- EOS price rallied sharply above the $5.270 and $5.780 resistance levels against the US Dollar.
- The price jumped above $6.500 and traded towards the $6.950 and $7.000 resistances.
- There is a major bullish trend line forming with support near $6.220 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
- The pair remains well supported on the downside near the $6.420 and $6.220 levels.
EOS price gained significantly above $6.000 against the US Dollar, and rebounded vs bitcoin. The price is likely to continue higher and it may even trade towards the $7.000 and $7.450 levels.
EOS Price Analysis
The past few days were very bullish, with heavy gains in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price settled above the $5.250 resistance levels and started consolidating gains. It traded in a broad range and finally climbed above the $5.550 and $5.780 resistance levels. It opened the doors for more gains above the $6.000 resistance and the price settled well above the 55 simple moving average (4-hours). The recent upward move was strong above the $6.205 and $6.550 resistance levels.
The price traded close to the $7.000 resistance and swing high was formed at $6.922. At the moment, the price is correcting lower below $6.800 and the 23.6% Fib retracement level of the last wave from the $5.934 low to $6.922 high. The price even tested the $6.400 support area and the 50% Fib retracement level of the last wave from the $5.934 low to $6.922 high. However, there are many supports on the downside near the $6.400 and $6.200 levels.
There is also a major bullish trend line forming with support near $6.220 on the 4-hours chart of the EOS/USD pair. The trend line support is likely to act as a strong buy zone above $6.200. On the upside, an initial resistance is at $6.685, above which the price is likely to retest $6.800. The main target for the bulls could be $7.00, followed by $8.000.
Looking at the chart, EOS price is clearly trading in a strong uptrend above $6.400 and $6.200. As long as the price is above the $6.200 support, it is likely to climb above the $6.800 and $7.000 resistance levels. Conversely, a break below the $6.200 support might start an extended downside correction. An immediate support is $6.150, below which the price could retest the $5.780 support.
Hourly MACD – The MACD for EOS/USD is placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently correcting lower from the 80 level and it could test 65.
Major Support Levels – $6.400 and $6.200.
Major Resistance Levels – $6.800 and $7.000.
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.
Also Read: LedgerX sets the bar high for retail investors with the new $100,000 Bitcoin call option
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.