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Ethereum technical analysis against Bitcoin and USD suggest a strong uptrend may come next week

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As the market continues to climb on its rally from December lows, several of the high cap coins have been noticeably quiet—including Ethereum. However, Bitcoin’s recent price surge saw its price increase nearly 50 percent in two days, giving Ethereum and other high-caps the boost they needed to start their climb upwards.

This article will evaluate three separate aspects of Ethereum price movement, including ETH/USD, ETH/BTC and ETH.D (overall market dominance). In summary, the aim is aim to evaluate the next few periods of price action for Ethereum, which on the higher timeframes will provide about two to four weeks of what to expect, given the current market scenarios.

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Several things come to mind when thinking about Ethereum and its future, although if there is one thing that crypto space seems appears to be incredibly quiet about, it is the enterprise, institutional, and corporate application of Ether.

The interest in ‘Enterprise Ethereum’ networks that are in development at Amazon, JP Morgan Chase, Microsoft, and other corporations show promise. This alone makes ETH an incredibly strong player for renewed momentum in the markets, and for that reason, technical analysis can prove insightful.

Fundamental and Technical Analysis

Oftentimes, crypto debates stem from the ideological differences between fundamental analysis (FA) and technical analysis (TA).  Many feel that a ‘successful’ trader needs to decide on one of these two approaches. However, when used together, each adds a considerable amount of value, especially when considering that finance experience differs from person to person. The distinction between the two: FA suggests what to invest in, while TA suggests when to invest.

All things considered, the analysis provided here is suggesting that ETH will regain the market dominance it previously had, which is also good news for other altcoins.

A few notes here on the ETH.D chart from above, which illustrates the market cap size of Ether relative to the rest of the market. Clearly trending downward and sitting at approximately 10 percent, the higher frames like this still suggest downtrend continuation as the higher frames take longer to show emerging trends that are in play on the lower levels.

ethereum price analysis

ethereum price analysis

That said, 12 percent dominance, and 14 percent appear to be the next resistance that the ETH cap will face, assuming it continues upwards in its battle. The angle that the Bollinger bands are taking downward with the price is knowns as the squeeze. Since the bands are based on volatility, the fact that they are so consolidated at this point on such a high time frame suggests that the move that is incoming could be extremely explosive, as the squeeze from this is set up nicely.

To supplement that bullish bias, the BTC.D chart is also shown below and appears to be shifting slightly downward just as ETH.D appears to be breaking to the upside. This, of course, makes sense on the Bitcoin dominance side of the equation, because Bitcoin almost doubled in value and went straight up in market dominance, which peaked at roughly 63 percent at that time. Notice that while Bitcoin dominance was climbing Ether dominance was dropping.

ethereum technical analysis

ethereum technical analysis

Taking what we already know from these charts, we can see ETH.D and BTC.D are inversely correlated. This in mind, we pivot over to the ETH/BTC chart in which we see a similar situation. Ethereum is far from is its all-time high in BTC but has a kick of life coming into play, as of today, as it touches a major support zone on the bottom of its low range.

eth technical analysis

eth technical analysis

As it gains in BTC, we can expect it to gain in USD as well, as BTC/USD is going to presumably consolidate above any former resistance before its continuation. That in mind, resistance levels on Ether appear to currently residing around 0.0303, 0.0308 0.0312, and 0.035 BTC at the moment, with Ether trading at 0.029 BTC as of now. In the long run, ETH should yield strong returns yet again.

If needed, ETH/BTC’s current lows are in the 0.026 range and there is strong support and buy volume ready in case BTC dumps into oblivion.

Looking over the ETH/USD chart, it has a similar appearance to the majority of altcoins, but the dominance factor suggests the returns will be significant, perhaps more so than the top 20 altcoins.

eth technical analysis

eth technical analysis

Currently, at a price right around $232, it appears to have broken out from its ascending wedge. Support can go as low as $202 before being in trouble, but the immediate short term outlook may be positive for anyone participating at the beginning of this new bull run.

Disclaimer: None of the information above should be construed as investment advice. Trading cryptocurrencies is extremely risky and we advise our readers to only trade what they can afford to lose.

Ethereum, currently ranked #2 by market cap, is up 13.31% over the past 24 hours. ETH has a market cap of $25.52B with a 24 hour volume of $13.39B.

Chart by CryptoCompare

Ethereum is up 13.31% over the past 24 hours.

Filed Under: Ethereum, Price Watch, Technical Analysis

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PSA: Bitconnect ‘2.0’ Triggers Countdown to Resurrect Greatest Crypto Ponzi Ever

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By CCN: In 2016 a cryptocurrency project named BitConnect came along offering 1% daily compounded interest for those who purchased and staked its token.

When the BitConnect (BCC) bubble inevitably burst, the owners, as expected, made off everyone’s money. The BCC token price sunk by 99.9%, and a previously $2.5 billion valued project became worthless.

Now, the greatest scam ever sold is back. Enter BitConnect 2.0.

Hey, Hey, Hey: BitConnect 2.0 Arrives for a Second Bite at the Cherry

A website and Twitter profile advertising the arrival of BitConnect 2.0 appeared in the last few days. The website shows a countdown to the rebirth of one of the worst cryptocurrency scams of all time.

Bitconnect countdown

The Twitter profile contains just two posts – one is a link to the new website; and the other is a Binance referral link with the directive ‘Buy Now’.

Of course, there are no BitConnect tokens (either 1.0 or 2.0) hosted on Binance. If we take a look at the domain registrar details for the new website – BitConnect.io – we see some strange peculiarities.

Despite the Twitter post promising a July 1st launch, the website’s domain name is set to expire two weeks before that date. The domain, which differs slightly from the original BitConnect.co website, was registered in 2017.

bitconnect domain

Scamception: A Scam Inside a Scam

All of this adds up to what looks like a scam inside a scam. Assuming the site domain isn’t renewed before the expiration on June 19th, then perhaps what we have here isn’t BitConnect 2.0 at all.

Rather, it appears someone with an old domain name is attempting to squeeze as much money out of their Binance referral link as possible before the site expires. The Twitter profile shows almost 1,000 followers already, despite the first post not appearing until one day ago. However, the new website is also registered in the same geographic location as the original – Panama.

One person who was able to see the funny side of the BitConnect revival was former BCC front-man, Carlos Matos. Famous for his exuberant and dramatic on-stage sale pitch, Matos continues to post memes about the BitConnect saga. Recently he revived his infamous ‘Hey, Hey, Hey…’ slogan to comment on BitConnect 2.0; which he apparently has no part in.

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Matos even posted this meme expressing a skeptical take on the project’s revival.

bitconnect grand theft auto meme

Too Late for Skepticism

Ultimately, the same skepticism would have been useful several years ago, before gullible investors were taken for all they had. From the ICO price of $0.17, the value of BCC tokens shot up to $509.99 in one year – marking ridiculous gains of 299,894%.

bitconnect charts

Of course, those gains were never cashed out. When the exit scam hit in January 2018, the value of BCC dropped like a stone. Data for the token price continued to be tracked up until August 2018, when it held a value of just $0.263786, before being removed from all exchanges.

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EOS Price Prediction Today: Daily (EOS) Value Forecast – May 20

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34-Million-EOS-Officially-Burned

34-Million-EOS-Officially-Burned

  • On the upside, if the price is sustained above the EMAs, the bulls are likely to retest or break the $6.60 and $6.80 resistance levels.
  • However, if the bulls fail to break the resistance levels, the crypto’s price is likely to fall back to the range bound zone.

EOS/USD Medium-term Trend: Ranging

  • Resistance levels: $ 6.80, $7.0, $7.20.
  • Support levels: $6.20, $6, $5.80.

Last week the price of EOS was in a bullish trend. On May 16, the crypto’s price tested a high of $6.80 and was resisted. The market fell and was in a downward correction to the support level at $5.80 price level. On May 19, the crypto’s price was in a bullish move but was resisted at the $6.60 price level. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise.

On the upside, if the price is sustained above the EMAs, the bulls are likely to retest or break the $6.50 and $6.80 resistance levels. However, if the bulls fail to break the resistance levels, the crypto’s price is likely to fall back to the range bound zone. Meanwhile, the market is at the overbought region of the daily stochastic but below the 80% which indicates that price is in a bearish momentum and a sell signal.

EOS/USD Short-term Trend: Ranging

On the 1-hour chart, the price of EOS is in a bearish trend zone. On May 19, the crypto’s price reached a high of $6.52 but was resisted. The crypto’s price fell and was in a downward correction. The bears have broken the 0.236, 0382 and the 0.50 Fib. retracement levels.

The price is in a downtrend zone but the 0.618 retracement level is likely to hold. In other words, the price may fall to the $6.19 price level. Meanwhile, the market has reached the oversold region of the daily stochastic but below the 40% range. This indicates that the price of EOS is in a bearish momentum and sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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Bitcoin Has Soared Above Intrinsic Value During Latest Rally, JPM Strategists Claim

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Strategists from United States banking giant JPMorgan Chase (JPM) have argued that bitcoin (BTC)’s recent rally has ostensibly soared past what they calculate to be its intrinsic value. Their analysis was reported by Bloomberg on May 20.

The strategists — who reportedly include JPMorgan global market strategist Nikolaos Panigirtzoglou —  judge that the top coin has recently been trading in a way that mirrors its late 2017 rally, which preceded a protracted price slump.

To ascertain the coin’s intrinsic value, the strategists reportedly analyzed bitcoin as a commodity and calculated its cost of production based on parameters such as estimated computational power, electricity costs and hardware energy efficiency, Bloomberg notes. They reportedly stated:

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

Bitcoin — which has seen a renewed lease of life since April — has traded as high as almost $8,300 within the last week — having traded sideways below $5,000 throughout February and March. In mid-December 2018, the top coin had traded below the $3,300 mark — with its current price point thus representing a roughly 150% gain over its bear market lows.

Bitcoin’s 3-month chart, Feb. 20 — May 20 2019

Bitcoin’s 3-month chart, Feb. 20 — May 20 2019. Source: CoinMarketCap

In an apparent qualification of their analysis, JPMorgan’s strategist are cited by Bloomberg as having noted that:

“Defining an intrinsic or fair value for any cryptocurrency is clearly challenging. Indeed, views range from some researchers arguing that it has no fundamental value, to others estimating fair values well in excess of current prices.”

As reported, JPMorgan CEO Jamie Dimon has long adopted a sceptical stance toward decentralized cryptocurrencies such as bitcoin, even as he steers the megabank toward launching its own blockchain-powered native settlement digital asset, JPM Coin.

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Ethereum-Based Stock Exchange Plans First Company Listing in June

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SprinkleXchange, a stock exchange built on ethereum, is reportedly listing its first company next month.

Sprinkle Group CEO Alexander Wallin told Bloomberg in an interview published Friday, “We have the luxury of being first with this, but we’re aware that it will become a crowded market.”

The Bahrain-based platform, operating within a regulatory sandbox created by the country’s central bank, uses a decentralized clearing and settlement system that uses automation in order to reduce time and cost. Prices will be set using the Dutch auction method, with SprinkleXchange taking a 1 percent fee.

Wallin told the news source that the cost of listing would be similar to on a Swedish stock exchange, but “you get global access and we can show that you also get better liquidity.”

SprinkleXchange is aiming to attract companies with a market capitalization of $20-$200 million. It expects to list 35 companies over the next 12 months and as many as 1,000 over the next few years. As well as listed stocks, the firm will offer trading in cryptocurrencies and also plans to add exchange-traded funds in the future.

A number of traditional stock exchanges are currently moving to integrate blockchain tech in their platforms. Switzerland’s top stock exchange, SIX, for instance, is expected to roll out a blockchain platform to speed up trading later this year. While the Gibraltar Stock Exchange recently started allowing the listing of tokenized securities.

The Australian Securities Exchange is notably rebuilding its ageing CHESS settlement platform using blockchain tech provided by Digital Asset. And other stock exchanges, including in Jamaica, Thailand and Spain, have also announced initiatives around blockchain and crypto assets.

Bahrain image via Shutterstock 

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Terrified Central Bank Attempts to Arrest Myanmar’s Bitcoin Binge

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By CCN: An emerging economy which expects to attract $5.8 billion worth of Foreign Direct Investments is belittling its goals with an anti-technology stance.

Myanmar is the latest developing country that is hinting to shut doors in the face of bitcoin, a decade-old global cryptocurrency which proposes to replace banks with a decentralized network of transaction validators and bookkeepers. Anybody with a decent internet connection can participate in the bitcoin economy, which further makes it an attractive asset for people with limited gateways to participate in global economies.

But, to the Central Bank of Myanmar (CBM), bitcoin is more a liability than an opportunity. The central bank earlier this month announced that it does not recognize bitcoin as money, stating that it would not allow Myanmarese financial institutions to accept or facilitate its transactions. The same ruling applied to cryptocurrencies having properties as that of bitcoin.

Bitcoin Adoption Booming in Myanmar

MMTimes.com reports that Myanmarese investors have been increasing their stakes in bitcoin and similar cryptocurrencies lately. Local advertising for bitcoin exchanges on social media is at its peak, which is prompting more people to board the bitcoin bandwagon. CBM fears that the process might shift a considerable capital from Myanmar’s own markets to an industry that is not theirs, which is why the central bank is discouraging people from investing in or using bitcoin and similar cryptocurrencies.

U Aung Aung, an IT professional working at a multination company in Yangon, told MMTimes that Myanmarese people like him face huge restriction on banking. He admitted purchasing some $20 worth of BTC back in 2017 after finding the cryptocurrency appealing for conducting flawless ‘global e-commerce and aid.”

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There are millions of people like Aung in the world that have entered the bitcoin economy for its underlying technological potential. The frenzy went to its peak during December 2017, when the bitcoin market valuation jumped to as high as $313.89 billion, almost five times the current GDP of Myanmar. A massive downside correction in 2018 brought the bitcoin rates almost 85-percent down. Nevertheless, the market now stands near $144 billion owing to an increase in institutional interest in first-tier countries like the US, Singapore, Japan, and Switzerland.

The Choice Between Doing an India or a Japan

CBM is now left with two options: either it can restrict people from investing in bitcoin like the Reserve Bank of India did, or it can take a proactive approach like Japan or Switzerland to make Myanmar a global hub for bitcoin-related developments.

U Nyein Chan Soe Win, the chief executive of digital commerce platform Get Myanmar, CBM does not have constitutional backing to announce an outright ban on cryptocurrencies. It is likely for the lawmakers to first define bitcoin in legal books before pursuing action against or in favor of the cryptocurrency.

“Before making crypto illegal, its impact on the local currency and compatibility with existing policies should first be analyzed and discussed,” he told MMTimes.com.

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