previously consolidated inside a symmetrical triangle pattern to pause from its selloff but eventually broke to the downside to signal that further losses are likely. The 100 SMA is also making a bearish crossover to indicate that selling pressure is about to pick up.

However, RSI is pulling out of the oversold region to signal a quick return in bullish pressure. This might lead to a retest of the broken triangle bottom around the 115.00 area before more bearish action is seen. This broken support lines up with the moving averages dynamic inflection points to add to its strength as a ceiling.

Stochastic is also pulling out of the oversold region to signal that sellers need to take a break and allow buyers to take over. If buying pressure persists, ethereum could still find its way back inside the triangle or even resume the rebound.

However, sentiment in the cryptocurrency industry is not looking all that positive as the recent wave is leading more traders to join in the FUD. All that coverage on the recent price declines by mainstream media has also contributed to selling pressure as more and more folks unwind their holdings.

Last week, there was a brief improvement in sentiment as the focus returned to institutional investments. Still, it looks like buyers needed more than just mere expectations to sustain gains and would rather see actual industry developments.

It also doesn’t help that SEC Chairperson Clayton said that the lack of consumer protection measures in the crypto market suggests that they won’t be approving bitcoin ETFs anytime soon. This puts the industry a step back as it means that the likes of ethereum and its peers would have to wait much longer as well. Besides, ethereum is also under additional downside pressure as it was overtaken by Ripple and might also face stiff competition from rival altcoins.

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Dogecoin (DOGE) Defies the Red Bearish Market: Founder Blocks XRP Enthusiasts

The remarkable characteristic of Dogecoin’s token price to refuse obeying the general market movement [from the leader Bitcoin – BTC, to all following altcoins] is being highlighted strongly per time of writing.

For most of 2018, this trend of making surprising value jumps against the US Dollar and BTC has been present for the memefied coin. Whereas Bitcoin loses value and all top altcoins go down with, Dogecoin simply does its own thing at all times. Very stale coin.

Source: coinmarketcap

Breaking above the weekly declining trend that was concluding with a range bound for three days, has opened gates for the pair DOGE/USD to gain and retest the hurdle at $0.0024 as it is changing hands at $0.002370.

Dogecoin

Its increasing success throughout the crypto-ecosystem experienced a big hoist when back at the end of August the token transferring bridge between Ethereum and Dogecoin’s chain was announced. While performing as a bridge, it does enable transfers between the two chains easily. The elaborated coin here is in more benefit as its range of operations increases accordingly with the second in lead Ethereum’s flexibility with smart contracts.

Dogecoin Founder – Via his official twitter handle, Jackson Palmer posted his ‘simple automatic blocking XRP accounts script’ with which he started a so called XRP Away campaign.

The move came as a result of XRP enthusiasts counter-replying and storming him because of his negative comments made recently towards Ripple’s XRP. The latest script before being transformed into an open-source code, was used as a ETH scam bot blocking script. Elon Musk called Mr. Palmer for help to fight the spammers which targeted Musk for months.

Read the event: 

Dogecoin Creator And Elon Musk — The Ethereum (ETH) Scambot Fighting Duo?

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What Next for Ethereum (ETH)?

Ethereum (ETH) has had a rough week in the crypto markets. On the 5th of September, right before the whole market lost close to $40 Billion in a day, ETH was valued at $280 and seemed to have considerable support at that level. Then the news hit that Goldman Sachs have decided not to proceed with plans for a Bitcoin (BTC) and Crypto trading desk. The entire market tanked. ETH fell in the markets to current levels of $219 as the news about Goldman Sachs have since been declared as fake news.

Fears of Further Decline and ICO’s Dumping ETH in the Markets

The Ethereum HODLers in the crypto community are concerned that ETH will continue falling to levels well below $200.The last time ETH went below this levels was back in mid September when it was valued briefly at $195.

With the constant rumors that ICOs are selling the ETH they raised last year and early this year to avoid further losses, the concern still lingers of the possibility of the digital asset continuing to depreciate in value. Although this claims have not been confirmed, the theory is plausible given the tonnes of crypto that was poured into ICOs from late last year to date.

Will it Go To Zero?

The extreme side of events is that ETH will plummet to zero as everyone ditches the digital asset for more stabler coins such as Stellar (XLM). There is also the theory that ETH can be replaced as the preferred ‘gas’ payment on the Ethereum network thus making the digital asset obsolete. However, the Ethereum community would not agree to such a radical overhaul of the network’s operations.

A Call for a New Ethereum Network

This then leads to a new discussion that the Ethereum network needs to evolve with the times or risk being obsolete as more efficient networks are created. These include the likes of Tron (TRX), Zilliqa (ZIL) and Neo (NEO). Of particular concern are the security vulnerabilities in Ethereum smart contracts as well as the network having congestion issues that need to be solved by increasing its throughput.

Waiting It Out

The good thing is that ETH still has fans and HODLers who are willing to wait out the current storm in the form of a bear market. There are also high hopes that the scalability issues on the network will be solved very soon further injecting the much needed life into the digital asset.

In conclusion, the digital asset of ETH is facing some trying times in the crypto markets as it has dropped 85% since its peak value of $1,400. With the bear market still in full force at the moment of writing this, there is some fear that its value could drop further. However, the long term future of ETH is still bright if its network can evolve with the times.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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