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ETH/USD controverts the bearish mood, consolidating over $ 240

 

The price of Bitcoin is stagnant below $ 10,000, while the US stock market is reaching record highs. The bullish trend and V-shaped recovery in US markets also show that the appetite for risk assets and single stocks is increasing. And Bitcoin’s struggle to show such a trend may be a hint that a retreat is imminent. At the same time, ETH/USD may have some opportunity for a new bullish rally…

As for the other major coins, Tuesday was a bearish day. Cardano’s ADA slipped 4.05% to lead the others down the road. EOS (-1.41%), Ethereum (-1.02%), Litecoin (-1.23%), Ripple’s XRP (-1.49%), Stellar’s Lumen (-1.76%), Tezos (-1.36%) and Tron’s TRX (-2.34%) also suffered relatively large losses.

As yesterday, so this morning the market is calm, except for a few coins. MakerDAO had another bullish break and managed to jump over $ 700. SwissBorg ranked 92nd in Coinmarketcap, grew 32% today. Kyber Network is also on our list with a 13.4% price jump after yesterday’s bullish break.

For the day ahead, the breakthrough of Bitcoin to $ 9,900 would provide strong support to the wider market. At the time of writing, the total market capitalization was $ 273.04 billion. And the dominance of Bitcoin was 66.04%.

 

Is ETH/USD on the threshold of a new rally?

Rafael Schultze-Kraft of Glassnode recently pointed out that the number of new daily Ethereum addresses that perform more than one ETH transaction has grown sporadically since January. And already reaching peaks last recorded in 2018. The number of Ethereum blockchain wallets has already exceeded 100 million for the first time since the creation of the cryptocurrency.

This heightened blockchain activity has led to an increase in Ethereum transaction fees over the past few weeks. And this is essential because for the last 4 years the price of ETH has been closely linked to transaction fees at Ethereum.

Analysts see this increased blockchain activity as a factor favoring ETH bulls. In addition, the upcoming launch of the Ethereum 2.0 testnet is likely to generate some support for the cryptocurrency to move higher in the coming months.

 

For now, however, Ethereum is consolidating with Bitcoin

From a technical point of view, the price action of Ethereum has been relatively lackluster lately. Buyers are vying for a steady uptrend as the cryptocurrency closely monitors Bitcoin’s price action.

Over the past few days, ETH/USD has been trapped in sideways trading, struggling to gain momentum in any direction. The pair is consolidating after retreating from the top at $ 253.23 last week. ETH/USD saw a significant drop to $ 235 on Sunday, but is now trading above $ 243 and continues to defend the 12-day SMA.

The highly choppy market continues to keep most buyers on the sidelines for now. On the downside, ETH/USD has very strong support at $ 242.00 (50 SMA on a 4-hour chart). If the bears manage to break below it, we can see a retreat to $ 235 and $ 230. There is an SMA 100 on the 4-hour chart, and if it lasts, it may help revive the uptrend. It is possible that more buyers in this region would prefer to enter the market at a lower price in anticipation of profits above $ 250 and $ 280.

But overall, the technical picture remains unclear due to sideways moving indicators. RSI and MACD have shown no signs of change in the last few days. If the equalization movement continues, ETH/USD is expected to remain in consolidation even longer.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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XRP Skyrockets to the Moon, Bitcoin and Ethereum Following it

 

Cryptocurrency Market Activity is Increasing

The price of Bitcoin (BTC) hit another high at $ 7,924, while the bulls continue to push for a test and breakout of $ 8,000 important level.

Only 13 days are left before mining reward halving of the top digital coin and investors are hoping that Bitcoin can at least go above the 100- and 200-day moving averages (in the region of $ 8,000). This will give the Bulls the opportunity to face another key resistance level of $ 8,500 in short term.

The Altcoins also jumped alongside Bitcoin yesterday. XRP shot up with 8.77%, Ethereum (ETH) added 5.41% and Litecoin (LTC) gained 5.21%. EOS (+3.57%), Tezos (+3.51%), Bitcoin Cash (+3.32%), Bitcoin SV (+2.33%), Cardano ADA (+0.62%) and Stellar Lumen (+0.39%) also found support.

For the rest of the top 20 cryptocurrencies was also a positive day, albeit with smaller profits. The only exception was Tether, which was at a 0.01% loss at the time of writing.

The total market capitalization of cryptocurrencies is now at $ 225.6 billion, with Bitcoin ’s dominance rate at 63.7%.

 

XRP Bulls Crushed Psychological $ 0.20, Restoring Buyers Confidence

The XRP/USD bulls retained control yesterday as the price increased from $ 0.1947 to $ 0.2180. In the early hours of Wednesday, the pair managed to break above the upper line of the 20-day Bollinger Bands.

Currently, several technical indicators provide an upward picture for XRP. MACD is showing an increase in the momentum as the RSI rose from 57.25 to 67.75 after the price action on Tuesday. On the 4-hour chart, the price moves above the 200 and 55-day SMAs, which should provide support if the market moves away. And a break above 200 SMA on a daily chart was also very important for last week’s price action.

The nearest resistance is expected at $ 0.2288 (50-day SMA), followed by 61.8% Fibo correction. If Ripple manages to break above that Fibonacci level (61.8% correction on the drop from 0.3455 to 0.1060), the upside momentum should continue.

In other words, the recovery is expected to peak at $ 0.35 in May, mainly riding on the volume likely to be generated by speculation surrounding the Bitcoin halving.

However, as the price is now moving above the Bollinger Bands on a daily chart and RSI is entering a overbought zone, this indicates that the asset is currently overvalued and may be facing bearish correction soon. And if the retreat is deeper, XRP will likely find support at 38.2% Fibonacci at $ 0.1970. A persuasive move there will send the price down for testing the bottom of April 16 at $ 0.1750.

 

ETH/USD Movement Above $ 200 Can be Explosive

The price of Ethereum has also risen and, over the past 48 hours, has maintained gains over $ 190. Early on Wednesday morning, ETH/USD was able to break above the important $ 200 resistance.

Ethereum’s uptrend is supported by RSI, which is pointing up and now is at 68.74. Despite the recovery since mid-March lows, the indicator failed to reach the overbought condition (break above the 70 level). Therefore, ETH/USD still has room for growth before the reversal occurs.

If Ethereum manages to remain convincing and close daily above $ 200, upraise to $ 300 could be an option. Especially with the volatility accompanying the Bitcoin halving in May. In addition, MACD also shows a steady upward momentum.

In the event of a change in the short-term bullish trend, ETH/USD will seek asylum at $ 172.50 (the 200-day SMA) and $ 153.53 (the 50-day SMA).

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Are the Ethereum Bulls ready for a recovery?

The fear of COVID-19’s proliferation and impact continue to keep more investors out of the market

Last week and this Monday were difficult for the global financial markets. The crashes were caused by the Coronavirus pandemic. Following traditional financial instruments, the crypto market also collapsed and Bitcoin lost 34% in the last 7 days. Ethereum dropped with 43%, Ripple’s XRP crashed with 30% and Bitcoin Cash lost 33%.

This morning, major cryptocurrencies have found some support. But the Ethereum bulls expect the risk appetite to continue to be affected by news around the Coronavirus. Despite the current apparent stability, investors seem to be shying away from the market, preferring to watch only from the sidelines. The downturn last week showed that Bitcoin’s safe-haven status was shattered.

Recovering over $ 6,000 will be required for the BTC bulls to pave the way for more price action towards $ 7,000. But BTC/USD is not ready technically. In order to pave the way for significant price movements north, the pair must overcome the sales pressure at H4 50 SMA ($ 6000). The next critical resistance is at the $ 7000 psychological level. And after that comes the 100 SMA, which is localized at $ 7,339 on a four-hour chart.

Earlier in the week, the total crypto market cap hit a high of $ 164.76 billion before slipping to $ 131.81 bln. Tuesday’s bullish momentum led to a recovery of $ 150.13 billion on Wednesday morning.

Bitcoin dominance returned to levels of 64% on Monday’s sell-off. At the time of writing is around 63.8%. 24-hour trading volumes in the crypto market amount to $ 121.05 billion.

Ethreum in consolidation after last week’s collapse

Like other crypto assets, Ethereum is experiencing a huge panic sell-off and the price has plummeted from $ 206 to $ 86. However, after rising above the $ 100 level, Ethereum began its appreciation against the USD yesterday. But mainly the price is consolidating into a triangle on a daily chart and is now trying to break the downside trend line of the figure. On the hourly chart, Ethereum is currently testing the lower curve of the 20-day Bollinger Bands.

Immediate resistance is seen at $ 115.50, which is 23.6% Fibo corrections on the recent drop from $ 206 to the bottom $ 86.46.

If the bulls manage to break through the important $ 120 resistance zone (also H1 100-day SMA), Ethereum may be ready for a strong upward move in the near future. The next key obstacle for the bulls is near the $ 132 and $ 146 level.

However, if Ethereum fails to break both the triangle and the resistance at $ 120 up, this could trigger another decline. The closest support levels are close to $ 112 and $ 110.

RSI indicator for Ethereum bulls

The RSI indicator sits on the edge of the oversold area. The SMA 200 is about to cross above SMA 20 on a daily chart. If it does, we will have confirmation of the heavily bearish “death cross” model. What does all this tell us? The answer is that while bulls may responsible for short-term movement, overall market sentiment remains bearish. In addition, MACD also slumping down.

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Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin, or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Ethereum’s Bulls Can Pull Away Before Testing $ 200

Ethereum testing $200

After two bearish days, this morning Bitcoin made an attempt to raise to $ 9,293. But then the first cryptocurrency resumed its decline and formed a low at $ 9,180.2.

For the other major cryptocurrencies, it was a mixed day on Tuesday. Ripple’s XRP and Stellar’s Lumen rose 4.88% and 3.99% respectively, while EOS gained 0.46%.

Yesterday, however, was a red day for the rest of the coins. Bitcoin Cash SV slid 3.56% to lead the others downside. Binance Coin (-1.74%), Bitcoin Cash ABC (-1.55%), Cardano’s ADA (-1.95%), Litecoin (-2.51%) and Monero’s XMR (-2.38%) also saw large losses. Ethereum and Tron’s TRX recorded modest losses of 0.62% and 0.60% for the day.

At the time of writing, the total market capitalization is $ 258.68 billion. Bitcoin dominance drops again to levels below 65% after Tuesday’s loss. Bitcoin dominance was 64.7% on Wednesday morning. The trade volume is $ 107.30 billion.

 

The Crypto Community Expects the Release of Ethereum Futures as Good News

The Commodity Futures Trading Commission (CFTC) believes that Ethereum futures are likely to start in the future. However, specific details of when or where Ethereum futures will be launched are not yet revealed. Keep in mind that while futures will theoretically increase institutional interest in the Ethereum market, it could also cause price crashes.

In addition, there has been a consistent increase in the hoarding of Ether by miners since the end of 2019. And this has led some experts to conclude that Ethereum’s credibility is growing.

 

ETH/USD Retreats from the Recent High, But the Bullish Trend is Still Intact

ETC/USD is moving in a good uptrend on the daily chart, after hit a bottom at $ 116.30 on December 18th. And now it looks like the price is consolidating in an upside flag on the hourly chart.

An upside breakout will obviously be bullish for Ethereum, but we will need to see sustainable movement above $ 190 to win the bull’s momentum. Therefore, the closest resistance is created by the current high near $ 195. If we break above it, we should see a test of the psychological $ 200 level. Most likely, the bulls will not be able to clear this area from the first attempt, but when it happens the September 19, 2019 high at $ 223.77 will be in focus.

Ethereum testing $200

On the downside, a clear break below the bullish flag is needed to give the bears extra momentum. The first support coming with the SMA 200, localized at $ 174.40. A breakthrough below this area will bring more sellers in the market and push the price to $ 170.00. This round level is followed by $ 158.00 support, reinforced by SMA 100 on the daily chart.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin, or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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