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Ethereum price analysis: ETH/USD losing 9%, $200 under threat

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  • ETH/USD sits marginally above $200 after a strong collapse.
  • The downside is the path of least resistance.

Ethereum, the second largest coin by market value, hit the lowest level since September 18 at $195 amid global cryptocurrency plunge that wiped out over $15B of market’s value. ETH/USD is changing hands at $201.57, down nearly 10% in recent 24 hours. Ethereum’s current market value is $21.1B, while the average daily trading volume is registered at $1.7B.

What’s going on

Ethereum has been following the global cryptocurrency trend as there are no ETH-specific triggers that might have caused the decline. A combination of speculative and technical factors amid a flow of negative reports and concerns voiced by IMF and World Bank earlier this week might have spoiled the market sentimentsб turning the balance to the bearish side.

Ethereum’s technical picture

ETH/USD needs to return above $220 handle to get a chance for an extended recovery towards $227 with a host of strong technical indicators clustered on approach, including 61.8% Fibo retracement daily, 4-hour high, SMA10 daily and SMA10 4-hour.

On the downside, a sustainable movement below $200 will open up the way towards Asian low of $195.00 with very little in terms of supports below that level. Basically, the downside is considered as the way of least resistance now.

ETH/USD, 1-hour chart

Source: fxstreet

Ethereum

Ethereum Price Could Reach $900, Predicts Elliott Wave Analyst

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Lately, the top crypto Bitcoin has been enjoying incredibly rapid growth. In the last 24 hours, Bitcoin price has increased by over 11% and currently makes up $ 12,612 per coin, with $ 224,2 billion market cap. While many hope that BTC price surge indicates the beginning of a new long-lasting bull cycle, crypto geeks start moving faster allocating their capital to other crypto tokens, and the first option to invest in after Bitcoin is Ethereum.

Benjamin Blunts, a popular crypto trader and Elliott Wave technical analyst, has compared Ethereum movement in 2017 and now and found a striking resemblance between price actions. On Twitter, he demonstrated the results of his analysis and wrote that he has a kind of deja-vu.

In his post, Benjamin Blunts noted that on both charts, there is the declining volume from wave A to the apex of the triangle. Decreasing volume with the market in consolidation is considered bullish, which means that when price contracts at the apex and sellers are drained, demand overwhelms supply and leads to a breakout.

Further, the analyst pointed out that the key level to break is $302. The sideways movement started on June 16, when Ethereum broke out at the $277 price level after the consolidation. Bulls propelled the coin towards the $289 level and broke it up. The bullish momentum extended to $318 supply level.

At the moment of writing, Ethereum is trading at $333.31 per token. If Benjamin Blunts is right, we may see a lot of surprising things in the nearest future, and one of them is Ethereum reaching $900.

Bullish Predictions On Ethereum

Benjamin Blunts seems to be optimistic about Ethereum in general. Earlier, he predicted a bullish run on the market, saying that this will happen anyway, it is just a matter of time when. Moreover, he once stated that Ethereum can be a new Bitcoin.

Indeed, the new highs are anticipated, and there’re several reasons for that.

First, On January 3, 2020, a new version of Ethereum will be introduced. The date coincides with Bitcoin’s 11-year anniversary. Ethereum 2.0 is expected to facilitate on-chain transactions and ensure the highest level of security and preserve decentralization.

Also, as we’ve previously reported, MetLife’s Singapore-based incubator LumenLab has partnered with media corporation Singapore Press Holdings (SPH) and insurance company NTUC Income (Income) to roll out Ethereum-based smart contract platform known as Lifechain.

This initiative marks the growth of Ethereum blockchain as well as ETH token popularity allowing Ethereum supporters think that one day this currency may become a new Bitcoin, as Benjamin Blunts once stated.

Source: coinspeaker

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Ethereum (ETH/USD) forecast and analysis on June 26, 2019

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Cryptocurrency Ethereum (ETH/USD) is trading at 310. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Ethereum (ETH/USD) forecast and analysis on June 26, 2019

As part of the Ethereum course forecast, a test of level 306 is expected. From where we can expect an attempt to continue the growth of ETH/USD and further development of the upward trend. The purpose of this movement is the area near the level of 342. The conservative area for buying of Ethereum is located near the lower border of the Bollinger Bands indicator strip at the level of 300.

Ethereum (ETH/USD) forecast and analysis on June 26, 2019

Cancellation of the option to continue the growth rate of Ethereum will be the breakdown of the lower border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair below the area of ​​280. This will indicate a change in the current trend in favor of a bearish for ETH/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.

Ethereum (ETH/USD) forecast and analysis on June 26, 2019 implies a test level of 306. Further growth is expected to continue to the area above the level of 342. The conservative area for buying Ethereum is located area of 300. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 280. In this case, we should expect a further fall.

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A Second Chance With Ethereum For Those That Missed the Bitcoin Boat

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There is no stopping Bitcoin at the moment as the king of crypto keeps heading skywards. As BTC touched $13,000 today many are asking ‘am I too late to get in’. The long term answer is clearly a no, but there are still good gains to be made on Ethereum if it repeats the performance from 2017.

Ethereum Still Undervalued

Bitcoin may well be up 240 percent this year and hitting new highs every day this week but all is not lost for those that think they have missed the boat. Corrections will happen, they always do, but many are now claiming that there will no longer be any four digit Bitcoin available to buy.

Looking at the second largest crypto asset on the market shows that it is still massively undervalued, especially when compared to its bigger brother. Bitcoin is now less than 40 percent down from its peak whereas Ethereum is still over 75 percent away from its giddy height of $1,400 back in January last year.

Today ETH has managed to ride the coattails of BTC pulling in another 7 percent to reach $335. As noted by ‘CryptoFibonacci’ ETH could be approaching resistance again now.

Ethereum gains in recent months have been sluggish in comparison. Granted, ETH is up 150 percent since the beginning of the year but it did get battered over 90 percent from ATH.

Crypto twitter commentator

‘Bleeding Crypto’ has also observed this:“IF missed the BTC run. You HAVE A SECOND CHANCE with ETH. Look at the historical Screen shots and see for yourself that ETH has outperformed BTC in ROI year after year. Unless you want to listen to those ignorant ***** that say ETH is dead. R U going to blow it with ETH too?”

Last year Ethereum shot from current prices in mid-November to top $1,400 just two months later. That is a gain of 325 percent in just a few weeks. Of course, there is no ICO boom this time around and Ethereum has been lacking fundamental momentum with Serenity delays, but the ecosystem still has huge potential for even bigger gains.

What About Other Altcoins?

Ethereum is not the only undervalued altcoin. Those Bitcoin maximalists on CT will be partying right now but if a repeat of 2017 is on the cards, altseason could be just around the corner. Many are way down, over 80 percent from their peaks, so potential for gains will be greater when funds start shifting into altcoins.

Total market capitalization hit $365 billion today, but Bitcoin holds $225 billion of it alone. It is only a matter of time before the ratio adjusts and Ethereum is likely to lead the way when it does.

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