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Ethereum Slips below Support As Market Gets a Visit From Bear

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A bearish sweep over the weekend left the cryptocurrency market in a lurch as several of the top coins witnessed massive slashes on their market caps. Bitcoin, Ethereum, and the rest of the market all suffered double-digit falls in the last week with some of the more significant action coming from the altcoins.

Ethereum’s earlier upswing had resulted in a large influx of investors with a majority of them still HODLing through the price crunch. At the time of writing, Ethereum was trading for $2019 at a market cap of $234.01 billion. The previous week had pegged the cryptocurrency’s value down by 21 percent as the daily trading volume capitulated at $28.53 billion.

Ethereum 1 hour:

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Ethereum Slips below Support As Market Gets a Visit From Bear 3

The hourly charts had bad news for Ethereum as immediate support was broken on June 21. As of now, the immediate support and resistance clocked in at $1997 and $2638.3 respectively. Despite the dip, proponents of the cryptocurrency have been clamoring for more people to enter the Ethereum ecosystem.

A majority of the indicators in the following technical analysis pointed to a bearish signal weakening on the threshold. The Parabolic SAR was above the price of candles which was a sign of the bear’s hold on the market. Although the RSI had fallen below the oversold zone, the following capitulation was a positive sign for the investors. Only the Chaikin Money Flow indicator blinked green for Ethereum as it’s crossed the zero line into bullish territory.

Ethereum 1 day:

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Ethereum Slips below Support As Market Gets a Visit From Bear 4

Daily charts for Ethereum painted a bearish picture of Ethereum with a break in its 60-day price support. The current price support stands at $1997 with a hold missing in the immediate vicinity. Ethereum’s current price behavior is in tandem with the rest of the cryptocurrency market as billions have been wiped off the market.

The long-term RSI was heading towards the oversold zone as the number of users selling ETH overtook those buying into the market. According to the Parabolic SAR, Ethereum was heading for some more bearish tantrums in the near future. Unlike the hourly charts, the CMF was not forgiving in the long run. The CMF had fallen below the zero line which signified that the capital leaving the ETH market was higher than the influx.

Here’s Why Ethereum Miners Dumping Coins Might Not Negatively Impact Price

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The DeFi hysteria has significantly had not only helped Ethereum but has also impacted the ETH miners. But now it appears that the miners of the network were dumping coins across various cryptocurrency exchanges. This was revealed by the crypto intelligence platform, Santiment which further revealed that last week’s increased FOMO involved with the on-chain activity, and the trader has faded. Following which the crowd sentiment has flipped back to bearish.

But it does not necessarily indicate a negative picture. Not yet.

More than what meets the eye

Ethereum’s price seems to have stagnated when compared to Bitcoin. While it did break above the level of $400, the stint was rather short-lived as it sustained a minor pullback and was currently trading at $396. This correction to a local low was something that has been materialized every time there was a spike in the ETH’s Token Age Consumed.

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The metric, Token Age Consume, essentially indicated the number of tokens changing addresses on a particular date, multiplied by the days since it last moved. In short, it provides data on the movement of coins that has been dormant for a long time. Hence, the spike noted in the above chart denoted that a significant amount of previously dormant coins were moved either between exchanges or wallets which sparked a minor sell-off resulting in the pullback in question.

Since the local bottom has now been formed, there could be potential short-term behavioral shifts among the market stakeholders in the coming days and Ethereum could see rising pressure from the buyers’ end.

DeFi’s Role

The role of decentralized finance in Etereum’s price surge has been tremendous and DeFi market’s total value locked is continuously increasing. As of the 26th of October, the TVL figure was registered at $12.39 billion on DeFi Pulse’s website. This was another positive indicator that depicted Ethereum’s capability for an uptrend.

Strong technicals

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The ETH price candles were supported by both the 50 [Pink] and 200 [Purple] daily moving averages. The 200 DMA was hovering below the 50, depicting a bullish picture for the coin. In addition, the RSI was well above the 50-median line but was not in the overbought territory. This depicted a sentiment of rising buying pressure and not its exhaustion among the market participants.

It is also important to note that there is no fear of missing out [FOMO] and erratic behaviors from investors in the market. That not only indicated the market heading towards a tad big more maturity but also that the uptrend is likely not overextended.

Chainlink, Ethereum, XRP Technical Analysis on 5th September 2020

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The COVID-19 pandemic left almost every other market, including the crypto market, crashing to severe lows. However, the crypto industry was evidently faster in terms of recovery compared to several others. While the past two weeks were eventful for the crypto market, it didn’t seem to hold on to the bullish phase for too long. During the time of writing, the entire market was seen turning red, and Bitcoin’s dominance stooped down to 57.1%

Chainlink [LINK]

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LINK was undoubtedly one of the best performing digital assets this year. The altcoin made its way to the top 10 and currently stands as the fifth-largest cryptocurrency with a market cap of $4.75 billion. However, the coin seemed to be following the trail of other cryptocurrencies as it was plummeting by 2.3 percent in the past hour. At press, time the coin was trading for as low as $12.35.

Chainlink’s LINK seems to be making attempts to push past $12.90 which has been a major resistance for the altcoin. The dotted marker of the Parabolic SAR lounged below the LINK candlesticks which prevented any potential downward breakout, further indicating the presence of bulls. However, a strong sell-off sentiment remains intact as the Relative Strength Index marker dropped below 50 median.

Ethereum [ETH]

 

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ETH turned several heads after it pushed past $400. However, the second-largest cryptocurrency with a $41.8 billion market cap witnessed a 1.6 percent drop in its price over the last hour. This further led to ETH trading at a low of $373.38, during press time.

While the bears continued to guard the resistance level of $400, the price of ETH plummeted below a major support level of $380. Both the MACD as well as the Klinger Oscillator displayed bearish crossover indicating the strong presence of bears in the ETH market.

XRP

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Even though XRP did not endure a massive drop in its price change, the fourth largest coin was trading at $0.2488. While the XRP community has been hoping that the altcoin would move beyond cents, XRP went ahead and fell below a major support line.

The Awesome Oscillator indicator displayed red bars indicating a shift in momentum. Chaikin Money Flow also followed suit as it indicated an outflow of the capital further highlighting the presence of bears, With key indicators revealing signs of a bearish territory, XRP is unlikely to push past the resistance level at $0.260.

Bitcoin and Ethereum Are Here to Stay After 2020: Mike Novogratz

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Bitcoin and Ethereum may have faced extended periods of uncertainty in 2020. From the breathtaking rally in January-February 2020 to the unforeseen collapse in March 2020, and now, on the cusp of triggering a bull run, the top two assets were faced with significant curveballs thrown in their direction.

With major proponents within the industry and outside professionals such as Paul Tudor Jones supporting Bitcoin and other altcoins, Mike Novogratz stated that 2020 could possibly be the most important years for digital assets.

Speaking to Bloomberg, the Galaxy Digital Holdings Founder and CEO stated that the crypto ecosystem has benefited immensely in the current economic landscape with a perception of fixed zero interest rates, while the central banks have been trying to jam liquidity in the market. With a positive sentiment settling in, both Bitcoin and Ethereum have been to register stellar performances from a price perspective.

Additionally, Novogratz added about the speculative trading of DeFi and admitted he had never seen such liquidity pumping in such speculative projects but drew similarities to the prospect of Tesla in early 2019. Calling it a ‘speculative frenzy’, he believed it was still early days in DeFi and the astronomical growth did worry him a little bit.

With respect to the new coins and DeFI coming up and incurring interest from the rest of the market, Novogratz stated that it was a little reminiscent of the 2017 bubble when ICOs were attracting new investors and liquidity frenzy was taking place. However, he said,

“I think DeFi is going to be around longer. They are building infrastructure but we are in a sandbox that is getting filled with liquidity at the moment, and traders have to be very careful.”

Bitcoin prices are up due to Institutional Buyers

With regards to Bitcoin, Novogratz stated that the BTC’s price has been higher due to the institutional buyers who have a high net worth, hence they have been able to consolidate higher up in the charts. These buyers are coming in ‘methodically’ and accumulating while foreseeing profits in the long-term, unlike Ethereum where DeFi enthusiasts are flooding in for a possible short-term gain.

Finally, Novogratz concluded that digital assets like Bitcoin, Ethereum are definitely not going away after the year they had in 2020. Bitcoin as a store-of-value might be a ‘finished product’ according to the Galaxy Digital CEO but he prediction further innovation with other digital asset projects.

Ethereum May Still Cross $500 in September, Here’s Why

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The volatility reflected on Ethereum’s chart was for everyone to see in the current market. After registering a value of $289 on 1st September 22:00 UTC, the price unceremoniously dipped down to $420, just 11 hours later. The larger ecosystem believed that the resistance implied just below $500 is possible too much to handle for Ethereum. According to Santiments’ recent data on Twitter, its Daily Active Addresses were under a severe decline as well.

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The analytics platform believed that the largest altcoin has been indicating weak fundamentals all-throughout August and that’s why the bullish sentiment was quickly flushed over the past 24-hours. They stated,

“Daily Active Addresses vs Price Model continues to show a clear deficit in address activity to justify ETH traders’ bullish euphoria quickly faded.”

However, it is likely that Ethereum’s fundamental weakness might not stop the altcoin’s pursuit of attaining a position above $500.

Deribit ETH options record new highs 

According to Deribit’s recent institutional newsletter, Ethereum concluded a drastically positive period for itself in terms of Options activity. The exchange stated that the total turnover registered by ETH Options topped $15 billion in August 2020, which was 44% more than in July 2020.

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The number of ETH option contracts recorded was also an all-time high with 2,477,195 ETH contracts traded, up by 32% from July 2020. If the chart above is observed closely, it can be pictured that ETH activity has slowly eclipsed Bitcoin‘s on Deribit in August 2020.

The bullish sentiment attached to Ethereum was verifiably strong in spite of the massive price dump 24-hours before.

How does Sentiment help Ethereum now?

It is extremely important to understand that the lack of Daily Active Addresses has also been a price blessing for Ethereum. The decline of DAA is in direct correlation with the usage of DeFi, as the congestion was pricing out unique transactions taking place on the network.

However, the benefits are evidently being noticed with ETH attaining yearly-highs on a consistent basis.

ethereum price

At the moment, the probability of Ethereum closing above $520 is 14%. In comparison, the probability in July was only 3%, which means that the bullish sentiment was reciprocated strength in spite of weak fundamentals.

In the long-run, it can be detrimental for Ethereum’s adoptions and organic growth is vital for long-term sustenance but for the time being, price-performance meant everything to the market, and Ethereum is standing strong on those foundational grounds.

Ethereum and Ether: Are Their Futures Align in Terms of Growth?

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Ethereum is rapidly becoming the most widely used blockchain in the industry, and its rising transaction fees are evident in the current situation. Congestion has been created for a number of reasons, with DeFi and Tether’s issuance being the top two reasons.

Now, with demand for block space getting out of hand, it was recently reported that Tether had adopted Ethereum’s scaling solution OmiseGo (OMG) network in order to reduce the confirmation time of the transaction,

As indicated earlier, the adoption of OmiseGo token might have helped on its expedition of doubling its value in the past week. However, with Ether largely becoming irrelevant on its own blockchain, is there a future where Ethereum’s growth continues to pull Ether’s value up?

Ether will accrue Ethereum’s value; eventually

According to a recent blog post shared by Ethereum supported by Ryan Sean Adams, it was explained that Ether’s demand would not be replaced on ETH due to three simple reasons. First, the blog stated that Ethereum’s block space demand makes Ether valuable as well because the native token is the only settlement medium on the platform. It was explained,

“There’s virtually an endless amount of use cases for Ethereum’s blockspace. All of it drives a tiny demand for ether.”

Secondly, Adams believed that the primary ethos of cryptocurrencies is to minimize the dependency of capital on centralized entities. DeFi is currently playing a critical role in that movement and it perfectly falls in place with Ethereum’s money protocol.

Right now, Ether is the most trust-minimized asset on the blockchain and Ether will continue to hold capital priority in the ETH economy.

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The post added,

“This demand for ETH from DeFi is apparent in the data too. There’s now over 4.5 million ETH locked up in Ethereum financial protocols—valued at nearly $2B. This means that roughly 1 in every 25 ETH in circulation is locked up in DeFi right now.”

Lastly, Sean Adams believed that the imminent implementation of Ethereum 2.0 will lead to Ether’s value in the future to be looked as a productive asset. In fairness, in spite of these strong arguments for Ethereum, these are still assumptions based on what can happen whereas the current facts are that Ether has not been able to keep up with Ethereum’s development. Hence, only time will tell if Ether’s price position improves with respect to Ethereum’s growth as a blockchain.

Ethereum: ETH Was Valued at $1042 When it Last Reached 1.24 Million Daily Tx.Count

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The spotlight continues to be on Ethereum, as August is turning out to be an extremely price lucrative month for the largest altcoin. Since 1st August, Ethereum was registered all-time highs of three occasions, going step by step from $400 to $425 to $443. Although after clocking in $443, the asset has faced corrections, the overall trend remains extremely bullish right now.

With respect to metrics as well, Ethereum’s fundamentals haven’t shied away from new heights. After registering a 20-month high hashrate in the charts, while transaction fees continued to run riots, Ethereum’s daily transaction count is now nearing an all-time high as well.

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According to Santiment’s recent data, the daily transaction count of Ethereum’s network is quite close to its all-time high in the charts. Back during the rally of late December 2017, on January 4th, 201 when Ethereum mustered a valuation close to $1042 the daily transaction count reached a high of 1.34 million addresses, and earlier this week, the count was closing at 1.27 million.

Additionally, the current transaction fee levied on Ethereum also clocked in two all-time highs in a row, with fees of 17.8k on 8th August, and 20.3k on 13th August. All the above data typically suggest high user activity but the truth might be something else well.

DeFi is inflating the system, not user activity?

As reported earlier, Ethereum’s active addresses are falling down the levels day by day when other metrics such as hashrate, miner revenue, and ether fees are going up.

That is largely contradictory in terms of equating a fixed factor on why Ethereum’s network is so over-utilized.

With a doubt, DeFi’s role is huge. Many are suggesting that Ether’s price growth is due to the explosive expansion of DeFi, as the protocols are leading the charts in terms of token transactions, interacting with other dApps, and the Ethereum network itself.

Ethereum options; the only clean sign of user activity?

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Now, even though there is substantial doubt about the authentic user activity in Ehtereum’s network, the Open-Interest on Deribit exchange suggests that Ethereum is still a pretty sort out asset from an investment perspective. In a short time, from May 2020 to August 2020, Deribit’s ETH OI was risen by $200 million, and despite the congestion in the network, Ethereum’s continues to maintain a favorable stance with the investors.

Ethereum, Bitcoin SV, Tron Technical Price Analysis on 16th Aug 2020

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Volatility is completely locked in the cryptocurrency industry at the moment. Ethereum surged towards news new yearly high of $443 over the past day but other coins joined in the rally during ETH’s decline. The market altogether continued to picture a sense of divergence in the charts, like other altcoins continued to improve their standings in the ecosystem.

Ethereum 

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Ethereum hourly chart

As explained earlier, Ethereum reached another milestone on 15th August, reaching $442, just shy of the $450 mark. This is Ethereum’s third new high in 2 weeks, after clocking in $400 on 1st August. Ethereum had a market cap of $48 billion at the time of writing, with a trading volume of $11.8 billion.

However, Ether’s price fell prey to the volatile market as a quick decline has taken its valuation down to $427. Market Indicators were indicated strong bearish sentiments as well with CMF suggested that capital in-flows were getting outplayed by capital out-flows. Parabolic SAR also maintained its stance above the price candles and now, the Relative Strength Index is reaching an over-sold zone.

However, with the RSI a trend flipping might take place anytime soon.

Bitcoin SV

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Bitcoin SV hourly chart

With Bitcoin SV, the last 24-hours exhibited a decline of 4.14% but remain true to its week-long uptrend in the charts. For Bitcoin SV, the idea seemed simple as the moment with a consistent bounce off the uptrend and then pushing above the immediate support. With a market cap of $4.15 billion, Bitcoin SV was valued at $224.19 at press time.

Similarly to Ethereum, Bitcoin SV’s market confluence was a little bearish too. MACD signal line is trailing under the signal line, suggesting bullish strength in the charts. However, Parabolic SAR is bullish, staying put under the candlesticks and remaining at bay with the apparent long-term bullish rally.

TRON 

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TRON hourly chart

Lastly, Tron maintained its position in the 15th position with a market value of $1.83 billion. For the market cap, TRX tokens had a good trading volume of $809 million, and over the past day, the asset was up by 5.89%. With the parabolic SAR supportive of its rally, the other market indicators were waving a bull flag as well.

Awesome Oscillator suggested that the bullish momentum was slowly building up for Tron, and the MACD line was more often hovering above the signal line. Even though, the signal line was following at close proximity, at the moment bulls had the upper hand on Tron’s market.

Ethereum Price Prediction: ETH May Push Towards $430 if $397 is Crossed

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Ethereum Price Prediction

Ethereum collapsed on August 2nd, it was pretty frightful. After registering a yearly high of $407 due to high liquidations on both the Bitcoin and Ethereum futures, the altcoin was dealt with by a deafening drop. Dropping to $325 at one point in time, the asset has been able to carve its way above $369 in the last 24 hours, injecting a little optimism on the market.

ETH 1-hour chart

ETH price prediction

At first glance, ETH traders will be salivating on 1st glance on the 1-hour chart. Over the past day, ETH has been oscillating between an ascending channel, which is a predominantly bullish sign in the market. The token is currently right under the resistance at $397, which is holding strong for the moment. Considering the breakout is positive from the pattern, and the asset is able to break through the resistance, a re-test above $407 is likely as well.

However, the bearish divergence between trading volume and price is varying sign. The rally hasn’t been supported by high volume, which might be indicating a false rally at the expense of past performance.

ethereum trading view

From a bullish side, if ETH is able to break above $407, the main thing to watch is the Relative Strength Index or RSI. The buying pressure facilitated by RSI is currently under the resistance at 62, nearing the overbought zone again in the charts.

Any move above this region will give the asset enough moment to possibly register a new high at $430, which was last witnessed back in 2018.

ethereum news

Now, market indicators again illustrated a conflicted future-forward. MACD suggested the trend is bearish since the blue line is above the red line at press time. A bullish reversal is plausible in the charts but there is a case to be made for a bearish presence of CMF.

Chaikin Money Flow or CMF suggested that the capital inflows are currently getting dominated by capital going out, therefore the bullish foundation for the next rally isn’t completely rigid. Over the next 24-hours, the trend will attain more clarity whether a new high will be registered or not for the largest altcoin in the cryptocurrency space.

 

CryptoLocally Delivers to its Customer Base by Adding Credit Payments for Cryptocurrency Transactions

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Cryptocurrency organizations now have a new goal of rope more customers: to make the entire transaction process more seamless and attractive. This mantra has led to a number of innovations and developments that would otherwise have been unseen to the industry. Keeping this shift in sentiment in mind, popular cryptocurrency exchange platform CryptoLocally has introduced credit card payments for ease of cryptocurrency transactions. Using the latest feature, customers will be able to make the transition from Fiat to crypto in a matter of minutes.

The cryptocurrency exchange platform CryptoLocally announced that customers will be able to buy Bitcoin, Binance Coin, Tron, EOS and ETH instantly using a credit card. Safety and security are also a high priority for the organization with the automatic implementation of KYC for credit card users. The credit card launch comes on the back of several partnerships conducted by CryptoLocally, mainly with organizations like Skrill, Western Union, Paytm and Google Pay.

Over the past couple of weeks, The cryptocurrency exchange platform CryptoLocally has been busy with adding additional players to its roster. Towards the end of July, CryptoLocally listed its first Ethereum based digital assets on the platform. These included Ethereum [ETH], Tether [USDT] and DAI. The additions were part of the organization’s efforts to give customers the best trading experience while balancing the cost of functioning.

With the new Instant Buy feature,  The cryptocurrency exchange platform CryptoLocally aims to traverse the rapidly growing industry of quick crypto payments. Instant Buy is also set to enable users to conduct more transactions on the platform and take the cryptoverse into the mainstream realm. CryptoLocally also released a blog post to make it easier for users to understand the workings of the credit card linkup. According to the company’s release, the first step includes:

” …click “Buy” on the navigation bar at the top left. Then, click the “Instant Buy” button to purchase crypto with your Credit card. If you want to see offers only for credit card transactions, the Select Payment Methodfilter can help.”

Customers will be presented with the multiple cryptocurrency option on the next page with the drop-down menu displaying BTC, ETH, TRX, BNB and EOS. The company has set the minimum amount for the transaction at $60. Once a customer decides the required amount of purchase, all they need to do is type in their credit card details.

After processing, the customer will be asked to provide his/her wallet address to which they ant the funds to be transferred to. The KYC process becomes imperative here with CryptoLocally conducting the process by taking a photo of the customer’s face and an official document confirming the same. , The cryptocurrency exchange platform CryptoLocally has assured users that they will do everything in their power to maintain a high standard while allowing them to carry out safe and quick transactions.