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Ethereum (ETH) Might Take A While To Drop Below $160

Ethereum (ETH) Might Take A While To Drop Below $160

Ethereum (ETH) has faced a strong rejection at a critical trend line resistance which means the price is highly likely to decline in the weeks ahead. However, now that it has declined so sharply in such a short time, we expect the price to take a while to consolidate or rally before it can fall further. The 4H chart for ETH/USD shows that the price has ample room to rally considering that its Stochastic RSI is oversold short term and the RSI has found a trend line support that could see the price rally back towards the top of the symmetrical triangle in the days ahead. Ethereum (ETH) has seen a lot of positive developments recently which are likely to reflect in its price in the near future. The sentiment remains bullish despite the recent setback and the bulls could push the price back above $180.

The trading volume for ETH/USD continues to decline but investors are eager to accumulate for long term as the price is down more than 85% from its all-time high. For value investors that buy assets that are oversold, Ethereum (ETH) is one of them at the moment. That is not to say though that the price could not decline further. In fact, as mentioned in our previous analyses, we still expect Ethereum (ETH) to decline to $60 or lower in the weeks and months ahead. However, investors who are in it for the long term need to realize that this is still a good price to be accumulating for long term. It is never a good idea to go all in or all out in one go if you believe in an asset long term. The best course of action would be to dollar cost average different entries whether you are looking to long or short.

The 4H chart for ETH/BTC shows the price has now declined below the trend line support. The rising wedge has been broken to the downside and the price will now have to test the previous support line as resistance. It would be interesting to see how it plays out. If the price gets rejected at the trend line support turned resistance, we could expect further downside in the weeks ahead and traders would be better off entering short positions around that point. Please be advised though that shorting Ethereum (ETH) at this point is not much different than longing it around $15,000. This is why it is important to have controls in place to better manage risk.

Ethereum (ETH) has been through a lot of criticism lately. Regulatory bodies like the SEC have been cracking down on ICOs conducted on the Ethereum blockchain. Furthermore, the delay in PoS (Proof of Stake) transition has also been a confidence breaker for investors. The situation with PoS is not likely to get resolved soon which is why the price could see further decline. Investors may expect to see some big news or announcements that could trigger that fall. That being said, this is the time to be accumulating for long term and not selling if you believe in the long term potential of Ethereum (ETH).

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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

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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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