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Ethereum price looks at a possible bearish turn

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The post-merger scene of Ethereum surprised many; Numbers and score weren’t something they had in mind.

Poor macroeconomic conditions and other negative factors overshadowed what was expected as a breakout. That was, in some ways, but the uproar before Marge was very turbulent, until a few days after the event.

The optimism that had been building up in the days leading up to the CPI report, which eventually led to the collapse of broader financial markets, was dashed in the fall of September 13.

Ethereum (ETH) Feeling overwhelmed by early stress?

As of this writing, Ether has been low as it was reported that another 75 basis point rate hike by the US Federal Reserve in November is possible if economic conditions do not improve.

ETH, early on, may start to feel the pressure with a looming interest rate hike from the Federal Reserve. The chart indicates that ETH could suffer more losses, but what is it really showing?

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Chart: TradingView.com

If the graph is any indication, things don’t look very rosy.

Since September 19, the altcoins have been trading between $1,408.15 and $1,219.29, with support at the 61.80 percent Fib retracement level, now at $1,265.02. The Bull Bear strength indicator has formed a bearish signal at the time of writing.

This may indicate that a price rally above the resistance level of $1,384.77 will be more difficult. Since September 15th, the center of the Bollinger Band is offering dynamic resistance.

The index also revealed a crisis zone formation, making the price movement above $1,384.77 more difficult.

The 20- and 250-day simple moving averages act as resistance levels, adding to the downside pressure on the altcoin.

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The intraday chart shows the formation of the descending triangle. In light of the above, this may signal to investors and traders the possibility of a further correction in the near future.

With the current market pressures, a market correction could push the price lower to $1,220.35, a decrease of 10%.

Upside speculation – how could this happen

If the support at $1,265.02 holds, the resistance at $1,384.77 could be retested. This hypothetical rally is supported by the Chaikin Money Flow Index, which indicates that the market is still somewhat bullish.

Bullish investors can use the CMF as a starting point and consolidation for the previously mentioned weak support line. Even if the momentum indicator is bearish, it is creating a slow rise.

These variables could eventually help the price to reach and breach the $1,384.77 resistance level, thus allowing for a rebound. If today’s trading session ends on a bad note, investors and trailers can participate in the price rebound by buying the dip.

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ETH total market cap at $162 billion | Featured image from Kryptografen, Chart: TradingView.com

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Cake does not look delicious to investors despite the progress of the network

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Recently, PancakeSwap worked with Hashflow to offer HFT payouts on their staking platform. The tweet notes that this will make it possible for someone to “farm” HFT tokens to make a profit using PancakeSwap.

For a decision to be voted on by PancakeSwap users, it must be supported by the votes of 60% of HFT token holders, as is the norm in the DeFi community.

Let’s take a quick look at Cake’s recent performance:

  • Overall, DEX is making great strides
  • When compared to its risks, CAKE’s volatile price and low yield make it unattractive
  • If a bearish breach occurs, the price could drop below $3.575

PancakeSwap’s positive developments don’t end here. DEX made headlines in October when it offered its community to switch from BNB chain to Aptos mainnet. The vast majority of the local population responded positively to this plan.

In contrast, CAKE, the native currency of PancakeSwap, is Struggle. From what we can tell, CAKE is on an upward trend, but a monthly pessimistic commentary overshadows the positive picture.

Not attracting potential funders enough?

CAKE might be a nice asset, but it’s currently performing poorly. After dropping sharply due to the demise of FTX, the price is now only fluctuating sideways.

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The coin has since recovered, with the latest support at $3,943. Its price fluctuates between $4,433 and $3,575 per share.

Chart - TradingView

As a symbol, my path scales Likewise, it does not look particularly attractive. The Sharpe ratio is -1.96, which indicates a discrepancy between the risk inherent in the asset and the return on investment. Asset volatility is at its highest level since June.

Technical indicators are a mixed group of neutral and bullish indicators. With an R-value of 0.22, the regression analysis indicates that the sideways trend will continue.

The RSI is rising, which may indicate a price increase in the near term.

Can cake ever be delicious again?

The unexpected stability of the Bollinger Band increases the sideways price movement.

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Since most moving averages, including the EMA bar, show strong sell signals, moving averages pose a problem.

The support at $3.93 is undoubtedly strong, as the red candle currently has a longer bottom wick as a sign of strength. However, the ascending triangle formation will provide some support for the bears.

If the bears gain momentum and break through $3.93, investors and traders can take consolation at $3.847, and a drop to $3.575 is possible.

CAKE total market cap at $636 million on the daily chart | Featured image from Taste, Chart: TradingView.com

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Russia’s Sber Bank integrates Metamask into its blockchain platform

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Russia’s largest bank – formerly Sberbank – continues to develop its blockchain platform by integrating it with the Ethereum blockchain.

on November 30 officially announce New opportunities for its blockchain platform, including compatibility with smart contracts and applications on the Ethereum network. This will allow developers to move smart contracts and entire projects between the Sber blockchain and public blockchain networks, the bank said.

Sber’s latest addition also brings integration with the MetaMask cryptocurrency wallet into the main software, which is used to interact with the Ethereum blockchain. The integration allows users to perform transactions using tokens and smart contracts placed on Sber’s blockchain platform, the announcement notes.

“The Sber Blockchain Lab works closely with third-party developers and partner companies, and I am excited that our community will be able to run DeFi applications on Sber’s infrastructure,” said Alexander Nam, Head of Blockchain Lab. He noted that the newly integrated features will help Sber unite developers, businesses, and financial institutions to explore practical business applications from blockchain, Web3, and decentralized finance.

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As mentioned earlier, Sberbank has been actively developing blockchain products in recent years, Submit an application with the Bank of Russia To launch its own stablecoin “Sbercoin” blockchain platform in early 2021. After obtaining central bank approval in the spring of 2022, Sber finally It announced its first cryptocurrency transaction in June. The majority shareholder of Sber is the Government of Russia, owning 50% + 1 of the shares.

Speer’s announcement came shortly after Russian President Vladimir Putin He called for an open settlement network based on the blockchain. He criticized monopoly in global financial payment systems, expressing confidence that technology based on digital currencies will lead to independence from banks. At the same time, Putin’s government does not allow its citizens to use cryptocurrencies as a means of payment Comprehensive ban on payments using Bitcoin (BTC) in early 2020.

Related: Telegram’s founder wants to build new decentralized tools to combat abuse of power

In late November, Russian lawmakers also discussed possible legal amendments so the government could do so Launching a national crypto exchange. The effort is said to be backed by both the Finance Ministry and the Bank of Russia, which are known to have a lot of contention when it comes to regulating the local crypto market.