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Ethereum Could Be Next To Make An Astounding Bullish Breakout Following Confirmation Of Golden Cross Indicator



If the last couple of weeks have been anything to go by, Ethereum’s future is bright. The altcoin has been recording significant gains and has managed to set a bullish pattern. Now Ethereum could be set for even greater gains in the days and weeks to come.

Ethereum has just confirmed its Golden cross, a common indicator that predicts bullish momentum on the horizon. Bitcoin itself confirmed its Golden cross just weeks before it rallied.

A golden cross appears when a  short-term moving average rises above its long-term moving average.

Analysts are now predicting that Ethereum will climb above $300. This will especially be easy if the altcoin can break its current resistance of about $270 whilst enjoying the same record-breaking volume figure it saw last week. Ethereum recorded a new volume high during last weeks rally- around $19 billion.

Ethereum Could Be Next To Make Bullish Breakout Following Confirmation Of Golden Cross Indicator

Ethereum 2.0 To Be More Mature

Ethereum is in addition to having technical boosters expected to be pushed further up with the launch of the Ethereum 2.0. This upgrade is expected to see the network improve in scalability and adopt the proof of stake consensus. This will go along way in keeping up with emerging platforms such as EOS and Tron which have been preferred choices for many DApp developers in recent years.

In regards to building Ethereum 2.0, the Ethereum foundation has recently revealed that it plans to allocate $30 million towards the development of the platform, in it-  Plasma and Ethereum 2.0. According to a post by the project, the foundation has been refocusing and taking a more mature stand:

“As the ecosystem has matured, the Ethereum Foundation has refined its focus. ‘Doing what is best for Ethereum’ doesn’t mean trying to do everything — it means focusing on where we can add the most value, and leaving space for others to add value in the areas that they will be the most effective.”

Notably, $3 million of the allocated $30 million has been earmarked for growth and awareness with the aim of attracting more developers to the network.

In the weeks and days to come, it seems that Ethereum might have much to celebrate in development and with it, prices will continue pushing higher. At the time of press, Ethereum is recording a marginal gain of less than 1% and exchanging for $252.

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Ethereum Price Analysis: ETH/USD in a Head and Shoulders Pattern



The Ethereum (ETH) price increased throughout the weekend. However, it did not reach a high above those reached on May 30. Also, it is possibly creating a head and shoulders pattern.

Where may the Ethereum price go next? Keep reading below in order to find out.

Ethereum Price (ETH): Trends and Highlights for June 17

  • In a weekly time-frame, ETH/USD is possibly creating an evening star pattern.
  • It is currently on the right shoulder of a head and shoulders pattern.
  • It is trading inside a short-term ascending wedge.
  • Volume has been higher during decreases.

Weekly Time-Frame

The price of ETH is analyzed at weekly intervals from Nov 2018 to June 2019Since reaching lows near $85 at the beginning of Dec 2018, the Ethereum price has been on an uptrend. It has been following the ascending support line outlined below.

Long-Term ethereum price

During the week of May 27 – June 03, the Ethereum price created a doji candle — which indicates that there is indecision in the market. This was succeeded by a bearish engulfing candle during the following week. These two candles display the characteristics of the beginning of an evening star, a bearish reversal pattern.

The candle for the previous week was a bullish one. However, it closed below the opening of the bearish engulfing candle of the week prior. This is in stark contrast with BTC, which created a bullish engulfing candle — invalidating the evening star pattern. Therefore, in the case of Ethereum, the possibility of a reversal preceded by an evening star is still in play.

ETH Price: Head And Shoulders

The Ethereum price is analyzed at two-hour intervals. Volume and the 10-, 20-period MAs are added in the second/third graphs.Since reaching a low of $228.5 on May 16, the Ethereum price has been following the horizontal support line outlined below:

ethereum price Head And Shoulders

Furthermore, it has created a possible head and shoulders pattern (H&S).

The left shoulder is created by highs on May 17 near $280. The head is created by the top of $290 on May 30. At the time of writing, the price is possibly creating the top of the right shoulder.

Also, the candle for June 16 was a bearish doji. When found in an uptrend, it is often a sign of reversal. If the ETH price were to make a bearish engulfing candle on June 17, closing below $260, it would likely create an evening star pattern. This decrease would possibly complete the same pattern in a weekly time-frame.

Furthermore, technical indicators support this decrease.


The volume characteristics have been standard for an H&S pattern. First, the volume in the advance of the left shoulder has been higher than the advance of the head.

Afterward, volume increased during the decline from the head. It remained low during the increase towards the right shoulder. If the price does indeed complete the pattern, the volume should be higher during the upcoming decrease.

Furthermore, the 10-day MA is close to crossing above the 20-day one. This is known as a bullish cross. It goes contrary to the hypothesis that an H&S pattern will be completed. Therefore, if the MAs reject this cross and continue to fall down, it would be the final confirmation that the pattern is going to be completed.

Ascending Wedge

Since June 10, the Ethereum price has been increasing, trading inside an ascending wedge.

The wedge coincides with the right shoulder from the previous section.

Ascending Wedge

On June 16, the ETH price reached highs near $280. A rapid decrease began. The price created a massive bearish engulfing candle. Additionally, this decrease was combined with significant volume. Combined with the fact that the ascending wedge is a bearish pattern, it is likely that the price will begin to decrease.

This decrease would initiate the conclusion of the H&S pattern. If the Ethereum price completes this pattern and breaks down from the horizontal support line near $230, it will likely complete the evening star pattern outlined in the first section.

A high above $290 (the top of the head) would invalidate this pattern.

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Facebook, Binance, Chinese Yuan Combine to Boost Bitcoin above $9000



 The price of bitcoin (BTC) on Sunday surged above $9,300 to establish a fresh year-to-date high.

The bitcoin-to-dollar exchange rate touched $9,388 at 0600 UTC — its highest since May 30 — on San Francisco-based cryptocurrency exchange Coinbase. The move brought the pair’s net rebound gains close to 200-percent, including a 154-percent since 2019 open alone. It further prompted bitcoin’s market capitalization to jump above $165 billion. At its highest, the cryptocurrency’s net valuation was more than $327 billion.

Bitcoin Price Has Surged 7% in Last 24 Hours | Source:, Coinbase

The steady uptrend in the bitcoin market has coincided with notable volume growth. According to CoinMarketCap’s 24-hour adjusted timeframe, exchanges have hosted about $23.156 billion worth of BTC-enabled trading activities. Meanwhile, the top cryptocurrency trading platforms known to offer “real” transactional data have witnessed about $1.5 billion worth of BTC volume.

At the same time, the bitcoin dominance rate has surged to its 1-month peak of 57.7-percent, now up 2.7-percent from Friday.

Binance US Closure, Facebook

The inexplainable bitcoin price rally has prompted analysts to look for its potential drivers. Many believe that the decision of Binance, the world’s largest cryptocurrency exchange, to stop providing services to US-based traders is what that is causing the bitcoin price boom. The exchange’s very own native asset, Binance Coin, or BNB, today depreciated by more than 6.5-percent against BTC, extending its losses to 22-percent since June 13.

“Pay attention as increased Bitcoin dominance, specifically over 60%, is bullish for BTC holders but isn’t good for most altcoins,” said Josh Rager, an independent market analyst. “With US Binance ban & other exchange delistings, people could be moving into BTC & major market cap coins.”

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Meanwhile, others believe Facebook’s upcoming payment cryptocurrency, the so-called Libra, is behind the bitcoin price uptrend. Barry Silbert, the founder, and chief executive of Digital Currency Group, called Libra a “catalyst” that would allow people to learn and adopt digital assets en masse, specifically BTC.

“[Facebook coin] will be remembered as just as important — and transformative — as the launch of the Netscape browser,” he added.

Silbert’s opinion did not sit well with Peter Schiff, a prominent US stockbroker. The gold bull said last week that he considers Facebook’s Libra project “bad news for bitcoin.”

“Facebook,” he said, “will target the very market Bitcoin is counting on for growth, the unbanked in nations with high inflation. Libra will be stable, and much easier and cheaper to use as a medium of exchange than Bitcoin.”

Chinese Yuan against Bitcoin

Whether or not it is relevant, but bitcoin also appears to be reacting to the Chinese Yuan’s depressive performance against the US dollar in the last 30 days.

Chris Burniske, a partner at New York-based venture capitalist firm, Placeholder, found evidence of a strong correlation between the bitcoin appreciation and the yuan devaluation. In 2016, for instance, BTC became one of the biggest gainers in the yuan-enabled markets as investors bought the decentralized cryptocurrency to get around state-imposed capital controls.

Bitcoin Price Historically Appreciated ahead of Yuan Devaluation | Source: Chris Burniske, ARK Investment Management

“The US’s trade war with China, China’s tightening of capital controls to limit funds fleeing the country, and a weakening yuan all added fuel to $BTC’s fire,” said Burniske. “Interestingly then, we have bitcoin satiating appetite for risk in the West and much of the world, while simultaneously serving as a risk-off hedge in China.”

Bitcoin, at the time of this writing, was trading at $9,199.


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Bitcoin exhibits similar trends to pre-2017 bull run era; can history repeat itself?



Bitcoin prices have stomped past another major price resistance as the coin crossed the $9000 valuation in the market. At press time, the virtual asset breached past another major resistance of $9200, and the market cap stood at 165.57 billion. Over the past few days, the market trends inclined towards an imminent breakthrough as chart analysis indicated a similar pattern formation that was identical to the one witnessed before the 2017 bull run.

Source: Twitter

Jayden Crypto, a cryptoanalyst, recently shared an observation on social media; it can be seen that the trend candlesticks in the charts resonated the same characteristics that were evident during 2017. A major bullish candle was engulfing the BTC charts despite the lesser trade volume in the market. However, the Moving Average [MA] of Bitcoin indicated that the recent bull run was on the cards since June 12 as the candles were threading above the MA for the short-term and long-term charts.

Since the price surge exhibited in the month of April and May, Bitcoin continued to consolidate higher in the charts and witnessed very minor corrections over the period of time. The virtual asset had been experiencing sideways movement between $8450 to $6800, since breaching the $7000 range.

Twitter user @ThinkingUSD, a reputed crypto margin trader, also suggested that massive liquation could be on the cards if Bitcoin broke above $8800, which is the market situation at the moment.

Will the 2017 bull run repeat?

Very unlikely, as it can be noticed that the trend identified with the 2017 bull run was pegged with high trade volume with major Bitcoin exchanges and currently the trade volume for Bitcoin was not as significant at press time. Even though similarities are prevalent, the bull run may not live upto the 2017 price rush.

The community speculated that the price might have recently pumped due to traders dumping the virtual assets as Bitcoin had stagnated since the price hike of May. It was also observed that Tether recently minted 150,000,000 USDT and the ecosystem subsequently framed Tether to orchestrate another price pump for Bitcoin.


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