Connect with us

Cryptocurrency

Ethereum struggles to hold above $1,000 as bears push harder; Will the price go down?

Avatar

Published

on

  • ETH price lost its demand area as the price struggled to break above $1250.
  • The price of ETH is still looking bearish with the current market situation, as things look uncertain for most of the traders and investors.
  • ETH looks weak as the price struggles to settle above $1,100, with potential for a 50-day recovery Exponential moving average (EMA) dim.

The price action displayed by Ethereum (ETH) remained underwhelming, as the impact of FTX affected small crypto projects such as Genesis as the market continues to get weaker with each passing day, indicating that the bottom has yet to be reached, which has led to the price of many coins. Alternatives, including Ethereum (ETH), are struggling to survive. The domino effect of FTX Chain and other large investors has brought the market to a halt, as the market has yet to make a major move after ETH price performed well in the previous weeks. Most altcoins have lost major support and are trading at a loss of more than 90%, with many hoping for a cryptocurrency revival. (data from Binance)

Ethereum (ETH) price analysis on the weekly chart

The cryptocurrency space has seen a lot of turmoil in the past few days, with many altcoins struggling to show strength after losing a key support that was halting the price drop.
The current uncertainty in the market has caused traders and investors to hesitate to buy altcoins, as there is no guarantee that their value will rise anytime soon.

The news of FTX and now Genesis had a huge impact on ETH price, sending it in a spiral to the $1150 region as the price struggles to stay at $1000.

After ETH price closed below the weekly high of $1,200, there are ample chances for the market to go lower, as ETH prices look more bearish with the weekly open.

Weekly resistance for ETH price – $1300.

Advertisement

ETH price weekly support – $1000.

ETH price analysis daily chart (1D)

ETH daily price chart | Source: ETHUSDT on Tradingview.com

ETH price is still quite weak in the daily time frame as the price is trading below the $1,200 resistance after a rebound from the $1,100 region.

With rumors circulating about a possible bankruptcy of Genesis, this could affect the price of ETH and other smaller assets, as the price faces a potential loss in the $1,000 region.

If ETH price breaks above $1,000, we could see more selling as this has been a temporary area for the bears to hold.

ETH price daily resistance – $1200.

Advertisement

ETH price daily support – $1000.

Featured Image From NBTC, Charts From Tradingview

Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Cryptocurrency

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

Avatar

Published

on

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.

Advertisement

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.

Advertisement

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

Source link

Advertisement
Continue Reading

Cryptocurrency

Russia’s Sber Bank integrates Metamask into its blockchain platform

Avatar

Published

on


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.

Advertisement

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.