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Ethereum Classic (ETC) Consolidates Before A Breakout Against Bitcoin (BTC)

Ethereum Classic (ETC) Consolidates Before A Breakout Against Bitcoin (BTC)

Ethereum Classic (ETC) just like most cryptocurrencies broke below many critical levels during this correction. It broke market structure trading against the US Dollar (USD) and ultimately settled around $4. Ethereum Classic (ETC) demonstrated significant weakness trading against USD but it has remained incredible strong against Bitcoin (BTC). If we look at the above daily chart for ETC/BTC, we can see that Ethereum Classic (ETC) has held all critical levels against Bitcoin (BTC) so far. It has managed to remain above the trend line and is now ready for a move up as the market recovers. The expected move in play here is that Ethereum Classic (ETC) might rise against Bitcoin (BTC) during the mini altcoin rally that is to follow after the recovery.

Ethereum Classic (ETC) is not likely to break out of the current downtrend against Bitcoin (BTC) anytime soon. It might rise or fall within the wedge but it is unlikely to break out till late 2019. Trading volume has returned back to the market and Ethereum Classic (ETC) remains in the top 10 in terms of trading volume. A lot of new exchanges and wallets are adding ETC Support and adoption is expected to rise explosively after the correction. It is pertinent to note that a lot of people that held Ethereum Classic (ETC) before the correction felt betrayed that Ethereum Classic (ETC) did not make similar gains as the rest of the market during the previous rally. Most of them seem to be out of the market now as they have sold their ETC to stronger hands that don’t care about short term sentiment.

The circumstances of Ethereum Classic (ETC)’s inception were unfortunate. First the people who migrated to Ethereum (ETH) wanted to choke Ethereum Classic (ETC) by dumping their ETC coins on open market to lower its price and crush demand for ETC. Later, the hackers of the DAO attack sold their stash which further decreased the price of ETC/USD. After that, a lot of quick buck artists bought ETC because they thought it would be the next Ethereum (ETH) in terms of price gains. When it did not appreciate in price the same way, they dumped their tokens for altcoins. All of those people are not likely to return to the market again but that is a good thing. Even stronger hands are buying Ethereum Classic (ETC) and they are not likely to sell based on FUD or FOMO.

Ethereum Classic (ETC) did not react favorably to a lot of favorable developments during the bear market. However, people who invest in digital assets for 5 to 10 years or longer have been taking note. They were constantly watching the market for promising projects that would do the best in the long term. Retail investors like to invest in coins like Tron (TRX) or Zilliqa (ZIL) that overpromise but under deliver. That does not matter to them because they are in the pump and dump game. However, long term investors care about the actual use of a project beyond its blockchain. We have a lot of blockchain projects in the market, but the real question is, “What are they going to do with those blockchains?”

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ETH/USD Bulls Eyeing 668.87 as Upside Target: Sally Ho's Technical Analysis 4 December 2020 ETH

ETH/USD Bulls Eyeing 668.87 as Upside Target: Sally Ho's Technical Analysis 4 December 2020 ETH

Ethereum (ETH/USD) extended its recent strong price activity as traders continue to eye the psychologically-important 650 level following the pair’s ongoing gains.  Notably, ETH/USD has appreciated approximately 77% since the beginning of October, and has appreciated approximately 64% since the beginning of November.  The pair has recently traded around its recently-established multi-year high around at the 636.53 level, an area that was reached after Stops were elected above another recent relative multi-year high around the 623.22 area.  This recent multi-year high also represented a test of the 637.79 level, an upside price objective related to buying pressure that emerged earlier this year around the 135.12 area.  Additional upside price objectives include the 668.87, 679.78, and 698.88 areas, levels that relate to buying pressure that emerged earlier this year around the 125.52, 122.15, and 116.25 areas.

Following the move to a recent multi-year high, traders are paying close attention to recent areas of upside buying pressure, including the 370.50, 423.00, 439.77, and 480.08 areas.  Some important retracement levels related to these ranges include 561.37, 534.91, 514.93, 503.52, and 472.12Below current price activity, additional areas of technical support include the 507.55, 474.77, 406.48, and 395.87 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 567.55 and the 50-bar MA (Hourly) at 596.14.

Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.

Technical Resistance is expected around 637.79/ 668.87/ 679.78 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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Joseph Lubin of ConsenSys discusses Ethereum 2.0 stating it will “Devour“ the network

Joseph Lubin of ConsenSys discusses Ethereum 2.0 stating it will “Devour“ the network

Quick take

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  • Joseph Lubin contributor to Ethereum and founder of ConsenSys recently spoke during the Ethereum in the enterprise Asia-Pacific 2020 conference this week. 
  • During the conference, he predicted that Ethereum 2.0 is going to “devour“ the network in the short term.

Joseph Lubin contributor to Ethereum and founder of ConsenSys recently spoke during the Ethereum in the enterprise Asia-Pacific 2020 conference this week. During the conference, he predicted that Ethereum 2.0 is going to “devour“ the network in the short term.

He said:

“People in the know around the ecosystem are very optimistic about how fast things could unfold, as the really complicated work has been done in launching Phase 0.”

Joseph went on to say that the rollout of Ethereum 2.0 is “proceeding in parallel”. Essentially, this means that upgrades to the network could come quicker than many people are predicting.

He added:

“It is very likely will get a tremendous amount of data availability in the form of shards, as well as move lots of the important functionality from Ethereum 1 to Ethereum 2.0, and essentially see Ethereum 2.0 absorb Ethereum 1 in the not too distant future.”

Furthermore, he went on to predict that the next phase for 2.0 will become live in up to 12 months from now adding that the coming increasing amount of data availability will give way for layer two networks which will help them massively increase the amount of transactions per second that can be offered.

“Essentially Ethereum 2.0 represents a massive increase in scalability, so we’re already achieving tremendous scalability with layer-two networks.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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ETH/USD Holding 583.59 After Rebound Higher: Sally Ho's Technical Analysis 3 December 2020 ETH

ETH/USD Holding 583.59 After Rebound Higher:  Sally Ho's Technical Analysis 3 December 2020 ETH

Ethereum (ETH/USD) gained ground in today’s North American session as the pair appreciated to the 615.95 area after trading as low as the 586.11 area in the European session.  Notably, ETH/USD has appreciated approximately 77% since the beginning of October, and has appreciated approximately 64% since the beginning of November.  The pair has recently traded around its recently-established multi-year high around at the 636.53 level, an area that was reached after Stops were elected above another recent relative multi-year high around the 623.22 area.  This recent multi-year high also represented a test of the 637.79 level, an upside price objective related to buying pressure that emerged earlier this year around the 135.12 area.  Additional upside price objectives include the 668.87, 679.78, and 698.88 areas, levels that relate to buying pressure that emerged earlier this year around the 125.52, 122.15, and 116.25 areas.

Following the move to a recent multi-year high, traders are paying close attention to recent areas of upside buying pressure, including the 370.50, 423.00, 439.77, and 480.08 areas.  Some important retracement levels related to these ranges include 561.37, 534.91, 514.93, 503.52, and 472.12Below current price activity, additional areas of technical support include the 507.55, 474.77, 406.48, and 395.87 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 567.55 and the 50-bar MA (Hourly) at 596.14.

Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.

Technical Resistance is expected around 637.79/ 668.87/ 679.78 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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ETH/USD Orbiting 600.00: Sally Ho's Technical Analysis 2 December 2020 ETH

ETH/USD Orbiting 600.00: Sally Ho's Technical Analysis 2 December 2020 ETH

Ethereum (ETH/USD) rallied in today’s North American session as the pair appreciated to the 600.63 area after trading as low as the 575.08 area in the Asian session. The pair peaked around the 604.96 area in the European session before settling back to the 583.80 area. The pair spiked to the 636.53 level this week, a fresh multi-year high, after Stops were elected above the 623.22 area, a recent relative multi-year highStops were also triggered above the 627.83 area, an upside price objective related to historical buying pressure around the 80.60 area.  Chartists are carefully monitoring retracement levels following the climb to the recent multi-year high, and these include the 599.61 and 576.77 areas, below which Stops were recently elected.  Additional retracement levels include 558.31, 539.84, and 517.00 and Additional upside price objectives include the 638.28 and 652.36 levels.  The pair’s recent pullback was a test of the 479.03 area, representing the 78.6% retracement of the appreciating range from 439.77 to 623.22.  One level that traders are carefully monitoring is the 503.57 area, a level that represents the 38.2% retracement of the recent appreciating range from 310.00 to 623.22, and price activity was recently buoyed above this area.

 Stops were recently elected below a series of retracement levels including 579.73, 563.58, 553.14, 531.50, 526.88, 509.85, 496.86, and 483.06. Larger Stops were elected below the 550.01 and 504.72 areas, retracement levels related to the wider appreciating range from 313.00 to 623.22.  On the upside, Stops were recently elected above the 615.19 area during the climb higher, an upside price objective related to buying activity that originated around the 142.10 level earlier this year.  The pair’s next upside price objectives include the 637.79, 668.87, 679.78, and 698.88 levels.   Stops were also recently elected above the 583.59 and 592.24 areas during the ascent, retracement levels related to selling pressure that commenced around the 894.50 and 1419.96 levelsStops were also recently elected above the 519.16, 521.13, 524.97, and 540.64 areas during the ascent higher, preceded by Stops triggered above the 503.54, 508.69, and 510.22 levels.  Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 567.84 and the 50-bar MA (Hourly) at 598.79.

Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.

Technical Resistance is expected around 637.79/ 668.87/ 679.78 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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