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Ethereum price at Make-or-Break levels, pool remains attractive to sellers

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Ethereum fell below the $1,350 support level against the US Dollar. ETH could start to increase steadily if there is a clear level above the $1350 resistance.

  • Ethereum started a new decline after it failed to clear the $1,385 resistance area.
  • The price is now trading below $1350 and the 100 hourly simple moving average.
  • There was a break above the major downtrend line with resistance near $1,320 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must remain above the $1,300 level to avoid a major decline in the near term.

Ethereum price holds major support

Ethereum fails to increase speed above The $1,385 and $1,400 resistance levels. ETH rose near the $1,385 level and started a new low.

There was a move below the $1360 and $1350 support levels. Ether price stabilized even below $1350 and the 100 hourly simple moving average. The bottom formed near $1,305 and the price is now slowly moving higher. There was a move above the $1,310 and $1,320 levels.

There was a break above the major downtrend line with resistance near $1,320 on the hourly chart of ETH/USD. The price even rose above the 23.6% Fib retracement level of the downside move from the $1,385 high to $1,305 high.

However, the price faced sellers near the $1330 level and Simple moving average per 100 hours. On the upside, the price is facing hurdles near $1,325 and $1,330. The first major resistance appears near the $1350 level.

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source: ETHUSD on TradingView.com

The 50% Fib retracement level of the downside move from the $1,385 to $1,305 level is also near the $1,350 level. A clear break above $1350 could lead the price higher. The next major resistance could be near the $1,385 level, above which the price could gain upward momentum.

Breaking the downside in ETH?

If Ethereum fails to climb above the $1350 resistance, it may continue to decline. There is initial support on the downside near the $1,315 level.

The next major support is near the $1,305 level. A break-down below the $1,305 level could send the price towards the $1,250 support level. Any further losses could send the price towards $1,220.

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Technical Indicators

MACD per hourETH/USD’s MACD is losing momentum in bearish territory.

Hourly RSIThe RSI for ETH/USD is now close to the 50 level.

Key Support Level – $1,305

Key Resistance Level – $1,350

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Cryptocurrency

The latest short-priced Ethereum rally, courtesy of Whale Activities?

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Ethereum has shown upward momentum in the past seven days. ETH has been gaining momentum over the past 24 hours, while other coins are still dropping. This rise supports some theories that the asset will rise above the resistance level in the coming days.

After weeks of massive fallout, the second largest cryptocurrency is on the verge of making a comeback. The FTX crisis, along with other macro factors, affected the entire crypto market, with many assets crashing. Despite the many uncertainties in the crypto market, hope seems to be returning to the Ethereum community.

Ethereum co-founder Vitalik Buterin made a statement urging people to focus on the technology rather than the current price. The co-founder was confident that Ethereum-based applications for cash transactions would raise the bar for the blockchain in the long term.

Ethereum whales are buying the dip

In Buterin’s remarks, he expresses an optimistic stance that decentralized stablecoins and other applications built on top of Ethereum can have long-term benefits.

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Meanwhile, bullish Ethereum holders are taking advantage of the decline to accumulate more Ether trades. According to data from EmotionEthereum whales are taking advantage of the lower prices to buy more ETH.

The blockchain analysis firm tweeted that the shark and whale addresses, with 100 to 1 million ETH, added 2.1% more coins to their wallets. It may be a sign of an upward trend of higher prices in the coming weeks.

Ethereum is currently trading at $1,280. A couple of months ago, before Ethereum moved to Proof of Stake, many investors were bullish about the price increase the upgrade could bring. However, two months after the merger, their hopes are dashed as the asset price continues to drop.

Ethereum rises with slight gains l ETHUSDT on Tradingview.com

Although the upgrade sought to improve the blockchain infrastructure, the co-founder said it could take months to think about the price of ETH.

Bitcoin remains lower while XRP is higher amid whale accumulations

While Ethereum appears to be showing some bullishness, Bitcoin is falling with the 24-hour price down by 0.02%. Other coins are not doing better, including FTX, except for XRP. The report shows that the price of XRP has increased in the past 24 hours after whale accounts moved more than 160 million coins.

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According to a report, The whales piled up Over $19 million in XRP tokens from the Bitso crypto exchange. In addition, the report revealed that the tracker recorded another whale addition of 40 million XRP, roughly $15.3 million.

The tracker also reported that an account in the name of Ripple, moved more than 50 million XRP worth around $19.2 million to an anonymous wallet.

These accumulations have led the price of XRP to increase by 2% in the last 24 hours and it is currently trading at $0.3918. The news comes as the XRP lawsuit is tipped for summary judgment.

Featured image from Pixabay, chart from TradingView.com



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Understanding Bitcoin Hash Rate Increase – Bitcoin Magazine

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This is an op-ed by Alex, a bitcoin miner with KapoMax.

It is important for individuals looking into bitcoin mining for the first time to understand the importance of adjusting the bitcoin difficulty as well as the impact this has on mining profitability. Many newcomers to bitcoin mining will consult an ASIC profitability on a mining calculator, and expect this profitability to remain relatively the same in the future. This is a misunderstanding as the profitability of any given machine tends to be downward over time. Difficulty increases must be understood before purchasing an ASIC.


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Bitcoin price targets extend to $19k as BTC jumps 4% from daily lows

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bitcoin (BTC) remained higher after buying $17,000 in liquidity on December 9 as traders targeted more upside.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin is trying to make a new monthly high

information from Cointelegraph Markets Pro And the TradingView BTC/USD shows cooling volatility once again after it reached $17,300 on Bitstamp.

husband was He started taking cash On Dec. 8, Wall Street opened this uptrend to see it challenge the one-month highs of Dec. 5.

For those who are already betting on continuing to go higher, the move came as no surprise, as the coast is still clear to add more gains.

Popular trader Credible Crypto summed it up: “The move to $18-19K BTC continues.”

Previous tweet from Dec 7 explained The rationale, with invalidation set at the $16,000 support.

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Part of the accompanying comments read:

“Maybe another push to 16.4-16.5k, then expect a back-up reversal and continuation of the 18-19k targets.”
Annotated BTC/USD chart. Source: Credible Crypto / Twitter

Meanwhile, fellow merchant Shades, eye Potential volatility continues, with BTC/USD marking the upper Bollinger band on the 4-hour timeframe.

At the time of writing, the four hour candles remain near the upper band, with both candles continuing to stretch in a classic lead to increase volatility.

BTC/USD 4-hour candlestick chart (Bitstamp) with Bollinger Bands. Source: TradingView

“Expect bitcoin to continue as long as we stay above $17,000,” Michael Van de Poppe, founder and CEO of trading firm Eight, said. addedlikening the nocturnal movement to the breakout from the end of November.

Liquidations are fueling Bitcoin’s price hike

Further analysis of BTC’s price movements overnight highlighted increased liquidation of short positions.

Related: Bitcoin 2022 Bears ‘Habitual’ Despite Missing Major Trend Line – Analyst

In a sign of how far market participants assumed further declines would enter, shorts on BTC totaled $7 million in one hour on Dec. 8, according to data from Coinglass. Altcoin short liquidations added another $11 million to the tally.

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“Liquidations have been relatively small since the crash in early November, but short liquidations have helped support that latest move,” Analytics Source On-Chain College has been confirmed.

BTC liquidation scheme. Source: Coinglass

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.