Posted on

Ethereum (ETH) Price Analysis: Major Reversal Pattern?

Ethereum could be in for more declines as it forms a double top on its 4-hour chart. Price is just halfway through its move back down to the neckline, but a break below that support level could spur a drop that’s the same height as the formation.

The 100 SMA is still above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, there’s still a chance for support levels to hold. However, the gap between the indicators has narrowed to reflect weakening bullish momentum and a potential bearish crossover. Ethereum is also moving below the 100 SMA as an early indicator of bearish pressure and might also be poised to fall below the 200 SMA dynamic inflection point.

RSI is already indicating oversold conditions, though, so sellers could take a break and allow buyers to take over from here. In that case, a bounce off these current levels could take ethereum back to the tops around $170 or higher. Stochastic is also turning up from the oversold region to signal that buyers are ready to return. A break below the $100 neckline, on the other hand, could lead to a selloff that’s around $70 in size.

Ethereum appears to have successfully completed its Constantinople and St. Petersburg upgrades without much of a hitch, but this outcome didn’t spur an immediate bullish reaction from price. This suggests that the positive sentiment from the previous month may have already run out of steam, and traders are hoping to get actual developments before reviving their long positions.

There is a lot riding on the Fidelity institutional platform launch said to push through this month, so progress might be enough to encourage bulls to return. Then again, the increased volumes could weigh on volatility for the time being.

The post Ethereum (ETH) Price Analysis: Major Reversal Pattern? appeared first on Ethereum World News.

Posted on

Ethereum Price Analysis: ETH/USD Solid, adds $3.39 Billion in Three Days

Latest Ethereum News

The crypto winter might be coming to an end and after 11 months of deep frost, it’s a scramble for honors. And it’s not about individual coins recouping their losses and realigning as they post massive gains in the last 24 hours, exchanges are doing their best to improve user experience. CoinBase, one of the world’s largest and conservative crypto exchange is rolling out goodies for users. As a “crypto first” exchange, the platform is releasing a new feature, Convert.

Read: Cryptocurrency Regulations: Hong Kong Considers Stricter Laws for the Industry

This tool allows platform users to convert from one coin to another without using third party applications as ShapeShift or Changelly. Support is available for Bitcoin, Ethereum and four other coins. But as a for-profit company, CoinBase will charge one percent for every conversion. However, depending on prevailing market conditions, fees can vary.

Meanwhile, data from Santiment indicate that more than 400,000 ETHs flew from ICO wallets in the last 30 days. Even though data was inconclusive on whether these coins found their way to exchanges, we can only speculate that this activity meant liquidation.

Also Read: CoinBase Opens Up To Altcoins, Launches Crypto-To-Crypto Trading

Kyber Network spent 67,290 ETHs from mid-November but their wallets still hold 5,560 ETHs after raising $50 during their successful ICO. Other noteworthy sellers during this bear freeze include Aragon, SingularDTV as well as Status.

ETH/USD Price Analysis

ETH/USD Price Analysis

At spot prices, ETH is up 4.4 percent against the USD and $7 away from the all-important resistance level. From previous ETH/USD trade plan, sellers are technically in charge unless there are solid breaks above $100. This is a round number and a psychological level that could propel ETH above $130 and even $160 cancelling the bear breakout pattern of Dec 6.

Trend and Candlestick Formation: Bearish, Breakout Pattern

The path of least resistance is southwards and the perpendicular falls from $160 cement our trend preview. But there is hope for bulls if and only if there are high-volume close above $100. As reiterated above, this expansion would cancel the minor bear breakout pattern of Dec 6 as bulls find the necessary momentum to rally towards $160. This is another important resistance level and previous support of Oct-Nov 2018.

Volumes: Increasing, Bullish

Though ETH/USD is range bound and oscillating within a tight $17 range with floors at $83, gains above $100 could ignite buyers aiming at $160. But this is subject to the level of market participation. Ideally, the breakout above $100 should be accompanied by above-average volumes exceeding Dec 7, 1900 HRs bar—321k versus 179k.

If that is the case and recent lower lows act as a catapult for the next wave of higher highs, then our ETH/USD trade plan will be as follows:

Buy: $100, $130

Stop: $90, $110

Targets: $130, $160, $250

All Charts Courtesy of Trading View

This is not Investment Advice. Do your own Research.

The post Ethereum Price Analysis: ETH/USD Solid, adds $3.39 Billion in Three Days appeared first on Ethereum World News.

Posted on

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.”

The post Ethereum (ETH) Price Analysis: Downside Triangle Breakout appeared first on Ethereum World News.

Posted on

Daily Altcoin Review: ETH/USD, LTC/USD Ranging, Fundamentals Supportive

Latest Ethereum News

In a milestone case— Copytrack Pte Ltd v Wall–noted by the University of Oxford Faculty of Law and published by the Business Law Blog, it is likely that relevant laws shall apply regarding claims of lost or stolen cryptocurrencies. The ruling made against the defendant, Brian Wall, mandates that the plaintiff and coin issuer Singapore’s based Copytrack Pte, shall trace and recover coins from “whatsoever hands the coins might be held at”.

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

The defendant mistakenly received 580 ETHs from Copytrack instead of 580 PTY tokens after participating in an ICOs.

This is an important ruling that could help protect businesses or individuals who wire funds to the wrong addresses going on to demonstrate how blockchain technology is not only governed by codes and smart contracts but by applicable rules set by a given jurisdiction.

At the moment specialist companies are developing. However, in the future, it will become easy for the rightful owners to track and recover funds once they appear on supporting wallets.

ETH/USD Price Analysis

With a market cap of $9.25 billion, ETH is the third most valuable coin in the space. But it could reclaim its spot if prices surge above $100 and later $160. From candlestick arrangement, prospects of ETH/USD expanding above $100 is a tall order and largely depends on the resuscitation of BTC prices.

As it is, ETH is in range mode oscillating within a $17 range with limits at $100 and $83—Dec 7 lows. As mentioned in previous analysis, bears are in control but for trend shift and invalidation of the bear breakout pattern than saw ETH sink below $100 on Dec 6, then buyers must gain momentum and rally above $100.

This shall jolt buyers into action buying on dips with stops at $90 and first targets at $130 and later $160—the main resistance previous support line.

Our ETH/USD Trade plan is as follows:

Buy: $100

Stop: $90

Targets: $130, $160

 

Latest Litecoin News

In an audio interview with Helio Executive John O’Shea, the lending firm said it will issue loans backed with cryptocurrencies including Litecoin (LTC), XRP, BTC and ETH shortly after receiving a credit license from the regulator.

Also Read: 7 Major Exchanges Join Forces to Enhance the Crypto Ecosystem in South Korea

Meanwhile, HTC’s Exodus 1 was featured at the Slush Conference in Helsinki, Finland. The blockchain tailored smart phone which will ship pre-loaded with the Brave Browser will retail for 19.74 LTCs and the company has Litecoin’s founder as its consultant.

LTC/USD Price Analysis

LTC/USD Price Analysis

On a weekly basis, LTC/USD is down 18 percent but quite stable in lower time frames. Despite hints of higher highs and absorption of sell pressure without price swings, bears are technically in charge and could get worse if prices sink below our minor support at $20 or Dec 7 lows.

From simple candlestick arrangement, we shall recommend patience until after there are convincing breaks above the $5 range marked by Dec 8 highs at $25 and floors at $20. Before then, sellers have a real chance of driving prices lower in a trend continuation move that could see LTC print $2 by end year.

Of course, that is undesirable but the only time buyers would be in control is when there are solid moves above $25. That could thrust prices towards $40 and later $50 re-invigorating the market in the process.

This is our LTC/USD Trade Plan assuming bulls take charge:

Buy: $25

Stop: $20

Targets: $40, $50

All Charts Courtesy of Trading View

This is not Investment Advice. Do you Own Research.

The post Daily Altcoin Review: ETH/USD, LTC/USD Ranging, Fundamentals Supportive appeared first on Ethereum World News.

Posted on

Ethereum Price Analysis: ETH/USD Bullish Above $100, Test of Resolve

Latest Ethereum Price

At spot prices, bears are not only stress testing the dApp ecosystem but putting to test the resolve of investors and all market stake holders. Of course, its a fall from grace to grass, that dip from $1,400 to less than $100 has been damaging for investors, developers and businesses. ConsenSys—with more than 1,000 employees and in present in 30 countries is believed to be burning $100 million supporting staff and projects mostly from Joseph Lubin stash—is feeling the sting.  Days after calling for resilience, the company announced that they will be laying off 13 percent of its staff.

Read: Crypto Startups Going Bankrupt Amidst Market Crash

Aside from that, news has it that even with these low prices, hackers are now targeting unsecured Ethereum wallets and mining rigs. As reported by our team, hackers have been scanning the network for a week now and their main objective is to pick out port 8545—a JSON-RPC interface used by wallets and mining hardware. The interface depends on the user to set up passwords and if left open, then hackers can exploit that opening and siphon funds.

Also Read: Changpeng Zhao Likens Binance Chain To Ethereum, BNB To ETH

On the development front, the decision by developers to agree and fix a date for Constantinople is something very positive and would go a long way in instilling confidence in the ecosystem preventing project migration to rival networks.

ETH/USD Price Analysis

ETH/USD Price Analysis

On a weekly basis, ETH/USD is down 17 percent in the last week and quite stable in the last day and hour. And even as bears dig in, ETH is down in the excess of 85 percent from 2018 peaks and as Fibonacci retracement rules demand, a natural correction is imminent. This is why traders and investors across the board expect prices to bounce back and close above $100 by the end of the week. Once it does, then it is likely that ETH/USD would expand to $130 or higher. If not, falls to $50 or less will be inevitable.

Trend: Bearish, Minor Accumulation

From left to right, the trend is clear. ETH/USD is bearish and oscillating within a tight $17 range with limits at $100 and $83. Unless otherwise there are gains above $100, bears are in control and considering the rate of recent price erosion, we cannot discount the possibility of prices breaking below $83.

Volumes: Increasing, Bullish

As prices range, three bars are a standout: Dec 7, 1900HRs bull bar—321k versus 179k average, Dec 8—2300HRs bull bar—163k versus 134k average and Dec 9—1500HRs bull bar—130k versus 85k average. All these bars confine price action. In real sense, ETH/USD price action is still oscillating within Dec 7 high-low. Therefore, for buyers to be in charge then we must see strong gains above Dec 7 highs at $100 while falls below its lows would trigger a sell off towards $50.

Candlestick Formation: Bear Breakout

Clearly, bears are in charge but at spot prices, prices are in range mode and accumulating. As aforementioned, bears are in control but if bulls gain momentum and thrust prices above $100 then ETH buyers have a chance.

Conclusion

From the above, this is our ETH/USD trade plan:

Buy: $100—Dec 9 Highs

Stops: $85—Dec 8 Lows

Targets: $130, $160

Breaks below $83 invalidates this trade plan.

All charts courtesy of Trading View.

This is not investment Advice. Do your Own Research.

The post Ethereum Price Analysis: ETH/USD Bullish Above $100, Test of Resolve appeared first on Ethereum World News.

Posted on

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.

The post Ethereum (ETC) Price Analysis: Bears Win Consolidation Battle appeared first on Ethereum World News.

Posted on

Ethereum (ETH) Price Analysis: Still Stuck in Consolidation

Ethereum is still inside a symmetrical triangle formation as it formed another lower high when it bounced from the $300 resistance. Price now seems to be aiming for the bottom of the triangle around $280 and the moving averages.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This suggests that support is more likely to hold than to break, possibly leading to yet another move to the top.

However, RSI is heading lower so ethereum might follow suit while sellers have the upper hand. Stochastic is also pointing down to reflect the presence of selling pressure. If bears are strong enough, they could push for a break of support and a downtrend that’s the same size as the triangle.

But when both oscillators reach oversold conditions and turn back up by then, buying pressure could return and lead to another test or even a break past the top.

The recent tweet by Elon Musk on how he wants ethereum “even if it’s a scam” is being blamed for the drop in price, although it’s tough to pinpoint which exact catalyst allowed price to turn from $300. After all, it could simply be profit-taking once more at the key psychological mark and a confirmation of a short-term double top right there.

In more upbeat reports, ethereum has been integrated by Yahoo Finance into its platform for trading. Some say that this marks an important step in crypto adoption, especially for retail investors, but others think that this could increase downside pressure.

In the meantime cryptocurrencies could also wait for clues on market sentiment when it comes to establishing longer-term direction. Risk appetite on account of trade developments is currently supporting stocks and commodities, possibly weighing on demand for ethereum and its peers.

Girl in a jacket

loading…

Posted on

Ethereum (ETH) Price Analysis: Triangle Breakout Alert!

Ethereum broke below the bottom of its symmetrical triangle consolidation on the 1-hour chart to signal that bearish moves are in the cards. Price might be due for a pullback to the broken support, which is close to a new descending trend line forming.

Applying the Fibonacci retracement tool on the latest swing high and low shows that the 61.8% level lines up with the trend line and area of interest near $290. This might be the line in the sand for a pullback on this selloff, as a move beyond the $300 mark could signal that bulls are charging again.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, there’s still a chance for the uptrend to continue. At the same time, RSI is indicating oversold conditions and turning higher could bring buyers back in. Stochastic has reached oversold territory to reflect exhaustion among sellers and a possible takeover by bulls.

In that case, the correction could go on for a while, and the Fib levels might be where sellers are waiting. The 38.2% level is at $282.07 and the 50% level is at $286.32.

Cryptocurrencies are in the red once more as the pickup in stocks and commodities seems to have drawn traders back to traditional markets. This improvement in sentiment in global financial markets is being attributed to the upcoming trade talks between the US and China this week, with many hoping that the next set of tariffs could be avoided.

It’s important to note, however, that these will just be low-level talks and there won’t likely be any decisions made for now. This could lead to a return in risk aversion that tends to prop up cryptocurrencies.

Another factor worth watching is the turmoil in Turkey as escalation could bring in capital controls that tend to favor bitcoin as well.

loading…

Posted on

Ethereum (ETH) Price Analysis: On the Lookout for a Breakout

Ethereum is consolidating in a symmetrical triangle and might be to break out soon.

After the strong moves in the previous month, Ethereum is now consolidating inside a symmetrical triangle pattern as bulls and bears wait for catalysts. Price is approaching the peak of the formation so a breakout might be due soon.

The 100 SMA is above the longer-term 200 SMA to hint that the path of least resistance is to the upside. In other words, an upside break might be more likely to happen than a downside break. The chart pattern is around $80 tall so the resulting move could be of the same size.

RSI appears to be slowly making its way down, indicating that sellers have the upper hand. This could lead to a break below the $290 triangle bottom, which is also around the 200 SMA dynamic inflection point. Stochastic was on its way up to show the presence of buying pressure but seems to be turning down also.

Ethereum has been struggling to hold its ground since breaking below the $300 key psychological level. Buyers would need to be strong enough to push price past this level to draw more bullish energy and sustain any rallies.

The recent drop is being pinned on the cashing of ICOs as most tokens chalk up consecutive declines. And since ERC-20 tokens were mostly used for the creation of ICOs for funding purposes, the profit-taking activity has consequently led to selling of Ethereum.

A pickup in cryptocurrency prices could then be needed to restore demand for Ethereum, as well as improvement in risk taking. Traders are keeping tabs on Turkey and potential contagion, as this might also lift demand for alternative assets like digital currencies. This has been the case when capital controls were imposed on Greece a few years back as people looked for a better store of value or medium of exchange than a rapidly dropping currency.

loading…

Get real time updates directly on you device, subscribe now.

Posted on

Ethereum (ETH) Price Analysis: Bears Still in Control?

Ethereum has formed lower highs and lower lows to trade inside a descending channel on its 1-hour time frame. Price found support at the bottom and looks ready to test resistance again.

Applying the Fibonacci retracement tool shows that the 61.8% level lines up with the channel top around $300. This is also just below the 100 SMA dynamic inflection point, which might also keep gains in check. If so, Ethereum could fall back to the swing low at $250 next.

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. The gap between the moving averages is also widening to reflect stronger selling pressure.

RSI is on the move up but nearing overbought territory to indicate that buyers are in control but could lose momentum soon. Stochastic is also dipping into overbought territory to reflect exhaustion among bulls. Turning lower could bring sellers back in, even before price hits the top of the channel.

Ethereum broke below a key support zone, likely drawing even more selling pressure as investors rush to liquidate positions even before finding out what’s driving the move. There appear to be no catalysts for the sudden drop, at least based on the headlines, but mostly sentiment-based trading.

Traders have a weaker appetite for riskier assets these days on account of the crisis in Turkey that is feared to spark contagion to European banks and the global economy. However, cryptocurrencies have shown a tendency to do well when these situations persist, especially once investors start moving funds out of traditional markets that are more susceptible to a financial crisis.

If this phenomenon takes over, Ethereum could have a shot at busting out of the channel and starting a reversal. It would help, though, if this was also supported by positive developments in the industry itself.

loading…