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Ethereum

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 13th, 2021

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Ethereum

Ethereum fell by 1.14% on Friday. Partially reversing a 1.94% gain from Thursday, Ethereum ended the day at $4,667.34.

A mixed start to the day saw Ethereum rise to an early morning intraday high $4,809.27 before hitting reverse.

Coming within range of the first major resistance level at $4,811, Ethereum slid to a late afternoon intraday low $4,508.42.

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Ethereum fell through the first major support level at $4,606 before a partial recovery to end the day at $4,660 levels.

At the time of writing, Ethereum was up by 0.70% to $4,700.17. A bullish start to the day saw Ethereum rise from an early morning low $4,667.19 to a high $4,708.60.

Ethereum left the major support and resistance levels untested early on.

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For the day ahead

Ethereum would need to avoid the $4,662 pivot to bring the first major resistance level at $4,815 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $4,800 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s ATH $4,867.81 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $5,000 levels before any pullback. The second major resistance level sits at $4,963.

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A fall through the $4,662 pivot would bring the first major support level at $4,514 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$4,400 levels. The second major support level sits at $4,361.

Looking at the Technical Indicators

First Major Support Level: $4,514

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Pivot Level: $4,662

First Major Resistance Level: $4,815

23.6% FIB Retracement Level: $3,369

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38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 4.22% on Friday. Reversing a 0.82% gain from Thursday, Litecoin ended the day at $251.23.

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Tracking the broader market, Litecoin rose to an early morning intraday high $282.92 before hitting reverse.

Litecoin broke through the first major resistance level at $274 before sliding to a late afternoon intraday low $243.86.

The reversal saw Litecoin fall through the first major support level at $251 before briefly revisiting $258 levels.

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At the time of writing, Litecoin was up by 0.92% to $253.54. A bullish start to the day saw Litecoin rise from an early morning low $251.09 to a high $254.14.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to move through the $259 pivot to bring the first major resistance level at $275 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $270 levels.

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Barring an extended crypto rally, the first major resistance level and Friday’s high $282.92 would likely cap the upside.

In the event of another breakout, Litecoin could retest resistance at $300 before easing back. The second major resistance level sits at $298.

Failure to move through the $259 pivot would bring the first major support level at $236 into play.

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Barring another extended sell-off, Litecoin should steer clear of the 38.2% FIB of $223. The second major support level sits at $220.

Looking at the Technical Indicators

First Major Support Level: $236

Pivot Level: $259

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First Major Resistance Level: $275

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

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62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 2.01% on Friday. Reversing a 2.26% gain from Thursday, Ripple’s XRP ended the day at $1.19052.

A mixed start saw Ripple’s XRP rise to an early morning intraday high $1.23241 before hitting reverse.

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Falling short of the first major resistance level at $1.2534, Ripple’s XRP slid to a late afternoon intraday low $1.15534.

Ripple’s XRP fell through the first major support level at $1.1779 before briefly revisiting $1.20 levels.

At the time of writing, Ripple’s XRP was up by 0.18% to $1.19267. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.18887 to a high $1.19407.

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Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP would need to move back through the $1.1928 pivot to bring the first major resistance level at $1.2302 into play.

Support would be needed, however, for Ripple’s XRP to break out from $1.20 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $1.23241 would likely cap the upside.

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In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.30 levels before any pullback. The second major resistance level sits at $1.2698.

Failure to move back through the $1.1928 pivot would bring the first major support level at $1.1531 into play.

Barring another extended sell-off, however, Ripple’s XRP should avoid sub-$1.10 levels. The second major support level at $1.1157 should limit the downside.

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Looking at the Technical Indicators

First Major Support Level: $1.1531

Pivot Level: $1.1928

First Major resistance Level: $1.2302

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23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

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This article was originally posted on FX Empire

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Bitcoin

Rich Dad Poor Dad Author Issues Dire Warning on Inflation, Says He’s Buying Bitcoin, Ethereum and Two Additional Assets

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Rich Dad Poor Dad author Robert Kiyosaki is concerned that working-class Americans will be wiped out by rising inflation unless they invest in several key assets.

In a YouTube video on The Rich Dad Channel, the widely known author says that true capitalism has been abandoned, and the government instead intervenes on behalf of banks.

“The reason they’re talking about inflation or deflation is because, way back when, in the 70s, a true capitalist would let a business fail. According to [Austrian political economist Joseph] Schumpeter, capitalism destroys inefficient companies.

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If you look at one example, not too long ago there was Blockbuster Video. Then Netflix came along and they’re toast. They’re just gone. A true capitalist wipes out the inefficient or the obsolete.

But for the last so many years, since 1907 really, they’ve been saving the banks. The banks are so corrupt, and the reason the Federal Reserve had to come in was to protect the rich bankers.

And what they did was, back in 2008 there was quantitative easing, which is a very complex subject, but basically the Fed just prints money and gives it to banks to prevent them from failing. That’s not capitalism, that’s Marxism. That’s socialism, that’s communism. It’s called central banks.”

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Kiyosaki warns that unlimited money printing as part of official government policy will eliminate the working class.

“The reason inflation is going to wipe out people is because the average person is a consumer. Everybody talks about, ‘T-bone steak [costs] this now, and gasoline’s this and toilet paper is that.’

That’s because… Everything’s to protect the bankers. And that’s why I feel for the working-class people. I think it’s criminal that our school system is part of Marxism. There’s no financial education in the schools and it’s not a mistake.

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To the people who are complaining about inflation, just know it’s because the Federal Reserve Bank, the U.S. Treasury… they’re as corrupt as they come.”

The author tells his 1.8 million followers on Twitter that the recent 25% price increase at discount retail chain Dollar General is a bellwether event signaling that investors should protect themselves by picking up some cryptos like Bitcoin (BTC) and Ethereum (ETH), as well as gold and silver.

“Dollar Tree becomes $1.25 Tree. Inflation is a tax on the poor and middle class. Inflation makes the rich richer.

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Get smart. Get richer. I am buying more gold, silver, Bitcoin, Ethereum, rental real estate, and oil. What are you buying?”

CNN Business reported this week that Dollar Tree cited rising inflation and the ongoing supply chain crisis as reasons why it planned to permanently abandon its longstanding $1 price point on all products.

At time of writing, Bitcoin is valued at $55,190, Ethereum is exchanging hands for $4,367, gold is going for $1,781, and silver is worth $22.44. Kiyosaki also issued a warning in September that a major stock market crash would occur in October of this year.

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Ethereum

Ethereum is a better store of value than Bitcoin, academic research shows

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  • Recent research conducted by four Australian researchers concludes that Ethereum is a better store of value than Bitcoin.
  • “Ethereum provides better inflationary hedging properties than Bitcoin, and Ether may therefore offer superior long-term value storage than Bitcoin, ” said the report.

Ethereum, the second-largest crypto by market cap, has been tipped by several experts including billionaire investor Mark Cuban, as second to none in terms of utility. Its smart contract has been used to power several blockchain-based projects like Decentralized Finance (DeFi), and Non-Fungible Tokens (NFTs). But in terms of a store of value, there has been a divided opinion among experts as Bitcoin is largely viewed as a better alternative to Ethereum and other cryptocurrencies.

Recent research conducted by four Australian researchers concludes that Ethereum is a better store of value than Bitcoin. According to the research paper, the recent EIP-1559 upgrade in August has been the reason for this conclusion. The EIP-1559 upgrade saw over one million ETH out of the 118,583,580 circulating supply burnt, and a portion of its transaction fees burnt as well.

The report stated: 

Annualizing the rate of Ethereum creation since EIP-1559, the expected increase in the total Ethereum supply is only 0.98%, being less than half the 1.99% increase in Bitcoin supply which is almost certain in the same period.

Roughly 50 percent of the transaction fees of the 12,000 newly minted ETH per day were burnt according to the report. It was further stated that more ETH will be burnt as its robust ecosystem of decentralized finance sees increased demand. 

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If Bitcoin is “sound money”, Ethereum is ” Ultra-sound money”

The rampant money printing linked to the COVID-19 pandemic has recently led to higher inflation rising to 6.2 percent in the US by October. Bitcoin has during this period seen higher interest among institutional investors as it is believed to be a perfect hedge against inflation. However, the research states that ETH has a better store of value, and institutions are beginning to choose digital asset for this purpose.  

Ethereum provides better inflationary hedging properties than Bitcoin, and Ether may therefore offer a superior long-term value storage than Bitcoin.

According to Shark Tank investor and now an ambassador for FTX exchange Kevin O’Leary, if Bitcoin is considered as a “Sound Money”, then Ethereum is “UltraSound Money”. 

If Bitcoin is sound money because of the 21 million coin supply ceiling, Ethereum enjoys the same benefit now. It’s ultra sound money because there’s no supply floor […]. Ethereum will be thought of like a traditional business and can be analyzed like one, sort of like using a cash flow model

Nikhil Shamapant, an independent ETH analyst, trader and medical doctor from New York City. He believes that ETH will be inflationary as it will spend most of its movement in the medium term in the inflationary environment. 

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Ethereum

Ethereum Breaks New Record Amid 13% Rally, Options OI Reaches $7 Billion

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Ethereum breaks another market prior to end-of-year rally

Ethereum options hit a new all-time high as Ethereum continues to move in the local bullish rally started at the end of November, Wu Blockchain reports.

Contracts open interest spikes

Ethereum options currently remain at the historical peak in open interest that is currently staying at $7 billion. On Dec. 31, almost 700,000 options are going to be delivered with a “bullish” Put/Call ratio of 0.47. The approximate max pain price is $2,500 for the currently open Ethereum contract with expiry on Dec. 31.

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Increased options open interest closer to the end of the year is not something new for Ethereum. Ethereum open interest usually spikes near the end of the year as volatility on the cryptocurrency market increases and traders tend to hedge their positions.

What does high open interest tell traders?

Usually, options are utilized as a reflection of current market conditions. Since Ethereum is moving in both short and long-term bullish trends, call (buy) options are prevailing on the market with the majority of traders betting on the asset’s price spike to $5,000.

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But while some traders may use options for speculative trading, others utilize them for hedging their positions. By opening put options on values like $4,300, traders hedge their positions in cases of unexpected market volatility.

Ethereum’s previous ATH currently remains at $4,880, and more analysts are expecting the second-largest cryptocurrency on the market to reach the long-awaited milestone by the end of the year when most altcoins have historically reached new highs.

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