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Ethereum

Note This Entry and Exit Points To Trade Ethereum! ETH Price To Hit $20k!

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The star altcoin Ethereum, which has made giant strides in DeFi space has been making its headway to higher highs. Further, the second most valued asset hit an ATH of $4,400 on early Friday post the effectual integration of the Altair upgrade on the Beacon chain. The launch has been a vital step en route for a much faster and eco-friendly version of the existing system. 

With the latest upgrade, Ethereum has decoupled its move from the market leader. While Bitcoin experienced negative gains of 2.67%, the star altcoin ruled the space with 5.09% gains over the past 7 days. It appears that traders might be shifting their BTC gains to its counterpart followed by the latest integration. 

Analyst Alludes Potential Ethereum Entry and Exit Zones!

The popular crypto analyst Income sharks signified probable entry and exit points to trade Ethereum. The price pattern seems to have closely followed as per the analyst’s prediction. Earlier Friday, he shared a chart where he was optimistic about his exit points around $4,250. Interestingly, with a minimal difference, the star altcoin flipped at $4,350.

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The chart shown by him highlights Ethereum’s entry and exit entries. The altcoin has followed the cycle of run and consolidate. Initially, the price broke out at $3,400, later consolidated to around $3,700. Further, managing the uptrend the altcoin jumped to the $4,200 mark and consolidated for a while. The last break out was at $3,900, where the price clinched the ATH mark of $4,400. 

By observing the pattern, the analyst indicated potential entry points to trade Ethereum. He expects the price to plunge between $4,050 to $4,150 before taking up another leg up in the next couple of hours. On the other hand, Lark Davis, a popular crypto analyst is hopeful of an ETH price rally to $5,000 in a couple of days. 

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However, the latest report from the Santimenthas further highlighted the surge in the circulation of the number of unique tokens on the Ethereum network. Prior to running towards new ATH, on Tuesday the network has registered a massive circulation of unique tokens of around $1.74 million.

On the whole, whooping predictions are doing rounds in the market post the launch of its latest integration. Moreover, on-chain metrics look healthy for the 2nd most valued asset. Popular analyst EthereumJesus expects Ethereum price to hit $20k in the near term. And Micheal Van de Poppe is hopeful of a price surge to $10k in the upcoming bull cycle.

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Bitcoin

Top 3 Price Prediction Bitcoin, Ethereum, XRP: Leading cryptos take the back seat

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  • Bitcoin price may experience constricted trading conditions as capital enters the broader altcoin market.
  • Ethereum price approaches new all-time highs.
  • XRP extends bullish momentum to the fourth consecutive daily close above the open.

Bitcoin price is likely to face some underperformance against Ethereum, XRP, and the broader altcoin market. Ethereum price action pushes higher during the Tuesday trading session, making another attempt at new all-time highs. XRP price is close to recovering all of the losses it sustained on Black Friday.

Bitcoin price action to consolidate in the interim

Bitcoin price is currently in a horrible place from a technical analysis perspective. It is in its twelfth consecutive day trading inside the Cloud. The Cloud (red and green shaded areas) within the Ichimoku Kinko Hyo system is an area of indecision, volatility and frustration. It’s the place where trading accounts go to die. Traders should expect to see sideways activity followed by false breakouts until a clear breakout above or below the Cloud.

BTC/USD Daily Ichimoku Chart

Altcoins should catch a bid throughout December, as Bitcoin trades mostly sideways. A trading range between $53,000 as support and $65,000 as resistance is expected. Any breakout above the Cloud will likely see Bitcoin push new all-time highs near the $77,000 value area.

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Ethereum charges higher towards new all-time highs

Ethereum price has been somewhat of a surprise given the bearish sentiment and exiting the bear channel. Ethereum is currently just $200 shy of hitting the prior all-time high, showing resilience and outperformance of the broader cryptocurrency market. However, some warning signs should be observed.

ETH/USD Daily Ichimoku Chart

Ethereum is trading up against the upper trendline of a bear flag. At the same time, the Composite Index has printed a high above November 9th high while the corresponding price levels on those dates show lower highs. This creates a form of divergence known as hidden bearish divergence. It is a warning sign that the current swing higher may not be as honest of a move as it appears.

If Ethereum fails to close above the $4,600 value area on the daily chart, a pullback to $4,000 is likely.

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XRP price up over 16% from Sunday lows, looks to extend higher

XRP price may be a barometer for how the rest of the altcoin market may behave in December. XRP’s daily Ichimoku chart forms a significant bear trap, which looks very similar to its peers’. Unlike Ethereum’s chart, which shows evidence of overbought conditions, XRP’s chart shows that a bullish extension is very likely to be sustained.

XRP’s behavior over the past two months has been one of epic frustration for bears. There have been nine occasions when XRP has fulfilled all the Ideal Bearish Ichimoku Breakout entry requirements. Unfortunately for the bears, all nine of those occasions have failed to generate any substantive or sustained selling pressure. This repeated failure has undoubtedly trapped a significant number of short-sellers – creating prime conditions for a short squeeze.

XRP/USDT Daily Ichimoku Chart

The critical price level for XRP to close above is the $1.15 value area. From there, XRP price would be positioned in a favorable bullish Ichimoku entry condition that positions XRP towards the $3.00 value area. Down-side risks remain limited to the $0.65 value area. 

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Bitcoin

ETH/BTC Ready to Break Higher? Not So Fast, Some Analysts Say

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A much-discussed chart among crypto traders in recent days has been the ethereum (ETH)/bitcoin (BTC) chart, with many claiming it looks primed for a sharp move higher. However, some are still betting on an opposite outcome, with investor demand also indicating stronger appetite for bitcoin.

The potential break-out for ETH has gotten a fresh round of attention following strong outperformance of ETH over BTC during the past week. At 11:57 UTC on Tuesday, ETH was up 11% over the past 7 days, while BTC was up 2.5% over the same time period.

The notable difference in performance came at a time when the stock market has tumbled over renewed coronavirus fears, with the US S&P 500 futures currently down by about 2.9% from its all-time high on Monday last week.

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And as has been pointed out by many in recent weeks, bitcoin is still behaving more like a risk asset that fluctuates with the stock market, than a safe haven hedge like gold. This relationship has once again been demonstrated in recent days, some crypto traders have argued.

The ETH/BTC chart has also been pointed to by Raoul Pal, founder & CEO of Real Vision, who said recently that he sees it as “the most important chart in digital asset markets right now.”

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“A break higher will lead to more risk seeking into year end,” Pal said, suggesting that we may be entering a new bullish period for altcoins.

Source: Raoul Pal via Twitter

However, as usual, not everyone agrees with the narrative that ethereum is about to break higher relative to bitcoin. According to the popular crypto trading educator and Crypto-TA.nl founder Crypto_Ed, the ETH/BTC chart is not breaking out yet, and instead may be looking at a move lower.

“I see many tweeting ETHBTC chart looks so good….. All I see is a rising wedge with bearish divergence and it looks more like it’s gonna break down,” he said, adding that the same also holds true when looking at the same chart with a longer time frame.

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Similar takes were also shared by other traders.

Growing capital flows

According to last week’s Digital Asset Fund Flows report from CoinShares, bitcoin appears to be enjoying greater momentum than ethereum in terms of capital flows into regulated investment vehicles.

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As reported, last week, BTC saw the largest inflows in 5 weeks totaling USD 247m (compared with USD 114m a week earlier) following the launch of another investment product in Europe, they added. ETH saw inflows totaling USD 23m last week, compared with around USD 13m a week earlier. 

MTD – month-to-date; YTD – year-to-date; AUM – assets under management. Source: CoinShares

Moreover, Marcus Sotiriou, a sales trader at the UK-based digital asset broker GlobalBlock, is also demonstrating a bullish stance towards bitcoin.

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“Bitcoin appears to be forming a falling wedge pattern which is historically bullish and has a higher probability of breaking to the upside than the downside,” the trader wrote in an emailed comment, adding:

“If the down trending line of resistance is broken, bitcoin may be on its way to retest the all-time-high as the technical target is around that region.”

At 11:57 UTC, BTC traded at USD 57,600, up 1.4% over the past 24 hours. At the same time, ETH stood at USD 4,581, up 6.3% over the same time period.

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Ethereum

Ethereum privacy protocol Tornado Cash to launch on L2 Arbitrum

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Tornado Cash is about to get a scaling boost as the privacy protocol prepares for deployment on the Ethereum layer two network Arbitrum. 

Tornado Cash’s smart contracts are ready to roll on thArbitrum Layer 2 scaling network following contributions from the community to ensure the stability of the protocol.

The Monday announcement explained that deploying on Arbitrum will “allow users to take advantage of all the benefits a Layer 2 can offer, with cheaper transactions being the biggest comparative advantage.”

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Tornado Cash is a fully decentralized Ethereum (ETH) mixer protocol. Tornado Cash masks the path that tokens such as ETH take from sender to receiver, providing completely private transactions without the need to use privacy-focused coins.

Layer two networks on Ethereum boast faster transactions and cheaper fees while still benefiting from the security and decentralization of Ethereum.

The Tornado Cash team believes that the deployment onto Arbitrum will allow more users to perform private crypto transactions while avoiding Ethereum’s high gas fees. L2 transactions are expected to be around 95% cheaper than those on L1 Ethereum, according to the team.

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In order to use Tornado Cash on Arbitrum, users must first send ETH, ERC-20, and ERC-721 tokens from Ethereum to Arbitrum via the Arbitrum Bridge.

Arbitrum is currently the biggest L2 on Ethereum with $2.68 billion in total value locked, representing 39% of the L2 market share. This is second only to Boba Network’s $1.38 billion in TVL, making Boba and Arbitrum the only two L2’s with over $1 billion in TVL, according to L2Beat.

The number of unique addresses on Arbitrum has grown steadily since September and stands at 291,876 as of the time of writing. Tornado Cash has $847 million in TVL according to DeFiPulse.

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As reported by Cointelegraph, Tornado Cash unveiled its TORN governance token in Dec. 2020 and airdropped them to users in February 2021.

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