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Ethereum price analysis: ETH/USD plunges a monstrous 10%; bears are unstoppable

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Ethereum
  • Ethereum smashes several lifesaving support to trade below $200 for the first time in October.
  • ETH/USD struggles to make headway above $200; easiest path is to the south.

The cryptocurrency market has turned bearish on Thursday following two weeks of consolidation. The sudden drop has not been explained while a research firm says that Bitcoin whales are not entirely behind the up and down swings in the market. The research was released by Chainalysis and took into account the activities of 32 biggest Bitcoin wallets. The research firm dived into the investigation following an article by Bloomberg which insinuated that a Bitcoin Whale sent the market tumbling while Bitcoin dropped 15%. However, the results of the research show that the claims were unfounded.

More on Chainalysis reseach report can be found using this link.

Prior to today’s overarching fall, Ethereum was stable above $220. In fact, it has been hammering at the resistance level at $230 since this week started. The buyers had eyes on $250, a level that would open the door for gains towards $300 and beyond. The declines have not only broken the support at $220, they have smashed a couple of other lifesaving support zones at $205 and $200 respectively. ETH/USD also tested the nest support at $195 before the ongoing weak recovery began.

Ethereum price is currently dancing with $200 while the bulls are pushing for a pull back above the next broke support at $200. Looking at the chart, TH/USD is likely to correct lower towards $190 as opposed to making headway above $200. This is because the indicators like the RSI and the MACD keep sending negative signals.

ETH/USD 4-hour chart

Source: fxstreet

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Ethereum

Ethereum Mining Pool Receives Mysterious $300K Blockchain Payout

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Ethereum mining pool Sparkpool received a payout of over 2,000 ETH (worth $300,000) just for mining one block on the ethereum blockchain Tuesday – a figure that’s about 600 times the network’s standard block reward.

Miners who secure blocks are programmed to be awarded 3 ETH (about $500) for every new transaction block added to the ethereum blockchain. On top of this, there is also a small payout attached to transactions incentivizing miners to validate and include new transactions into a mined block.

Yet, with only 210 validated transactions, Sparkpool received 2,103.1485 ETH at block number 7,238,290, according to data from ethereum block explorer Blockscout.

As highlighted on Twitter by Jimmy Zhong – co-founder of decentralized application platform IOST – the strange activity could be seen as a random fluke, with one ethereum user (or perhaps multiple) accidentally attaching abnormally high transaction fees to their payments.

Alternatively, it could be seen as a sign of goodwill from an anonymous supporter of the ethereum mining community, which in recent days has been divided over a contentious proposal to change which type of mining chips can be employed by miners seeking to compete for rewards.

Others suggested it could be a less altruistic attempt to “wash” money through the ethereum blockchain, obfuscating that it might have been illegitimately acquired.

But if past crypto history is any indicator, the likelihood of an innocent human error is not as outlandish as one might assume. Back in July 2014, one bitcoin user attached 30 bitcoins worth of transaction fees to a 38 bitcoin transaction due to an accidental error in typing, an error that despite enhancements in UX, is not altogether uncommon in the industry at large.

 

source:coindesk.

 

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Ethereum

Ethereum [ETH/USD] Price Analysis: Bull continues to grace the market with its presence

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The cryptocurrency market is seen continuing its bull rally, with all the coins in the market in the green. Ethereum [ETH] has emerged as one of the biggest gainers over the bull run.

According to CoinMarketCap, at press time, Ethereum was trading at $148.06 with a market cap of $15.53 billion. The coin has a trading volume of $5.51 billion and has witnessed a surge of 22.50% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: Trading View

In the one-hour chart, the cryptocurrency records uptrends from $122.81 to $148.60, and from $135.34 to $144.68. The immediate resistance for the coin is set at $148.64 and strong resistance can be found at $152.54. On the other hand, the support levels can be spotted at $141.11 and $119.37.

Chaikin Money Flow continues to support the coin’s bullish run as the money is seen flowing into the market.

MACD however, is forecasting a bearish weather as the moving average line is pictured well-below the signal line. Additionally, the histogram is also covered in the colour red.

Bollinger Bands have started to indicate a less volatile market as the bands are pictured contracting.

1-day

Ethereum one-day price analysis | Source: Trading View

Ethereum one-day price analysis | Source: Trading View

The one-day chart pictures a downtrend from $499.01 to $144.62. On the other hand, the uptrends are recorded from $82.82 to $103.22 and $103.22 to $120.42. The coin has its immediate resistance level at $155.99, after which the strong resistance is at $219.04. The coin’s immediate support is seen at $103.17 and there is strong support at $82.72.

Klinger Oscillator has joined the bandwagon and is pictured celebrating the return of the bull as the reading line turned north after its crossover with the signal line.

Parabolic SAR is also seen rejoicing as the dots have aligned below the candlesticks, acting as a support system against the bear.

RSI shows that the cryptocurrency is currently overbought in the market as the buying pressure is more than the selling pressure.

Conclusion

The coin continues to indicate a bright future and the bear’s influence over the market is seen falling as the day passes. This is mainly because the bull is supported by Klinger Oscillator, and Parabolic SAR from the one-day chart, and Chaikin Money Flow from the one-hour chart.

Source. ambcrypto

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ETH/USD bulls face resistance at $147.50 – Confluence Detector

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  • ETH/USD bulls need to breach past resistance at $147.50 to continue upward momentum.
  • If the $147.50 resistance gets breached, then there is considerable scope for growth.

ETH/USD price went up from $135 to $146 this Monday as bulls took over the market. Currently, they are facing stiff resistance at $147.50 which they need to breach to continue their upward momentum. If that resistance is broken, then ETH/USD has considerable scope for growth before meeting its next resistance at $164.

ETH/USD Daily Confluence Detector

ETH/USD daily confluence detector faces two stiff resistance levels at $147.50 and $164. The confluences at those levels are:

  • $147.50: Monthly pivot point, 15-min previous high, and hourly previous high.
  • $164: Previous month high.

The market has three strong support levels at $141, $133, and $128. The confluences at those levels are:

  • $141: 5-day simple moving average (SMA 5) and monthly 61.8% Fibonacci retracement level
  • $133: SMA 10, daily 23.6% Fibonacci retracement level, daily Bollinger band upper curve, and weekly pivot point R2.
  • $128: 4-hour Bollinger band middle curve, daily 61.8% Fibonacci retracement level, previous week high, SMA 100, and weekly pivot point resistance 1.

News Source: fxstreet

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