Connect with us

Ethereum

Ethereum defends $120 support: ETH dethrones Ripple from second spot

Published

on

  • Ethereum retakes second position on the market after surpassing Ripple in market cap.
  • Ethereum technical levels stay positive as cryptocurrency market retreats after weekend gains.

The market is back in red following a weekend of stability. Ethereum alongside other digital assets corrected higher on Friday last week recording gains from the short-term support at $102 to monthly highs at $126.44. While the marker has started to trim the gains, Ethereum is staying above $120 support.

Ethereum has also made a strong comeback in terms of the market capitalization. The gains come after a period of bear pressure where Ethereum refreshed the 2019 lows of $103. The gains last Friday were a welcome after ETH/USD tested the primary support at $100. A drop below this level would have been devastating for Ethereum including delaying recovery.

The cryptocurrency technical levels are still high at the time of writing supported by high trading volumes. The market capitalization zoomed past Ripple to retake the second position as the data on CoinMarketCap. Ethereum is valued at $12.70 billion in comparison to Ripples 12.54 billion.

In the meantime, ETH/USD is trading at $120.79. It is seeking a support at $120.00 while immediately anchored by $120.00. Slightly below this level the 100-day Simple Moving Average will offer support at $119.24. The next support target is at $116.00 while the main support still lies at $102.00.

ETH/USD 1-hour chart

Source: fxstreet

Advertisement
Click to comment

Ethereum

Ethereum (ETH/USD) weekly forecast on February 18 — 24, 2019

Published

on

Cryptocurrency Ethereum (ETH/USD) is trading at 125. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend for Ethereum. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator.

Ethereum (ETH/USD) weekly forecast on February 18 — 24, 2019

As part of the Ethereum course forecast, a test of level 135 is expected. Where should we expect an attempt to continue the fall of ETH/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 85. The conservative area for Ethereum sales is located near the upper border of the Bollinger Bands indicator strip at level 138.

Ethereum (ETH/USD) weekly forecast on February 18 — 24, 2019

Cancellation of the option to continue the decline in the rate of Ethereum will be the breakdown of the area of ​​the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of ​​145. This will indicate a change in the current trend in favor of the bullish for ETH/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Ethereum (ETH/USD) weekly forecast on February 18 — 24, 2019 implies a test level of 135. Further, it is expected to continue falling to the area below the level of 85. The conservative area for selling Ethereum is located area of ​​138. Canceling the option of falling cryptocurrency will break the level of 145. In this case, we can expect continued growth.

News Source:

Continue Reading

Ethereum

Ethereum forecast and analysis ETH/USD for 2019

Published

on

Ethereum ETH/USD are traded at 123 and continue to move within the descending channel. At the moment, we should expect an attempt to reduce and test the support level near the region 75. Where again we should expect a rebound and continued growth of the Ethereum rate with a potential target above the level of 800.

Ethereum forecast and analysis ETH/USD for 2019

An additional signal in favor of the growth of ETH/USD quotes will be a test of the rising trend line on the relative strength index (RSI). As well as a rebound from an important area of ​​support. Cancellation of the Ethereum cryptocurrency lift option in 2019 will be a fall and a breakdown of level 45. This will indicate a breakdown of support and a continued fall in ETH/USD quotes below the level of 12.50. With the breakdown of the upper boundary of the downward channel and the closure of quotes above the level of 210, we should expect confirmation of the development of an upward movement in Ethereum.

Ethereum forecast and analysis ETH/USD for 2019

Ethereum forecast and analysis ETH/USD for 2019 implies an attempt to test the support area near the level of 75. Where should we expect a rebound and continued growth of ETH/USD cryptocurrency to an area above 800. An additional signal in favor of Ethereum rise will be a test of the trend line on the relative strength index (RSI). The breakdown of the growth rate of the digital currency will be the breakdown of the region 45. This will indicate a continuation of the fall with a potential target below the level of 12.50.

Source:

Continue Reading

Cardano [ADA]

Upcoming Implementation Of ProgPow For Ethereum Algorithm Gains Support From Majority Of Voters

Published

on

The current roadmap for Ethereum shows that there are certain upgrades and milestones that the platform aims to reach over a 4-stage plan. The most recent stage is set to include a newly integrated type of PoW (proof of work) algorithm called ProgPoW. The algorithm is resistant to ASIC use and it will be used in place of the current algorithm, ETHhash. A new online vote through Ethereum shows that the majority of their voters are in favor of this change.

Since the algorithm will be ASIC resistant, developers will see a decrease in the efficiency of using ASICs over the generic hardware that could be used to mine, which essentially means that graphics processing units will be used. However, this update does not completely eliminate the use of ASICs.

The numbers on the Ethereum platform indicate that there’s over 76% of votes (628,000 ETH, which is about $76 million). There are 23% of voters, which accounts for 191,000 ETH ($23 million) that were against it.

According to the voting portal, the token holders are the ones that will take on the most impact from the changes made with the algorithm. By allowing ETH holders to vote, the developers can get a clearer idea of what the community wants than taking into account the comments that are anonymously posted in online forums. At this point, there is no timeframe for the end of the voting process, and the election results do not place any requirements on the voters.

A consensus in the implementation of the algorithm was reached earlier last month, determining that the developers would delay the implementation. This delay gave them time to let the algorithm be audited by a third party at the beginning of this month.

Unfortunately, ProgPoW has faced a lot of controversies since it was announced, due to a post from a code contributor at Ethereum that said developers should embrace the use of ASICs. However, other members of Ethereum believe that the algorithm will not give the ASIC resistance that they expect.

Source.bitcoinexchangeguide

Continue Reading
Advertisement
Advertisement
Open

Close