Today Monfex is proud to announce a new, highly sought-after feature on our industry-leading cryptocurrency trading platform – the ability to deposit and fund trading accounts with Tether (USDT) and Ethereum (ETH). These two new options work directly to realize our goal of revolutionizing fintech and makes life even more convenient for our clients.
Monfex was started with a clear plan – to make trading and investing as accessible and open as possible for everyone. Our vision is a future where finance is democratized, and anyone who wants to enter the fintech world can do so simply with a click of a button.
We’re far from done – even more deposit methods, coin pairs, and other innovative features are planned for the future. Monfex is the future of finance, and we’re working nonstop to realize our goals.
Deposit and fund trading accounts with Tether, Ethereum, and Bitcoin
Our team at Monfex knows that flexibility grants convenience. That’s why we’ve worked to give our clients the ability to fund their accounts with some of the biggest altcoins in the world. Ethereum holds the number 2 spot by market cap, while it’s estimated that up to 70% of BTC trading is smoothed by Tether liquidity.
The Tether stablecoin and Ethereum represent coins with long histories and wide usage. We’re glad we can give our clients the opportunity to further extend their trading activities with two of the world’s most popular cryptocurrencies.
Monfex leads the industry with its wide selection of popular coin pairs
Tens of thousands of users have discovered for themselves the simplicity, ease of use, and generous terms offered by the Monfex platform. Monfex offers 12 of the most popular cryptocurrency pairs for trade, giving both new and professional traders unparalleled access to the crypto market.
Perpetual Futures Contracts With Up To 50x Leverage
Trade perpetual (non-expiring) futures contracts on 12 of the most popular cryptocurrencies at Monfex. We offer high liquidity and some of the lowest spreads in the business, with leverage up to 1:50. Open long and short positions, gain access to some of the best analysis in finance, and learn to trade like a pro with the help of the Monfex trading academy!
Maximize your profits by selling short with up to 50x leverage
Crypto has historically been a volatile market and with plenty of opportunities for keen-eyed traders to turn a profit. In today’s bear market with substantially lower volatility, some traders have written off crypto until volatility returns to crypto markets. But with Monfex, trading short with leverage gives confident, risk-taking traders the ability to make significant profits on even small price declines.
Analyze the markets like a pro
Obscure analytical charts, graphs, and strategies are a major turnoff to potential traders.
The Monfex team has thought about this problem for a long time, and we’ve built Monfex’s interface to be as simple and clean as possible – whilst preserving technical analysis features traders are used to from other platforms
With both our simple-to-use platform and ever-growing Monfex Trading Academy, even complete novices can become traders!
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Disclosure: This article is sponsored by Monfex
Ethereum (ETH) Might Retest $280 But Long Term Outlook Remains Bearish
Although quite unlikely, it is possible that ETH/USD might test the $280 level again and even rally towards $300 before beginning its next decline. That being said, it is not a good idea to take that trade as the risk/reward is definitely not worth it. The 4H chart for ETH/USD shows that the price is trading within a descending channel and an ascending triangle at the same time. The perfect scenario for the whales if they can pull it off would be to pump the price above the ascending triangle first to trap in retail bulls and hunt the bears. Then they would pull it back into the descending channel to trap the bulls. At every trading setup, the market maker is looking for ways to take advantage of retail traders especially around turning points.
This is why most traders believe in going with the flow although going with the flow in this market could mean being a dead fish at certain times. The ideal play here would be to wait for a break out and see if price enters the descending channel. There is no doubt whatsoever that ETH/USD is long overdue for a sharp retracement and at some point that will happen. However that move is more likely to come at a point when both the bulls and the bears least expect it just like the recent rally. A lot of bulls feel very euphoric at the moment but most of them did not see the current rally coming. A lot of people on both sides were taken by surprise when Ethereum (ETH) pumped in that manner. Now, instead of being worried, most of them just got onboard and forget about their opinions before that pump. Some ‘reputed’ traders even took a 180 degrees turn like nothing had happened.
Ethereum (ETH) shorts are still struggling as retail bears fear a rally to $300. Considering what they have seen in the past few weeks, it is reasonable to see that most of them are too scared to take a trade at this point even if the risk/reward is worth it. ETHUSDShorts has been struggling to break past the 50 day moving average but it has yet to succeed. The number of margined shorts could rise towards the top of the channel as early as next month as sell pressure on ETH/USD mounts. The market is not short of catalysts that could trigger Ethereum (ETH)’s next decline at this point.
As mentioned in our last analysis on ETH/USD, there is a strong bearish divergence on the weekly time frame that points to massive downside ahead. One thing to note here is that traders that are patient always see the price coming to them instead of them chasing the price. When BTC/USD fell to $6,000 a lot of people FOMO’ed into the market thinking this was it, but that was not it. Not as many people FOMO’ed in the $3,000s but they did soon afterwards. Either way, this is not the bottom. When ETH/USD bottoms, we will see more of “Ethereum (ETH) is a scam” and “Ethereum is going to zero”. At that point most of these overly excited retail bulls would want nothing to do with Ethereum (ETH) or any other cryptocurrencies.
Ethereum Foundation announces how its spending $30 mln to develop network
The Ethereum Foundation announced in a recent blogpost on May 21, their plan for spending $30 million to develop the Ethereum network further over the next year.
The $30 million being spent is going to be allocated for three different categories. $19 million is set to be spent on future projects, $8 million is set to be spent on current projects, and $3 million is set to be spent on developer support.
The bulk of the $30 million, which is set to be spent on future projects, is set to include various projects to scale the network. These projects have been dubbed Ethereum 2.0 projects and include client teams, research, documentation and communication, and layer 2 projects like Plasma.
Plasma is set to enable “the blockchain to be able to represent a significant amount of decentralized financial applications worldwide,“ according to the blogpost. The first mention of Plasma was proposed by Vitalik Buterin and Joseph Poon in 2017.
The blogpost also laid out the main reason to scale the platform over the next year in the blogpost:
“Ethereum is used in production today to secure billions of dollars of assets and as a base layer for many hundreds of live applications. We believe that it is vital to continue supporting these efforts to ensure that “Ethereum 1.0” continues to be the world’s dominant smart-contract platform.”
Ethereum transactions have risen 44% in just 3 months
It is being reported by LongHash that transactions on the Ethereum network have been on the rise lately, and have recently seen a new high that is 44% above where it was only 3 months ago.
When looking at a chart outlining network transactions from February 19th to May 19th we can see that, although there was a slight dip after, the total reached a new high of 735,400 tx/day. Seeing as that number was only 512,460 three months prior, this constitutes a 44% rise in the daily number of transactions using Ethereum.
In addition, the total amount of Gas being used to power the network every day has risen from 31 billion to 48 billion in the same timeframe.
Reasons for this almost certainly include an influx of users, but also an ongoing evolution of smart contracts. Since complex smart contracts can consume more Gas and perform more transactions, hypothetically, then it is likely that what is being seen here is generally more users interracting with increasingly complex dApps.
All of this is rather bullish for Ethereum in the long run. If these numbers can continue to grow, then perhaps soon Ethereum can become the global computer it has been positioning itself to be for years now. Stick with Chepicap for all Ethereum updates!