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Ethereum (ETH) Declines To 5 Week EMA Against Bitcoin (BTC)

Ethereum (ETH) Declines To 5 Week EMA Against Bitcoin (BTC)

Ethereum (ETH) drops to the 5 Week EMA against Bitcoin (BTC) but it could fall further to test the 21 Week EMA. That level is not likely to be breached and the price is expected to begin a recovery from there. The support we currently see for ETH/BTC on the weekly chart goes way back before 2017 when it was once a resistance. The price successfully pierced through this level in March, 2017 and this resistance turned into a long term support that the price successful tested once in December, 2017 and then again in December, 2018. Both of these times, this level held strongly and the price bounced off strongly after testing this level.

The weekly chart for ETH/BTC shows that Ethereum (ETH) has been trading in a descending triangle against Bitcoin (BTC) for almost two years now. This means that Ethereum (ETH) is now expected to break its downtrend and begin its climb against Bitcoin (BTC) in the months ahead. The circumstances for this rally against Bitcoin (BTC) couldn’t have been better. Ethereum (ETH) is about to go forward with its Constantinople upgrade which will prepare it for a smooth transition to Proof of Stake (PoS) from Proof of Work (PoW). This transition to Proof of Stake (PoS) is expected to make the Ethereum (ETH) blockchain more appealing to developers as well as investors. Dapp development activity on Ethereum (ETH) is also expected to rise after this transition.

Blockchain technology in general and Ethereum (ETH) in particular have been around for a long time now. Ethereum (ETH) has been through phases of ideation, testing and development but now it is time for adoption and real use cases. In the beginning, investors and developers both were interested in blockchain as a technology and they wanted to see what kind of blockchains there were, what features they had, what challenges they faced and all that. However, today investors as well as developers in this space are more focused on what they can use the blockchain for. Smart contracts can be used for payment, legal correspondence, supply chain management etc to revolutionize a large number of industries.

The daily chart for ETH/USD shows that Ethereum (ETH) has already bottomed and is now close to beginning a new cycle in the weeks and months ahead. How and when it appreciates in price is not clear yet but it is clear that Ethereum (ETH) is moving towards mainstream adoption. Crypto enthusiasts are no longer interested in Ethereum (ETH) being used by Microsoft, Amazon or any other tech giant because it is well past that stage. It does not need recognition of any of these large corporations to thrive. In fact, Ethereum (ETH) investors are more interested in seeing a large number of new Dapps built on the Ethereum (ETH) blockchain that disrupt the modus operandi of big tech and finance giants. This will not only help eliminate a trust based economy where everything from the US Dollar to the stock you hold only has value if a higher authority says so, but It will also lead to more innovation, transparency and ownership.

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ETH/USD Back Above 600 After Orbiting 551.65: Sally Ho's Technical Analysis 30 November 2020 ETH

ETH/USD Back Above 600 After Orbiting 551.65:  Sally Ho's Technical Analysis 30 November 2020 ETH

Ethereum (ETH/USD) extended recent gains early in today’s North American session as the pair appreciated to the 605.00 area after trading as low as the 557.21 area in the Asian session.  Stops were elected above the 568.54, 589.44, and 596.11 areas during the appreciation, upside retracement levels related to the recent depreciating range from 623.22 to 480.08.  Prior to the depreciation, ETH/USD had been hovering around the 551.65 area, representing the 50% retracement of the depreciating range.  Traders are waiting to see if ETH/USD will appreciate to establish another multi-year high.  Traders are also paying close attention to technical resistance around the 627.83, 638.28, and 652.36 areas.  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.  During pullbacks lower, traders are paying close attention to the pair’s trading activity around the 461.31 area, an upside price objective related to buying pressure that emerged months ago around the 125.52 area.   Some additional downside retracement levels include 432.71, 431.36, 427.78, 424.14, 422.81, 419.74, 415.20, 411.91, and 408.12. Additional areas of potential downside support include the 400.56, 395.87, 387.62, 380.03, 377.17, 367.24, 366.72, 354.44, and 353.78 areas.  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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 561.55 and the 200-bar MA (Hourly) at 561.17.

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

Technical Resistance is expected around 627.83/ 637.79/ 668.87 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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ETH/USD Orbiting 551.65 Retracement Level: Sally Ho's Technical Analysis 29 November 2020 ETH

ETH/USD Orbiting 551.65 Retracement Level:  Sally Ho's Technical Analysis 29 November 2020 ETH

Ethereum (ETH/USD) traded sideways early in today’s North American session as the pair appreciated to the 558.68 area after trading as low as the 531.00 area in the Asian session, a test of the 50% retracement of the appreciating range from 439.77 to 623.22.  Traders are observing that ETH/USD is tightly oscillating around the 551.65 area, representing the 50% retracement of the depreciating range from 623.22 to 480.08.  The next upside retracement levels in this range include the 568.54, 589.44, and 592.59 levels.   The 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.   Traders are also paying close attention to technical resistance around the 627.83, 638.28, and 652.36 areas. 

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.  During pullbacks lower, traders are paying close attention to the pair’s trading activity around the 461.31 area, an upside price objective related to buying pressure that emerged months ago around the 125.52 area.   Some additional downside retracement levels include 432.71, 431.36, 427.78, 424.14, 422.81, 419.74, 415.20, 411.91, and 408.12. Additional areas of potential downside support include the 400.56, 395.87, 387.62, 380.03, 377.17, 367.24, 366.72, 354.44, and 353.78 areas.  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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 554.10 and the 200-bar MA (Hourly) at 553.94.

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

Technical Resistance is expected around 627.83/ 637.79/ 668.87 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 Continues Recovery After Holding 503.57 Level: Sally Ho's Technical Analysis 28 November 2020 ETH

ETH/USD Continues Recovery After Holding 503.57 Level:  Sally Ho's Technical Analysis 28 November 2020 ETH

Ethereum (ETH/USD) extended its recent recovery in today’s North American session as the pair appreciated to the 529.90 area after trading as low as the 505.01 area in the European session, a test of the 100-bar 4-hourly simple moving average.  Traders lifted ETH/USD back above the 50-hour simple moving average during the North American session.  Some short-term upside retracement levels that traders are monitoring relate to the recent depreciating range from 623.22 to 480.08, and these include the 534.76, 551.65, 568.54, 589.44, and 592.59 levels.  The 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 623.22Stops 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.   Traders are also paying close attention to technical resistance around the 627.83, 638.28, and 652.36 areas. 

Stops were 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.  During pullbacks lower, traders are paying close attention to the pair’s trading activity around the 461.31 area, an upside price objective related to buying pressure that emerged months ago around the 125.52 area.   Some additional downside retracement levels include 432.71, 431.36, 427.78, 424.14, 422.81, 419.74, 415.20, 411.91, and 408.12. Additional areas of potential downside support include the 400.56, 395.87, 387.62, 380.03, 377.17, 367.24, 366.72, 354.44, and 353.78 areas.  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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 507.28 and the 50-bar MA (Hourly) at 519.49.

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

Technical Resistance is expected around 627.83/ 637.79/ 668.87 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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The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

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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