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Ethereum

Ethereum Price Analysis April 17: ETH Is Facing The $170, But Looks Awful Against Bitcoin

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Ethereum has had a rough week after dropping by 8%, bringing the current trading price down to around $166. The market is struggling to make a movement above the present resistance of the $170 area.

Despite the recent turbulence, Ethereum remains up by 19% over the past 30 days and up by 36% over the past 90 days. Ethereum currently holds a $17.55 billion market cap valuation which places the smart contract project in the second place of the top cryptocurrencies by market cap.

Looking at the ETH/USD 1-Day Chart:

  • Since our previous ETH/USD analysis, we can see that the market continues to struggle to break above the resistance of $170.80, where lies the bearish .618 Fibonacci Retracement level. This retracement is measured from the November 2018 high, before Bitcoin’s price had collapsed from the $6000, to the December 2018 low of $3120. We can see the market had recently dropped toward support at $160 before bouncing back higher.
  • From above: The nearest level of resistance is located at $170. Above this, higher resistance lies at the $185 level, which contains a 1.272 Fibonacci Extension level. Above $180, further resistance is expected at $194.60, where lies the bearish .786 Fibonacci Retracement and then at the $200 significant resistance level.
  • From below: The nearest level of support lies at $160. Beneath this, further support can be located at $152 and then the 100-days moving average around $150. Further support lies at $140 and $135.
  • The trading volume has been steadily decreasing throughout April as the bullish run settles down.
  • The Stochastic RSI is positioned for a crossover above which would indicate that the bullish pressure may about to increase. The RSI is trading along with the 50 level which is a sign that the market is indecisive about which direction to head at.

eth_usd_17apr19-min

Looking at the ETH/BTC 1-Day Chart:

  • Following our previous ETH/BTC analysis, against Bitcoin, we can see that ETH has fallen even lower into the 0.03180 BTC area. The coin had struggled to break above a descending triangle formation during March 2019 and has plummeted through the bottom of this wedge.
  • From above: The nearest level of resistance lies at 0.0325 BTC. Above this, further resistance is at 0.0335 BTC, which was the base of the mentioned descending triangle along with the 100-day moving average line.
  • From below: The nearest level of support lies at 0.0315 BTC. Beneath, further support can be expected at 0.030 BTC which is the October 2018 low. Beneath 0.030 BTC, more support lies at a 0.0291 BTC which contains a downside 1.618 Fibonacci Extension level.
  • The trading volume has decreased since the start of the month but has started to show signs of increasing.
  • The RSI lies below the 50 levels as the bears take charge of the momentum.

eth_btc_17apr19-min Source:cryptopotato

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Ethereum

Ethereum Price Prediction: ETH/USD may break below $150 – Confluence Detector

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  • ETH/USD dropped by 8.5% within one hour.
  • Bears took the price from $165.35 to $151.15 before it recovered to $153.

ETH/USD lost a staggering 8.5% of its price within a single hour this Thursday. In the process, bears managed to break below the $160-mark as the price plummeted from $165.35 to $151.15. The confluence detector shows weak support levels on the downside as the price is expected to drop even lower if the bears keep maintaining their momentum. For now, the bulls have managed to take the price up to $153.

ETH/USD Confluence Detector

The resistance levels are at $162, $164.50-$166.50, $169-$171. At $162 we have a confluence of 15-min previous high, daily previous low, monthly pivot point resistance 2, daily pivot point support 1, and SMA 5.

From $164.50-$166.50 the confluences are Weekly 61.8% Fibonacciretracement level, hourly Bollinger band middle curve, 15-min Bollinger band middle curve, SMA 50, SMA 5, SMA 100, SMA 10, 4-hour previous low, daily 38.2% Fibonacci retracement level hourly previous high, and SMA 200.

Finally, at $169-$171, we have 4-hour Bollinger band middle curve, weekly 38.2% Fibonacci retracement level, SMA 100, SMA 10, daily Bollinger band middle curve, SMA 5, 15-min Bollinger band upper curve, SMA 200, and SMA 50.

On the downside, there are support levels at $138, $141, $149, and $152. At $138, we have the monthly 38.2% Fibonacci retracement level while at $141, the confluences are the weekly pivot point support 3 and monthly 23.6% Fibonacci retracement level. We then observe the confluence of 15-min previous low, weekly pivot support 2, and SMA 200 ar $149. Finally, at $152 we have SMA 50 and monthly pivot point resistance 1.

Source.fxstreet

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Ethereum

Ethereum Price Prediction: ETH/USD $155-150 must hold or face big trouble – Confluence Detector

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  • Ethereum price in the second half of trading on Thursday is trading in the red, nursing losses of 1.25%.
  • Eyes on a critical near-term support area observed at the $155-150 price range.

Ethereum price on Thursday in the second half of the session is trading in the red, down some 1.25%. ETH/USD bears continue to pile on the pressure after running into big sellers within the $180 region.

ETH/USD has struggled through the month, after an initially promising start with the early April advances. The price had moved to its highest level since November 2018, before running into heavy sellers within the $180 region, a key area ahead of $200 territory.

Looking via the daily confluence detector, firstly the barriers of support; $161.71, monthly, weekly and daily pivot point support, $156.58, daily pivot point support. To the upside in terms of resistance; $168.54, weekly 38.2% Fibonacci, $170.25, daily pivot point resistance.

ETH/USD daily confluence detector 

 

 

source : fxstreet

 

 

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Bitcoin

Bitcoin (BTC) Truly Decentralized, Ripple (XRP) and Ethereum (ETH) Are Horrible Projects: Analyst

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True, since the creation of Bitcoin in 2008, thousands of other digital currencies have been active in the space. All the same, Bitcoin is perhaps the only true trustless project while altcoins are just bidding on what they seek to offer.

Bitcoin is Truly Decentralized

Bitcoin is working with the idea of a trustless and a decentralized network. While other altcoins also claim the same values, they don’t have the unique blend that Bitcoin does. At first sight, it is clear to see that the creator of Bitcoin is still unknown, which makes the project as trustless as it could be since there is no interference from the founder.

Many developers continue to contribute to the Bitcoin ecosystem, but none of them can claim with certainty that they are the brains behind it. However, other cryptocurrencies created afterward all had founders, which in most cases are famous figures. Their opinion plays a huge role in some crucial activities, and this doesn’t make their networks trustless in the real sense.

Tone Vays, a derivatives trader, analysts, and content creator is of the view that people overestimate the legitimacy of useless tokens that make it into the Top 10. According to the influential figure, ETH, and XRP are horrible projects that have been next to Bitcoin over the past few years. However, he listed some projects that were amongst the top-ranked a while back but are no longer around.

In his image, he made available an image that highlights some leading cryptocurrencies that are now defunct. He tweeted that “The above image took a lot of time & I probably missed a few, so I reached out to my friends at @DataLightMe for some raw data on this. Even this list is incomplete as it’s hard to identify Top 10 #Shitcoins that no longer exists. [Insanity Highlighted]”

Some Leading Projects Are Now Defunct

The image shows some projects such as Lxcoin, CHNCoin, Bullion, Freicoin, Devcoin, and more that have been discontinued. He also highlights others that were amongst the leading cryptocurrencies at one point but are now way down on the ranking list. Some of the cryptos include; Auroracoin, Namecoin, NXT, Peercoin, Paycoin, The Dao, Primecoin, DigixDao, Omni, and many more.

Since 2013, the top 10 ranking list has changed so many times that it is hard to keep track of legitimate projects. Bitcoin has been the only constant, with Ethereum, Litecoin, and XRP a few others that continue to retain their spots.

Thus, Tone Vays concludes that:

Bitcoin is different, it’s already: Fast enough, anonymous enough and, cheap enough. Today its greatest asset is the fact that it is the only trustless project that exists in the world & that is what gives it its Decentralization & Financial Valuation. The OTHERS are STATUS QUO

While there have been arguments in support of other cryptocurrencies, it is worthy to note that Bitcoin is still cryptocurrency that decides the direction of the market. It is the project by which others are compared. It’s market dominance which is over 50 percent shows that investors and traders have more trust in Bitcoin that other cryptocurrencies.

Even though it is unclear how the cryptocurrency list will look in a few years, you can predict that Bitcoin will continue to lead the market just by looking at historical charts.

Source:ethereumworldnews

 

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