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Ethereum price analysis: Ethereum spikes above $2,200 again, further upside still rejected

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Ethereum price analysis is bullish for the upcoming hours as a slightly higher high was set overnight, and another retracement was seen over the past hours. Therefore, we can expect ETH/USD to try to push high again later today. Ethereum should start heading lower over the rest of the week if a lower high is set.

Ethereum price analysis: Ethereum spikes above $2,200 again, further upside still rejected 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin has decreased by 4.4 percent while Ethereum 1.3 percent. The rest of the market follows this pattern of slight losses.

Ethereum price movement in the last 24 hours

ETH/USD traded in a range of $2,093 – $2,282, indicating a good amount of volatility over the last 24 hours. Trading volume has spiked by 22.8 percent and totals $29.3 billion. The total market capitalization trades around $245.8 billion, resulting in market dominance of 17.84 percent.

ETH/USD 4-hour chart – ETH further upside still rejected

On the 4-hour chart, we can see the Ethereum price setting a slightly higher high overnight and currently retracing in preparation for another push higher later today.

Ethereum price analysis: Ethereum spikes above $2,200 again, further upside still rejected
ETH/USD 4-hour chart. Source: TradingView

Looking at the Ethereum price action over the past weeks, we can see that the overall trend is still bearish. After ETH failed to move above the $2,900 resistance several times, a retracement of over 40 percent was seen to the $1,725 low, which previously acted as strong support.

From there, Ethereum made a double bottom reversal and started pushing higher earlier this week. The $2,200 previous resistance was breached shortly, and the market consolidated around $2,100 support early yesterday. Later another spike higher was seen above the $2,200, setting a slightly higher high just below $2,300 resistance.

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Over the past hours, Ethereum retraced lower again to the $2,100 support. Therefore, we can assume that the market still wants to move higher. However, bulls likely are exhausted. This price action development should lead to another push higher over the next hours.

If the previous local high is not reached, and ETH/USD sets a lower high, we expect the market to move to the downside and set another medium-term swing low, with the closest support located at the $2,000 mark.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish for the upcoming hours as the market set a slightly higher high below the $2,300 mark and swiftly retraced back to the $2,100 mark. This should lead to another attempt to move higher over the following hours, after which we will see where ETH/USD is headed next.

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While waiting for Ethereum to break higher, read our guides on Cardano staking, how to cash out Bitcoin, as well as how to buy Bitcoin stock.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Ethereum

Will Smith’s Son, Rapper and Actor Jaden Smith, Posts Mysterious “ETH” Tweet

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Jaden Smith joins the crypto-celebrity list with two tweets in a row

The “Icon” author, rapper, Hollywood actor and mega-star, Will Smith’s son Jaden Smith, has posted a mysterious “ETH” tweet that followed a “Web3” publication shortly after.

The purpose behind the two tweets has not been disclosed, but it is most likely tied to the rising popularity of the two industries. Previously, Ethereum’s price has reached the new ATH, which might have caught the famous rapper’s attention.

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Both crypto-related tweets have been warmly welcomed by the audience, collecting approximately 8,000 likes and more than 1,000 retweets on Twitter. In the comment section of the Web3 tweet, Jaden said that he actually owns an NFT just like his industry partner Snoop Dog.

With the rapid price increase of the Bitcoin, DeFi and NFT industries, more celebrities are exploring cryptocurrencies and blockchain technologies. In addition to giving significant investment returns, digital assets technologies may potentially change the banking, finance and art industries in the future.

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Ripple

Ripple CEO Says the SEC Helped Ethereum to Surpass XRP as No.2 Crypto

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  • Ripple CEO aired his opinion on the crypto market and regulations.
  • Brad Garlinghouse said the US SEC granted Ethereum regulatory green light.

At the DC Fintech Week virtual conference on October 21, Ripple CEO Brad Garlinghounse aired his thoughts on the state of the crypto market and regulations. Besides, he holds a grudge over the financial regulator’s approach to Ethereum.

In addition, Garlinghouse declared that the US Security and Exchange Commission (SEC) granted Ethereum regulatory green light that enabled it to surpass his firm’s XRP token.

Likewise, the Ripple boss feels that his firm has been played out. But, at the same time, Ethereum’s subsequent success is at least in part down to more favorable treatment by the US SEC. Also, Garlinghouse stated that it is affecting its market. He said,

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has exploded, and that clarity has helped.”

To clarify, XRP was the second-largest crypto asset by market cap in late December 2017. But, currently, it has dropped to seventh place while Ethereum has kept the second spot ever since.

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Furthermore, the reason why XRP dropped is the US SEC pursuing Ripple over claims that XRP is unregistered security. In fact, in January, Ripple filed a Freedom of Information Act request with the US SEC demanding to know why it didn’t consider ETH security.

As a result, later in July, a district judge allowed the firm to depose a former official who declared in 2018 that ETH was not a security.

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Ripple

Ripple CEO reinstates SEC bias towards ETH, claiming XRP could’ve been No.2

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It is not news that the ongoing XRP lawsuit has got the better of Ripple’s XRP token. Ripple CEO, Brad Garlinghouse recently questioned the SEC’s bias towards Ethereum, claiming that XRP would’ve been at the No. 2 position instead of ETH if it weren’t for the commission’s partial crackdown. Garlinghouse spoke at the DC Fintech Week virtual conference yesterday, arguing that the U.S. Securities and Exchange Commission alleged Ripple’s XRP as unregistered security while granting Ethereum a regulatory free pass, which in turn helped ETH shoot through the roof.

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”

XRP secured the position of the second-largest crypto asset by market capitalization during the latter half of 2017. However, the token has dropped down to seventh place while Ethereum stands strong as No. 2. Furthermore, Garlinghouse claims that the SEC’s exclusively aggressive anti-crypto stance to allegedly protect the consumers is in fact anti-investors. Referring to the XRP lawsuit, Ripple CEO emphasizes that “nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’”.

XRP Holders left with bearish and frozen funds

Earlier this week, Attorney Deaton Filed a Letter Motion on behalf of the XRP Holders (Movants) that contended SEC’s extension request, with the main argument concerning the XRP holders’ frozen funds because of the consistent postponement of the lawsuit’s final verdict. During the ongoing bull run, XRP remains considerably bear because of the regulatory crackdown on Ripple. However, the court has overlooked the community’s concern and granted the extension explaining that in lieu of pending motions, extra time will only facilitate both parties to complete pending fact discovery and thoroughly prepare for upcoming expert depositions.

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“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”, wrote Deaton.

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