Ethereum Price to Test $100 Support, Will it Come up Short? | ELEVENEWS
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Ethereum Price to Test $100 Support, Will it Come up Short?

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As all cryptocurrencies remain buried under a fresh layer of bearish market pressure, it will be interesting to see how things move ahead in the coming weeks. For Ethereum, the double-digit value is coming a lot closer over the past few days. A bit more negative price pressure will crumble the support at $100, which is a pretty interesting development, although not necessarily for the right reasons.

Ethereum Price Support Runs out of Gas

Although it has been coming for quite some time now, the Ethereum price is genuinely on the verge of dropping back into the double-digit range. It is a development most holders and speculators would rather not see materialize, but there is very little reason to expect anything different in the coming weeks. As the onslaught continues, this pressure will only intensify further, and there is no telling where the bottom will be.

Over the past 24 hours, the Ethereum price lost another 6.3% in USD value and 4.5% over Bitcoin. As long as altcoins do not inch ahead in the BTC ratio, things will not improve anytime soon. For Ethereum, it seems this is a battle that simply can’t be won. As such, a drop below $100 would require just another 2% decline at this time. It is very likely to happen pretty soon, although one never knows if that will effectively be the bottom.

There is some positive news which might keep the Ethereum price in the triple-digit range for a while longer. Bitwise has seemingly confirmed they will introduce two new liquid funds. As one would come to expect, there will be a strong focus on Bitcoin, although the company isn’t giving up on Ethereum just yet either.  Whether or not that is the smart decision, is a different matter altogether.

 

On the other hand, one has to wonder if there is a future for Ethereum’s technology other than the creation of initial coin offerings. Although the smart contracts can be used for thousands of purposes, it is evident ICOs are the main trend to keep an eye on. As the SEC keeps cracking down on such projects, it seems to be a matter of time until either new use cases are discovered, or Ethereum moves away from consumer-oriented applications and services altogether.
When looking at the current market trend from a technical analysis perspective, it seems to be a matter of time until Ethereum drops below $100. There is genuinely nothing supporting the current level whatsoever, and the bearish pressure will not relent anytime soon either. A dip below $100 may only be the beginning of Ethereum’s troubles in the price department, for all one knows. Even so, all it takes is one massive Bitcoin bounce to pull everything else in the green accordingly.
The big question is how traders and speculators will respond once the Ethereum price drops below $100. Further market chaos is not entirely unexpected, although it seems unlikely the price will drop much lower than $99 during the initial hours. If no market reversal kicks in, a slow and steady bleed to $80 or lower is very likely to materialize in the coming weeks and months. Not the scenario people envisioned in January of 2018, that much is certain.

Bitcoin

Bitcoin-Related Stocks Soar In Stock Market; Is Bitcoin Responsible?

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The United States stock market on Monday saw a different dimension related to price movements of stocks. Analysis and price charts on the 24th June 2019 showed that virtual currencies Bitcoin-related stocks soared immeasurably higher than their fiat counterparts. This is coming after Bitcoin was seen to have temporarily broken the $12,500 resistance level and settled above it. This remarkable price surge seen in Bitcoin was the first recorded in about 15 months, and this made it a fast buying material.

Blockchain Relatives Stocks

Grayscale Bitcoin Investment (GBTC) is a virtual currency which is linked to the price of Bitcoin. The stock must have caught the bullish fever and followed every of Bitcoin’s upward waves. The stock was seen to rise temporarily by 13%. Grayscale Bitcoin Investment appeared to have few other supporters with similar blockchain relationships. Riot Blockchain, DPW Holdings, as well as Marathon Patent Group also made rapid uptrends as they all shined in bright green. All these stocks doubled their prices before the closing hour.

On the other hand, Peter Schiff an American stockbroker and financial commentator says

Both gold and Bitcoin prices have risen recently, causing many to erroneously conclude that the two are rising for the same reason. But stock and bond prices are also rising. Bitcoin and stocks are rising as speculative assets, while gold and bonds are rising as safe havens.

Bitcoin’s aggressive turnaround

Bitcoin has particularly moved up in a very aggressive bullish rally which saw it recording a new all-time high within the past 15 months. At the moment, no one can exactly predict Bitcoin’s next line of movement but many are very hopeful and the optimism is very much present. Bitcoin is expected to make more radical price surge, eventually surpassing its 2018 all-time high of $20,000.

Alts Waiting To Join The Rally

However, as bitcoin excelled in all ramifications, taking into consideration its market price and capitalization, this is not to be said of alt coins which seem to have been left behind in this series of radical movements. Popular alts like Litecoin is still trying to nurture the common touch.

At the time of writing this article, Bitcoin had doubled its price in about 5 weeks period and had also doubled its market cap in just a few days. This new development also steered arguments and criticism from Bitcoin’s antagonists who seem to be more interested in Gold.

Bitcoin Versus Gold

Gold, just like Bitcoin also rose up the charts and saw significant improvements. However, this was immeasurably smaller in capacity and totally incomparable to Bitcoin’s prowess over the past few weeks.

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Present-day Bitcoin market has matured, improved on the protocol side, claims Blockstack PBC CEO

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The cryptocurrency industry today has everyone’s attention, with the present bull run pumping Bitcoin’s price and driving the market capitalization through the roof. A series of investors and analysts have predicted that the bullish momentum experienced by the market is currently more mature than the one in 2017. This was backed by a recent SFOX report as well.

In a recent segment on Bloomberg, Muneeb Ali, CEO and Founder of Blockstack PBC, highlighted that the crypto-market was basically very repetitive, as it basically does the same thing time and time again, but on a different scale.

He said,

“The market goes up to its all-time-high, crashes down, takes a longer time to bounce back and if you have been in crypto long enough, you are pretty much expecting it.”

Ali suggested that Bitcoin had made significant progress on the development and protocol side as presently, a lot of highly skilled developers and engineers are involved in the technological aspect. The remark can be backed by the fact that Bitcoin recently released its Erlay protocol which was supposed to reduce bandwidth usage in the network and improve system efficiency.

The involvement of institutional investors has made Ali skeptical about the market since the technology is fairly new and “no one really knows” what is going on or where it is going in the future. He believes that the present bull run has less to do with institutional investors and more with the fact that the overall market was maturing.

Further, it was recently suggested that Bitcoin played a role in driving up the prices of Asian crypto-related stocks in Tokyo and Seoul, with certain companies witnessing hikes of more than 10 percent over the past week. The surging Bitcoin price and its corresponding market cap affords a lot of opportunity for these stocks to rise even higher.

Source :ambcrypto


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Bitcoin [BTC] Forges Another Assault On $15,000 Reviving Investor Interest

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  • Double-digit gains on Wednesday revive investor interest in Bitcoin and other cryptocurrencies.
  • Bitcoin surge is supported by key technical indicators including the RSI and the MACD.

It is evident that Bitcoin is not going to rest until it achieves the milestone by breaking above $15,000 in the coming few weeks. Following the break above $12,000, BTC/USD pushed for further correction higher inching closer to $13,000. A new 2019 high was from at $12,946, however, this will not hold as the high for long owing to the increasing bullish pressure at press time.

BTC/USD 4-h chart

Bitcoin price chart
Chart source: Tradingview 

BTC/USD trading pair is correction higher 10% on Wednesday with a relative change of +1115. In fact, a break above $12,900 is the kick that Bitcoin is waiting for the much-anticipated movement above $13,000.

As discussed by Coingape earlier today, the technical levels remain positively intact. The Relative Strength Index (RSI) continues to form a higher low pattern. The up trending indicator signal points towards a stronger bullish momentum. At 88.22, the RSI is back to the levels seen on May 12 following the break past $7,000 and later $8,000.

As long as the RSI stays in the overbought and respects the trendline observed on the chart, correct past $13,000 will be a walk in the park. The strong bullish momentum is also supported by the trends seen with the Moving Average Convergence Divergence (MACD). The indicators divergence increase is an indication of building bullish momentum and the tight grip from the buyers.

Bitcoin Key Technical Indicators

Key Resistance: $13,500

Key Support: $11,000 – $10,500

MACD 4-h: Increasing divergence suggest stronger bull grip.

RSI 4-h: The upward trend continues to cement the bull’s presence on the market.

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