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Ethereum market update: ETH/USD stalls short of $290 – bears in action

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  • Ethereum short-term target is $300 while $400 seems to be within reach in the second half of the year.
  • If the bulls manage to defend this support ($280) it will be a confirmation of the bullish momentum.

Ethereum bulls are intent on pushing the price to new 2019 highs. Their short-term target is $300 while $400 seems to be within reach in the second half of the year. The price recently corrected from the support congestion zone at $260 – $262 and stepped above the resistance at $270. Trading above both the 50 Simple Moving Average (SMA) and the 100 SMA 15’ saw the bulls rally forces pulling the price upwards in successive

engulfing candles.

ETH/USD ground to a halt after forming a high at $288.15 during the Asian trading hours on Thursday before consolidating above $280. The intraday charts show Ethereum having jumped 4.7% on the day. Besides, there is building bullish momentum above the support at $280.

On the upside, the first resistance is $285 (resistance congestion zone). The second hurdle is $287.5 (resistance congestion zone) while $290 is the third resistance zone. Looking at the Relative Strength Index (RSI), we see Ethereum having hit overbought levels earlier today as a bearish indicator.

The RSI rejection from the region shows that Ethereum dips below $280 are likelily unstoppable in the coming sessions today. However, if the bulls manage to defend this support ($280) it will be a confirmation of the bullish momentum and the upwards trend above the trendline and the moving average making $300 a possibility in the short-term.

 

ETH/USD 15’ chart

source:.fxstreet

Ethereum

This technical formation could mean Ethereum is in for massive short-term upside

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It has grown increasingly unclear in recent times as to whether or not the aftermath of the recent uptrend seen by Bitcoin and major altcoins like Ethereum (ETH) marks any type of fundamental shift in market structure, or if it is simply another lower-high that will be followed by further losses.

In spite of this lack of clarity, analysts are now pointing to some bourgeoning technical patterns for guidance as to where the markets will trend next.

In the case of Ethereum, these technical signs seem to favor the cryptocurrency’s bulls, as they may signal that it will soon see some further upwards momentum.

Ethereum inches lower as it closely tracks Bitcoin

At the time of writing, Ethereum is trading down nominally at its current price of $165, and it appears to be closely tracking Bitcoin’s price action as the markets attempt to establish some momentum.

Despite facing a swift rejection at highs of over $170 earlier this week, ETH has been able to maintain some stability within the $160 region and it appears to be in a consolidation phase that could be followed by a major movement.

One technical factor that should be considered in the near-term is that Ethereum appears to be currently trading within a bull flag, which could mean that this bout of sideways trading will be followed by a massive upwards movement.

“Ethereum: What was a bullish pennant, now perhaps a bull flag. Volume decreasing,

textbook for a pennant,” Mr. Jozza, a prominent cryptocurrency analyst on Twitter, explained while pointing to the chart seen below.

Ethereum ETH
Image Courtesy of Mr. Jozza

These factors could bolster eth’s bulls and perpetuate a major upside swing

The bull flag that Ethereum is currently in the process of forming isn’t the only factor currently counting in the favor of the cryptocurrency’s bulls, as Bitcoin Jack – another prominent analyst – pointed out a few other key factors that should be considered by investors.

He notes that ETH has been able to break its volume downtrend and has been able to flip its previous resistance level into a support level – two factors that suggest it will soon see notable upside.

“ETH vs BTC daily chart update: Volume down-trend broken on sharp move up. Rejection of resistance was met with flipping old local resistance in to support. If price can breach into old range above, target 1 becomes viable quickly. A pullback into green is for buying,” he said while referencing the levels marked on the below chart.

Ethereum ETH
Image Courtesy of Bitcoin Jack

Bitcoin’s price action may have significant influence over that of Ethereum and other altcoins, but the technical factors discussed above may be enough to allow ETH to break its BTC correlation and garner some independent momentum.

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Enterprise Ethereum Alliance announces launch of testnet

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  • The Enterprise Ethereum Alliance (EEA) has announced the launch of its first testnet.
  • EEA has entered into a cooperation with Whiteblock to use their Genesis SaaS platform for blockchain testing.

The EEA is a worldwide association of prominent companies from the tech industry that have set themselves the goal of advancing the development of the Ethereum blockchain technology. This conglomerate is the largest open source blockchain consortium in the world, which aims to deliver enterprise-ready software based on the Ethereum blockchain that can handle the most complex and demanding requirements of the corporate world.

Yesterday the EEA announced that through a cooperation with Whiteblock the first official testnet has been launched. Zak Cole, CEO of Whiteblock and chairman of the EEA Testing and Certification Working Group, said:

THE EEA TESTNET WILL ENABLE MEMBERS TO COLLABORATE AND UNDERSTAND HOW ETHEREUM SYSTEMS PERFORM AT SCALE IN A DETERMINISTIC AND CONTROLLED MANNER.

Under the partnership, EEA will use the Whiteblock-Genesis testplatform to provide and manage EEA’s official testnet. Genesis was launched yesterday and offers users the opportunity to pilot a whole range of end-to-end blockchain tests and development scenarios and to gain initial experience and results.

The testnet will enable the global business community to build, test and evaluate Ethereum’s next generation business applications. Participating actors can set up their own nodes and develop dApps. The EEA testnet will also support Metamask and provide full data and analysis capabilities. EA Executive Director Ron Resnick describes:

THE EEA’S BUSINESS-FOCUSED APPROACH ENABLES THE BROADER ETHEREUM BUSINESS COMMUNITY TO COLLABORATE, INNOVATE, AND CONTRIBUTE TO THE EVOLUTION OF WORLD-CLASS ETHEREUM SOLUTIONS. THE EEA’S TESTNET BRINGS US ONE

STEP CLOSER TO CREATING AN ECOSYSTEM THAT OFFERS APPLICATION AVAILABILITY FROM MULTIPLE VENDORS OF CHOICE.

It is also possible to verify the requirements of companies within the testnet and thus to check the feasibility of projects in advance. The scalability and related key figures, such as transactions per second and other performance requirements can be determined quickly and easily in the testnet.

In addition, security tests, such as the simulation of a 51% attack, can be carried out. Stress tests on smart contracts are also possible to measure gas costs and to understand the limits of the system under different conditions. Migration tests can also be simulated. The launch of the testnet marks another milestone in the still young history of EEA.

Ethereum is the undisputed number 1

Ethereum provides a complex ecosystem that many big tech giants like Microsoft or Amazon already use with its web services. Ethereum also continues to be the leading network in the field of distributed applications, accounting for 55% of the total transaction volume of the dApps market. In 2019, ETH generated sales of USD 12.8 billion, followed by EOS with USD 6.1 billion and TRON with USD 4.4 billion.

However, Ethereum leads not only in terms of transaction volume, but also in categories: Number of dApps, active dApps, new dApps and active dApp users. With 1.82 million active dApp users, Ethereum has almost twice as many users as TRON.

Ethereum’s price follows the current market trend and has fallen 1.33% in the last 24 hours, to a price of USD 161.06.

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Last Updated on 16 January, 2020



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ETHEREUM SHOWS FIRST BULLISH BUY SIGNAL FOR OVER A YEAR

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The Rundown

  • Ethereum Crosses Weekly MACD
  • When Bullish?

Ethereum has been amongst altcoins showing double-digit gains and it’s long term technical indicators are turning bullish once again.

ETHEREUM CROSSES WEEKLY MACD

It would be fair to say that Ethereum is still deep within a two-year bear market. Since its heady peak, this time two years ago the world’s second most popular crypto asset has dumped 88% to current levels.

It has remained lethargic throughout 2019 with insignificant gains compared to its big brother. Ethereum actually ended the year lower than it started.

2020 has started on a slightly brighter note, but it couldn’t have got much worse for ETH prices.

So far this year Ethereum has gained 23%, most of that over the past couple of days. Prices have retreated back to the $160 level over the past couple of hours however as altcoins correct from their massive pump yesterday.

ethereum

ETH prices 1 hour – Tradingview.com

The 50-day moving average turned positive earlier this month which could result in a golden cross on this time frame if bullish momentum continues.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

Another long term indicator has been observed by Trustnodes, and that

is the Moving Average Convergence Divergence or MACD. This is a trend-following momentum indicator that shows the relationship between two moving averages of the asset’s price.

According to Tradingview, the MACD takes the difference in values between two Moving Averages and an EMA of those Moving Averages and plots that difference between the two lines as a histogram which oscillates above and below a center Zero Line.

The MACD on the weekly time frame has turned bullish for the first time since December 2018 when Ethereum started to recover from its sub $100 low. The histogram is used as a good indication of an asset’s momentum.

WHEN BULLISH?

The next step up for ETH prices would be the $185 resistance level where it spent a lot of time in October and November.

Traders are currently eyeing a bull flag pattern that is emerging on the ETH charts and the short term resistance is $170 which was yesterday’s top.

Fundamentally Ethereum is still strengthening with the largest developer base and most dApps in the ecosystem.

Add to that massive momentum and in Defi markets and it is easy to see that Ethereum will not stay on the floor for much longer. There is currently 3.1 million ETH locked in decentralized finance contracts and this figure is likely to increase as it evolves into a new financial ecosystem.

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