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Ethereum technical analysis: Daily ETH/USD keeps trudging along sluggishly in an $11-range

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  • ETH/USD went up from $187.15 to $188.10 so far this Wednesday.
  • The MACD indicator in the daily chart shows decreasing bullish market momentum.

ETH/USD daily chart

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ETH/USD is moving along sluggishly in a narrow $11-range between $180.15 and $191.30. This Wednesday, ETH/USD went up from $187.15 to $188.10, which has been wholly negated so far this Thursday. The daily chart is floating above the 20-day Simple Moving Average (SMA 20) and SMA 50. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum.

ETH/USD 4-hour chart

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The 4-hour ETH/USD price has charted an evening star pattern and is floating above the SMA 50 and SMA 20 curves. The Elliott

Oscillator shows six straight green sessions of increasing intensity.

ETH/USD hourly chart

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The hourly ETH/USD has broken below the upward channel formation and the red Ichimoku cable. The SMA 20 curve acts as immediate market support. The Relative Strenght Index (RSI) indicator is trending around 56.25.

Key Levels

ETH/USD

OVERVIEW
Today last price187.14
Today Daily Change-0.91
Today Daily Change %-0.48
Today daily open188.05
TRENDS
Daily SMA20185.28
Daily SMA50180.06
Daily SMA100187.39
Daily SMA200214.26
LEVELS
Previous Daily High189.65
Previous Daily Low185.27
Previous Weekly High194.8
Previous Weekly Low179.18
Previous Monthly High199.04
Previous Monthly Low153.28
Daily Fibonacci 38.2%187.98
Daily Fibonacci 61.8%186.94
Daily Pivot Point S1185.67
Daily Pivot Point S2183.28
Daily Pivot Point S3181.29
Daily Pivot Point R1190.04
Daily Pivot Point R2192.03
Daily Pivot Point R3194.42

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Ethereum

Ethereum (ETH) Bulls Keep Ceding Ground, Price Remains Highly Vulnerable

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Ethereum (ETH) bulls keep ceding ground. Now that the price has declined below the $150 mark, it seems unlikely that it will break past it anytime soon. The price keeps on losing ground printing lower highs and lower lows. The rising wedge on the 4H chart for ETH/USD has now been broken to the downside and the price has faced a rejection at the trend line resistance. Even if we see a near term move to the upside, Ethereum (ETH) will face rejection at the $147.65 level which is a very strong resistance. So, ETH/USD is expected to keep on declining further. If history repeats itself, we can expect it to decline again to the November, 2019 lows.

Despite any short-term bullishness, the price of Ethereum (ETH) faces some serious risks. There is a strong probability of a crash over the weekend that traders need to take into account. The price could easily decline down to the 61.8% which is not likely to hold. The area that has seen the most trading over the last 30 days and more is the $147-148 zone. That level will be extremely hard to breach now which is why we are more bearish than bullish on ETH/USD at the

moment both short-term and long term. The market is on the verge of another downtrend and any bullish move to the upside should be considered as an opportunity to sell or short-sell unless we have a game changing breakout past the $147.65 level.

Ethereum (ETH) is on the verge of a sharp decline against Bitcoin (BTC) as it has now faced multiple rejections at the 38.2% fib extension level. The VPVR indicator shows that the 38.2% also coincides with a frequent trading zone that has now become a strong resistance zone. Even if ETH/BTC ends up breaking higher, we are still likely to see it face rejection at the 200 EMA and then the 21,459 satoshi level.

The cryptocurrency market remains more vulnerable than ever. With the S&P 500 (SPX) keeping on making new all-time highs, the probability of some sort of a correction in the stock market has now increased. Even though the cryptocurrency market did not rally along with the stock market in the recent weeks, it is very likely to decline with the stock market if we see a correction towards the end of the year. We have seen sell-offs in the cryptocurrency market leading to Christmas and New Year which is why traders and investors might want to be very cautious being bullish on the market for now.

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Ethereum 2.0 Won’t Be Released for ‘Potentially Many Years’

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Ethereum is making progress, but the timeline for a full ETH 2.0 release is not coming any closer. According to a recent official blog post, we can expect “potentially many years before a full ‘Ethereum 2.0’ roll-out.”

With the recent Istanbul hard fork update, many in the Ethereum community were enthusiastic about Ethereum 2.0 coming soon. This enthusiasm, however, fails to grasp the complexity of the work the Ethereum developers are undertaking — and it’s going to take them a lot more time.

According to an overview of the most pressing problems confronting Ethereum developers, ETH 2.0 (called ‘Serenity’) is a long way away. The 1.x Files: a fast-syncposted on the official Ethereum blog, reads that the team is now focusing on more incremental upgrades to Ethereum 1.x. Research is being broken up into smaller updates to ensure that the original chain remains operable during this transitionary period.

The task now is to prolong the “life of the chain for at least another 3-5 years, before a more dramatic upgrade to Serenity (ETH 2.0) arrives,” the post reads.

What’s The Hold-Up?

The reasons for this ‘delay’ are multi-faceted and complex.

In the blog post, Griffin Ichiba Hotchkiss writes of a few core issues currently slowing down developers due to the enormity of the problems. These issues include:

  1. chain storage
  2. block size and transaction throughput
  3. state size and network performance

The team is still actively researching solutions to these problems.

Altogether, migrating the existing ETH 1.x to Serenity is made more difficult by the fact that the original chain has to stay aliveIf Ethereum started from scratch with Serenity, it would have been a simpler process. The need for incremental developments to ETH 1.x will slow down a

full roll-out of ETH 2.0 for the next few years.

In short, we can expect a full ETH 2.0 to come out in “many years” — in “at least another 3-5 years,” according to the Ethereum blog post.

Albeit vague, that’s the current timeline.

Ethereum 2.0 ‘Phase 0’ Still Tentatively Scheduled for Q1 2020

Ethereum has largely shied away from giving concrete timelines, but many media outlets have reported on Q1 2020 being the tentative date for ‘phase zero’ of Ethereum 2.0.

Danny Ryan, a researcher at the Ethereum Foundation, told reporters in mid-November that this arbitrary date was said during a public call with the team and the media picked up on it. It’s unclear whether the latest Ethereum blog post disputes the team’s plans to release phase zero of Ethereum 2.0 in Q1 2020.

It should be noted that phase zero is not anything close to a full launch, but is merely the first step in a long process. This phase will allow staking and will introduce ‘ETH2’ for the first time, but this asset cannot be withdrawn or transferred during this step. All participants who decide to stake during phase zero will see their ETH1 burned in exchange for ETH2 — but it will be effectively be frozen until the next step.

Sharding, along with transactions, will come in the next phase. Judging from the recent technical issues posted on the Ethereum blog, however, we can likely expect sharding to be implemented sometime in 2021.

As BeInCrypto previously reported, the transition to ETH 2.0 will inevitably involve two Ethereum chains and cryptocurrencies to co-exist for a time. ETH 1.0 and 2.0 will have different prices and will both be trading on exchanges until a full version of ETH 2.0 is rolled out. This period will likely prove to be a pivotal moment for the world’s leading smart contract platform, as it must prove that its upgrade is feasible to the market and industry at large.

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Ethereum’s Vitalik Buterin: Fiat Money Will Not be Destroyed

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Vitalik Buterin, Co-Founder of the Ethereum Foundation and “father” of Ethereum, sat down with Eric Weinstein on The Portal podcast to discuss “old” and “new” economics.

Two intellectuals, Vitalik Buterin (Creator of Ethereum), and Eric Weinstein (PhD, scientist, and Managing Director at Thiel Capital), recently sat down on The Portal to discuss Mr. Buterin’s attitude towards the “classic” economics theory.

Libertarianism and Diversity

When both individuals discussed libertarianism, Vitalik Buterin said that libertarians mostly belong to two large groups characterized as either a “leave me alone'” or “conquer the world” approach. This divergence can be extrapolated into cryptocurrencies in terms of their mass adoption.

Mr. Buterin highlighted that there are participants within the crypto community that are assured that fiat currencies will be

destroyed and replaced by Bitcoin (BTC). In general, Mr. Buterin estimated that the prospects of any “short-term disruption” for the sake of some “nebulous long-term gain” is skeptical. He said:

I’m definitely not in the camp that actively relishes that fiat currencies will be destroyed. 

Mr. Buterin added that several members within the Bitcoin community share this belief.👉MUST READ

Peaceful Coexistence

Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiat money and balance the disadvantages of the classic monetary system. He also added that cryptocurrencies will provide “checks and balances” against a government monopoly on “issuing money” rather than “replacing it entirely”.👉MUST READ

Mr. Buterin is well-known as a champion of pluralism in future world of cryptocurrency. He is sure that different communities will defend their views on its development.

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