The recent bull run in Bitcoin’s [BTC] market resulted in a recovery spree for the altcoin universe. While several altcoins made headlines for incurring massive spikes in value, Tron [TRX], the ‘investor friendly’ altcoin, exhibited sideways trajectory through the year. On the other hand, thanks to a bullish wave, Ethereum [ETH] still held enough room to maintain its position as the world’s second largest cryptocurrency.
Ethereum [ETH] 1-Day
The 1-day chart for Ethereum [ETH] showed the coin being comfortable after surviving the crypto-winter. While ETH did not hold any prominent support or resistances, it continued to maintain its value recovery along with BTC’s bull run. The strongest altcoin was trading at $230.52, after rising by 10% change over 24 hours. Further, it had a trading volume of $13.2 billion and a market cap of $24.4 billion.
Awesome Oscillator: The green histogram bars suggested a strong bullish trend for the coin.
Relative Strength Index: Similarly, the RSI indicator exceeded the upper range, indicating an increase in the buying pressure.
Bollinger Bands: The diverging mouth of the bands indicated high volatility.
Tron [TRX] 1-Day
Support 1: $0.022
Resistance 1: $0.027
The “Ethereum-killer” showed a positive change of 9.56% during the reading, placing its value at $0.028928 during press time. Additionally, the crypto maintained a trading volume of $1.1 billion and market cap of $1.9 billion. Although the coin has displayed bearish movements for the past month, it crossed its previous resistance at $0.027.
MACD: The MACD line was positioned over the signal line, indicating a rising bull market.
Parabolic SAR: On a similar note, the dotted markers formed below the candlesticks and suggested an ongoing bullish trend.
Chaikin Money Flow: The CMF was above the zero-line, confirming a bullish market.
Ethereum (ETH) in Free Fall, Down 34% Following Bitcoin Cash Idea
- Ethereum (ETH) slides 34 percent as bears step up
- Bitcoin Cash may be used to temporarily solve Ethereum’s scalability problems
Vitalik has an audacious plan of integrating Ethereum with Bitcoin Cash before ETH 2.0 full activation. However, there is resistance from some quarters with a majority against his idea. In the meantime, bears are in full throttle as ETH slumps 34 percent from last week’s close.
Ethereum Price Analysis
Regardless of how Ethereum supporters try to scrutinize the platform’s performance, everything will boil down to scalability. Striking a perfect balance and ticking all the boxes satisfying the requirements of the blockchain trilemma is hard.
Therefore, while the developer community agitates for scalable networks, it all about making good choices. Presently, Vitalik and team chose decentralization and security over scalability. Limiting as it is, that is not stopping project managers from flocking and launching dApp from the platform. And Joseph Lubin, in an interview, said the network, despite challenges, has to some extent scaled:
“So, I think we’re at many tens of thousands of decentralized transactions per second on the Ethereum network right now. And another point that I believe is that we’ve got all this scalability for specific use cases.”
Therefore, the idea that Vitalik is putting forth is off-putting for Ethereum developers. While it could work considering Bitcoin Cash recent hard forks and their working towards inherently scaling the network without layer two options like in Bitcoin, his choice didn’t bode well with developers. Francis Pouliot saidVitalik’s proposal is an admission of failure:
“The shitcoin has hit a three-year low versus Bitcoin. The founder has all but declared the project a failure today by proposing a humiliating BCash integration to delay the (yet unsolved) scalability crisis.”
Presently, the cryptocurrency scene is all red. Leading the plunge are periphery altcoins. Compared, ETH performance, considering its liquidity, is worse. Printing double-digit losses in the last week, bears are firmly in charge.
Note that despite the optimism, the fact that prices are now trading below the $230 support and sell trigger is a mark of bears. As such, and in line with previous ETH/USD trade plans, every pullback towards $230, which is previous support now resistance, is an opportunity to unload the coin at higher prices.
Ideally, and in a typical move, better reloading opportunities will be at $190 and $150 if sellers’ momentum is high.
Anchoring this trade plan is May 16 bull candlestick. With high trading volumes of 822k, the bar is visible and leading. Therefore, signaling the end of a retest will be a wide-ranging bull candlestick reacting either at $170-$190 support zone or $150 which is April low, distinct with high participation preferably exceeding 822k of May 16.
Ethereum market update: ETH/USD bears scatter on reclaiming $200 support
- The bear pressure squeezed the price past $200 for the second time in July.
- Ethereum is trading between the moving average support and resistance.
ETH/USD trading pair has appreciated in value following the rebound from the lows experienced on Tuesday. Gaining 2% on the day, Ethereum is among the recovery leaders. The bear pressure squeezed the price past $200 for the second time this month.
Previously, Ethereum found support at $190 giving way for gains that hit a snag at the 38.2% Fib retracement level taken between the last swing high of $235.90 to a swing low of $190.80. The plunge yesterday embraced the support at $195 and ETH/USD recovered above $200.
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Meanwhile, the price is dancing with $203 after retracing from the short-term resistance at $205. At the moment, Ethereum is trading between the moving average support and resistance where the 50 Simple Moving Average is providing support at $200 while the 100 SMA 15-mins is limiting upward movement at $207.
Indicators are slightly bullish sending positive signals. The Relative Strength Index is moving sideways at 60 suggesting sideways trading between the resistance at $205 and support at $200. The sideways trading is also emphasized by the horizontally sloping Moving Average Convergence Divergence (MACD).
ETH/USD 15-mins chart
Ethereum (ETH/USD) forecast and analysis on July 17, 2019
Cryptocurrency Ethereum (ETH/USD) is trading at 229. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.
Ethereum (ETH/USD) forecast and analysis on July 17, 2019
As part of the Ethereum course forecast, a test of level 245 is expected. Where should we expect an attempt to continue the fall of ETH/USD and further development of the downward trend. The purpose of this movement is the area near the level of 182. The conservative area for sales of Ethereum is located near the upper border of the Bollinger Bands indicator at the level of 290.
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 a moving average with a period of 55 and closing of quotations of the pair above the area of 300. 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) forecast and analysis on July 17, 2019implies a test level of 245. Further, it is expected to continue falling to the area below the level of 182. The conservative area for selling Ethereum is located area of 290. Canceling the option of falling cryptocurrency will be a breakdown of the level of 300. In this case, we can expect continuation growth.