Connect with us

Cryptocurrency

Ethereum price could rise if it closes above this key level

Avatar

Published

on

Ethereum is showing positive signs above the $1,300 level against the US Dollar. ETH could rise if it surpasses the $1330 and $1350 resistance levels.

  • Ethereum is slowly moving higher and is trading above the $1,300 level.
  • The price is now trading above $1,310 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,320 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if there is a clear move above the $1350 resistance level.

Ethereum price still supported

Ethereum’s bid has remained well above the $1250 level. he was there slight increase Above the $1,280 and $1,288 levels. ETH is showing positive signs above the $1,300 level and the 100 hourly simple moving average.

The price rose above the 50% Fib retracement level of the downside move from the $1,372 swing high to $1,265. The price settled above the $1,310 level and Simple moving average per 100 hours.

There is also a major bullish trend line forming with support near $1,320 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,330 area. It is near the 61.8% Fib retracement level of the downside move from the $1,372 swing high to $1,265 swing low.

Advertisement

source: ETHUSD on TradingView.com

A clear break above $1,330 may lead to a decent rally towards the $1,355 level. If the bulls continue to act, the price could rise towards the $1,375 level. Any further gains could open the door for a move towards the $1400 resistance area. The next major resistance is near the $1450 level.

A new drop in ETH?

If Ethereum fails to climb above the $1,355 resistance, it may start a new decline. There is initial support on the downside near the $1,320 level and the trendline.

The next major support is near the $1,290 level. A break-down below the $1,290 level could send the price towards the $1,255 support level. Any further losses could trigger the selling and the price could drop to $1,220 or even around $1,200 in the coming sessions.

Technical Indicators

Advertisement

MACD per hourETH/USD’s MACD is gaining momentum in bullish territory.

Hourly RSIThe RSI for ETH/USD is now just above the 50 level.

Key Support Level – $1,320

Key Resistance Level – $1,375

Advertisement

Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Cryptocurrency

the main indicator signals the bottom; Ethereum Core Devs Back EIP-4844

Avatar

Published

on

The fall of FTX left its mark on the price of Ethereum (ETH). Over the past 30 days, Ether has recorded a decline of almost 20%. At the time of publication, the price is at $1,171, just above the crucial support at $1,100.

In the short term, ETH price found support at $1,171. However, if the key resistance at $1,230 is not breached in the next few days, a retest of the $1,100 level may be on the cards.

Ethereum ETH USD 2022-11-25
Ethereum price, 1 hour chart. source: TradingView

An important on-chain indicator for bitcoin Indicates That this does not have to be the case. As the cryptocurrency market relies heavily on Bitcoin as the largest cryptocurrency by market capitalization, a decline in BTC could also mean accelerating gains for altcoins, led by Ethereum.

As a cryptocurrency exchange ByBit notes In his analysis of the market today, the MVRV (Market Value to Realized Value Ratio) of short-term bitcoin holders has surpassed that of long-term bitcoin holders (HODLers) for the first time in this cycle.

The MVRV shows periods of market euphoria when the market value was much higher than the realized value, meaning the cost basis for bitcoin purchases. “This may indicate a possible bottom formation, especially when position traders outperform HODLers with strong convictions,” the analysis says.

MVRV junctions
MVRV junctions. source: notes

Ethereum: EIP-4844 implementation in March?

Meanwhile, Ethereum investors can very much look forward to it Positive news. As summarized by Tim Beiko, Ethereum developers are working on embedding EIP-4844 (also known as proto-danksharding). This is a highly anticipated expansion proposal, in a future upgrade of the mainnet.

Whether to roll out EIP-4844 with Shanghai in March is currently pending. However, a decision could be taken on December 08. This is when the next Asian Cooperation Dialogue will be held, the last in 2022. Pico advertiser He added that “it would be great to close out the year with the final specifications for Shanghai”.

Advertisement

So far, EIP-3651 (Warm COINBASE), EIP-3855 (PUSH0 statement), EIP-3860 (Limit token and counter), and EIP-4895 (Beacon chain withdrawals as operations) are guaranteed for the Shanghai Hard fork of Ethereum.

EIP-4844 aims to introduce a new transaction format called shard-blob transaction. This allows data to be stored off-chain and accessed temporarily by Ethereum nodes.

Liam Horne, CEO of OP Labs, developer of Optimism that uses assemblies, she expressed Tier 2 fees could be much cheaper. “This is a game-changer for the roadmap that focuses on collecting, where fees can be reduced up to 100-fold,” Horn said.

Co-founder of Ethereum Vitalik Buterin comment on EIP-4844 as follows:

This is a critical first step to dramatically lowering fees on L2, which helps make it affordable for much more users to use on-chain applications directly rather than relying on cefi intermediaries.

Yesterday, the broadest commitment across all developer teams was that EIP-4895 should happen quickly, preferably around March. “There are other things they are [the Ethereum client teams] They work in parallel, and if they can do it at the same time, we should include them, but it is the pull-ups that drive the fork,” Biko summed up.

Advertisement

At the same time Beiko emphasized that the EIP-4844 is the second most important. Thus, if all goes according to plan, it still has a chance to merge into the Shanghai hard fork.


Source link

Continue Reading

Cryptocurrency

Cryptocurrency exchanges need proof of reserves – Bitcoin Magazine

Avatar

Published

on


The Bitcoin Policy Institute (BPI), a nonprofit dedicated to promoting government adoption of bitcoin, has released a new report discussing Proof of Reserves (PoR) in the bitcoin and cryptocurrency ecosystem after the FTX collapse, per an issue submitted to Bitcoin Journal.

“Proof of Reserves: A Report on Mitigating Cryptocurrency Custody Risk” Discusses the repercussions of FTX’s bankruptcy. This cascading event has led to multiple exchanges pledging to offer a form of PoR, where companies offer transparent visibility into the assets held as a way to provide consumer protection from insolvency.

Source link

Continue Reading

Cryptocurrency

The new “worst scenario” for Bitcoin puts the BTC bear market bottom near $6k

Avatar

Published

on

bitcoin (BTC) still faces the risk of going below $7,000 in this Alcohol marketwarns the latest worst-case scenario prediction.

In her most recent live broadcast broadcast On November 24, the DecenTrader trading platform revealed targets for the bitcoin price bottom.

The analyst refers to “oldschool, rock-hard support” for Bitc

The latest in the series of BTC/USD forecasts, Decentrader founder Filbfilb set out Possible drawdown below $10,000 on pair cards.

“In my worst-case scenario, I think we’ll probably end up with, like, old school, hard backing,” he said of the bidding area at around $6,500.

This is where “buyers will likely start repacking their bags,” he added, noting that this level was roughly double the 2018 bear market and the March 2020 COVID-19 crash lows.

Advertisement

While “unlikely” under current circumstances, Filbfilb nonetheless argued that a more significant fallout from the FTX internal meltdown could remove bid support at the top of the order book, opening the door for this capitulation event.

He continued, “Until we get more information, this seems unlikely, and as I say, I think the fact that we didn’t sink more than we really did is a good sign for the bulls.”

Due to recent events, as Cointelegraph reported, BTC/USD is, in fact, I managed to dip less Compared to previous all-time highs compared to previous bear markets.

BTC/USD price has pulled back from the all-time high chart. Source: Glassnode

The accompanying debate revolves around whether a deep dive was necessary to match those lows and put an end to the current downtrend.

Filbfilb commented that for Bitcoin to bottom while avoiding the worst-case scenario, crypto will need to “dodge a few bullets” in terms of the FTX fallout, and macro markets will also need to stay strong.

BTC price is navigating the bear market pits

Elsewhere in the livestream, Decentrader co-founder Philip Swift, who is also the creator of data resource LookIntoBitcoin, explained other recent charting phenomena.

Advertisement

Related: Will Bitcoin price reach $110,000 in 2023? 3 Reasons to Be Bullish on Bitcoin Right Now

Among them was the growing number of Bitcoin wallets that now hold at least 1 BTC, and soon will pass the 1 million mark for the first time.

This is a direct result of currency withdrawals In view of FTXSwift said.

He added that though 18 months ahead, the next event of the Bitcoin block subsidy halving in 2024 will also become a major narrative focus moving forward.

This, in turn, will have “some positive effect on the price in terms of media coverage and anticipation of the next halving event.”

Advertisement

Comparative chart show up BTC/USD is currently in the lower part of a four-year cycle, showing a strong correlation between 2014 and 2018.

Bitcoin bull market comparison chart (screenshot). Source: Decentrader.com

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.