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TA: Ethereum Trims Gains, $3,200 Is The Key

Ethereum started a fresh decline from the $3,450 resistance against the US Dollar. ETH price must stay above $3,200 to start a new upward move. Ethereum started a fresh decline from the $3,480 and $3,450 resistance levels. The price is now trading below $3,300 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $3,300 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it manages to stay above the $3,200 support zone. Ethereum Price Remains Supported Ethereum failed to gain bullish momentum above the $3,450 resistance zone. ETH formed a high near $3,446 and the price started a fresh decline. There was a move below the $3,350 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $3,300 on the hourly chart of ETH/USD. Ether price is now trading below $3,300 and the 100 hourly simple moving average. It even moved below the $3,250 level and formed a low near $3,215. The price is now consolidating gains above the $3,200 level. An immediate resistance is near the $3,270 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,446 high to $3,215 low. The next major resistance is near the $3,300 level. Ether price must clear the $3,300 resistance to start a fresh surge. Source: ETHUSD on TradingView.com In the stated case, the price could even surpass $3,350 or the 50% Fib retracement level of the recent decline from the $3,446 high to $3,215 low. The next major stop for the bulls on the upside may perhaps be $3,450. More Losses in ETH? If ethereum fails to start a fresh increase above the $3,300 level, it could continue to move down. An initial support on the downside is near the $3,240 zone. The next major support is near the $3,220 level. The main support is near the $3,200 zone. A downside break below the $3,200 support zone might spark a sharp decline. In the stated case, there is a risk of a move towards the $3,050 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $3,200 Major Resistance Level – $3,350

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TA: Ethereum Could See “Liftoff” if It’s Able to Hold One Crucial Level

Ethereum is consolidating above the $3,320 support against the US Dollar. ETH price must clear $3,450 to start a fresh increase in the near term. Ethereum is holding gains above the $3,320 support zone. The price is now trading above $3,320 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $3,415 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it clears the $3,435 and $3,450 resistance levels. Ethereum Price Eyes More Gains Ethereum started a minor downside correction from the $3,480 zone. ETH declined below the $3,450 and $3,440 support levels. It even spiked below the $3,400 level, but the bulls were active near the $3,335 level. A low was formed near $3,335 and the price is now rising. It surpassed the $3,400 resistance level. There was a move above the 50% Fib retracement level of the recent decline from the $3,482 high to $3,334 low. However, the price is facing resistance near the $3,420 level. It faced sellers above the 61.8% Fib retracement level of the recent decline from the $3,482 high to $3,334 low. There is also a key contracting triangle forming with resistance near $3,415 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The next major resistance is near the $3,450 level. Ether price must clear the $3,450 resistance to start a fresh surge. In the stated case, the price could even surpass $3,500. The next major stop for the bulls on the upside may perhaps be $3,650. Dips Supported in ETH? If ethereum fails to start a fresh increase above the $3,420 level, it could start another downside correction. An initial support on the downside is near the $3,360 zone. The next major support is near the $3,350 level. The main support is near the $3,320 zone and a connecting bullish trend line. A downside break below the $3,320 support zone and the 100 hourly simple moving average might put a lot of pressure on the bulls in the near term. In the stated case, ether price might slide to $3,250. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $3,320 Major Resistance Level – $3,450

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TA: Ethereum Losing Pace, What Could Trigger Another Increase

Ethereum is consolidating below the $3,450 resistance against the US Dollar. ETH price could resume increase if it stays above the $3,250 support. Ethereum is showing positive signs above the $3,350 support zone. The price is now trading above $3,300 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $3,250 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it clears the $3,440 and $3,450 resistance levels. Ethereum Price Remains Supported Ethereum extended increase above the $3,400 resistance zone. ETH even climbed above the $3,450 resistance and formed a high near the $3,482 level. Recently, there was a downside correction below the $3,400 level. The price even declined below $3,350, but it remained stable above $3,320. It is also trading above $3,300 and the 100 hourly simple moving average. Besides, there is a major bullish trend line forming with support near $3,250 on the hourly chart of ETH/USD. A low is formed near $3,335 and ether price is now rising. There was a move above the 23.6% Fib retracement level of the recent decline from the $3,482 high to $3,335 low. On the upside, an initial resistance is near the $3,410 level. It is near the 50% Fib retracement level of the recent decline from the $3,482 high to $3,335 low. The next major resistance is near the $3,450 level. Ether price could start another surge if there is a clear move above the $3,450 resistance. Source: ETHUSD on TradingView.com A close above the $3,450 level might pump the price towards the $3,500 level. If the bulls remain in action, the price could even rise above the $3,550 level. Dips Limited in ETH? If ethereum fails to start a fresh increase above the $3,450 level, it could start another downside correction. An initial support on the downside is near the $3,350 zone. The next major support is near the $3,300 level. The main support is near the $3,250 zone and a connecting bullish trend line. A downside break below the $3,250 support zone might push the price towards the $3,100 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $3,250 Major Resistance Level – $3,450

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TA: Ethereum Reclaims $3K, Technicals Suggest More Upsides

Ethereum is moving higher above $3,000 against the US Dollar. ETH price could gain pace if there is a clear move above the $3,080 resistance. Ethereum remained well supported near the $2,900 support zone. The price is now trading above $2,920 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,985 on the hourly chart of ETH/USD (data feed via Kraken). The pair is consolidating near $3,000 and might extend rally in the near term. Ethereum Price Eyes More Gains Ethereum corrected lower below the $2,950 support zone. However, ETH remained supported near the $2,900 zone and the price is still well above the 100 hourly simple moving average. The price started a fresh increase above the $3,000 resistance. Ether even climbed above the $3,050 level. A high is formed near $3,080 and the price is now consolidating gains. There was a minor drop below the $3,050 level. The price declined below the 23.6% Fib retracement level of the upward move from the $2,926 swing low to $3,080 high. ETH is now consolidating near $3,000 and is well above the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,985 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com On the upside, an initial resistance is near the $3,065 level. The first major resistance is near the $3,080 level. Ether price must clear the $3,080 resistance level to start another increase. In the stated case, the price may perhaps rise towards the $3,120 level. Any more gains might call for a move towards the $3,250 resistance zone in the coming sessions. Downside Break in ETH? If ethereum fails to start a fresh increase above the $3,080 level, it could start a downside correction. An initial support on the downside is near the $3,000 zone. The next major support is near the $2,980 level and the trend line. A downside break below the $2,980 support zone might push the price further lower. In the stated case, the price might drop to $2,920. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $2,980 Major Resistance Level – $3,080

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The Weird Relationship Between Ethereum’s Price And Vitalik Buterin

As Ethereum saw a 16% increase from a rally that took the coin to $3,000 on Monday, someone might have spotted an unusual link between Ether’s highs and times where the Ethereum Founder’s name, Vitalik Buterin, was trending on Google Searches worldwide. Ethereum And Google Trends “The last time Vitalik surged on Google Trends, $ETH pumped 2x from April-May,” a Twitter user noted while showing a recent surge of the founder’s name: The blue line represents searches of ‘Vitalik Buterin’ on Google and the red line represents ‘Vitalik’ To see if this could actually be taken into account as a possible indicator, we compared different moments in time in which Vitalik Buterin has surged on Google Trends and the price action that followed. In the following chart we can see the most relevant moments during 2022: And tracing back to 2021, we can further see this price action (yellow arrows still point at moments in which ‘Vitalik Buterin’ surged on Google Trends): Yellow arrows point at moments when “Vitalik Buterin” surges on Google Trends | TradingView.com But does it really mean the price has increased after people get interested in googling Vitalik? The trending searches most likely followed these news: Buterin revealing he has burnt 505 trillion SHIB tokens in January 2022; similar SHIBA related news in October 2021; earlier in the same month he trended after calling El Salvador’s decision of making Bitcoin a legal tender “reckless”; then on August of the same year, it was the five-year anniversary of Ethereum and he addressed several issues and the complexity of Ethereum 2.0; on May 2021 Vitalik became a billionaire as Ether hit $3k. The most recent spike in searches is most likely due to the article on Vitalik released by TIME Magazine, which features the Ethereum founder on the cover and is titled “The Prince of Crypto Has Concerns.” The article’s writer, Andre Chow, called him “one of the most fascinating and arguably important people on earth,” and on Vitalik’s side, he expressed several concerns about the decentralized finances (DeFi) and NFTs spaces. “Ultimately, the goal of crypto is not to play games with million-dollar pictures of monkeys, it’s to do things that accomplish meaningful effects in the real world.” After comments such as this one and the intriguing public figure of Vitalik (often portrayed as a myth of a modern genius), it is only natural for a spike on Google Searches. Related Reading | What This Pattern Spells For Ethereum In The Coming Weeks, Pullback In The Cards? However, going back to the possibility of this to push Ether’s price up 2x, we further noticed that for the mentioned April-May case there do not seem to be any big surges for Vitalik’s name until May 13th, which was already after Ether hit an all-time high of $3,456.57 around May 4. Alongside this uptrend of May 2021, it would be more relevant to take into account Bitcoin’s upward movement at the moment and a growing institutional interest in Ethereum. ..

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What This Pattern Spells For Ethereum In The Coming Weeks, Pullback In The Cards?

Ethereum had seen some uptrend that had sent the price up at the start of the week, finally breaking above $3,000 once more. However, the digital asset has had a hard time maintaining this position in what it showing to be a ‘takeout.’ Raoul Pal, CEO, and co-founder of Real Vision, recently presented his analysis on the digital asset, explaining when and how a breakout might occur. Where Is Ethereum Headed? Taking a look at the inverse head and shoulders pattern that began forming on Tuesday, Pal points to this pattern which was still confirming but still showed some indicators for the digital asset. He pointed to the fact that the Daily DeMark had been showing a 13 and a 9 on Wednesday. And what this means was that the breakout of the early week would probably fail on the first try, which it did as Ethereum had fallen below $3K. BUT, Daily DeMark is showing a 13 and a 9 tomorrow… so breakout possibly fails on first attempt, which is pretty typical of this pattern. Usually a trend line sharp pullback into middle of wedge and then upside break… pic.twitter.com/ZyaxhTIZmY — Raoul Pal (@RaoulGMI) March 22, 2022 Explaining further, Pal explained what this could mean for the digital asset. The inverse head and shoulders had been validated by the Weekly DeMark 9 that is currently in place, proven by the pattern accurately nailing the low of the price of the cryptocurrency. Related Reading | HubSpot Hack Results In Data Breach Of Major Companies Like Circle And BlockFi But the probability that the inverse head and shoulder is valid is increased significantly by the Weekly DeMark 9 that is in place…nailed the low pretty much perfectly. pic.twitter.com/7W7dqMJQxl — Raoul Pal (@RaoulGMI) March 22, 2022 ETH/BTC continues to run a consolidation though, the CEO pointed out. Adding that this should continue to move towards the top of the flag. After this, the price of the digital asset is expected to break out in due course. ETH breaks above $3,000 | Source: ETHUSD on TradingView.com This analysis by Pal is expected to play out through the next week. As with any analysis, time will tell if the prediction is accurate or if Ethereum will end up moving in a completely different direction. Related Reading | Why Ethereum Is Outperforming Bitcoin Again As for the digital asset, it continues to trend just around $3,000. This resistance point which had been broken yesterday has proven to be hard to beat for the cryptocurrency. However, with momentum rising, it very well could once more break above it and find support. But it still strongly remains a seller’s market which means the probability for a downtrend is more likely. The price of Ethereum is trading at $3,004 at the time of writing. Bears are still mounting significant resistance at this point, as evidenced by the slight dip that has followed this break above $3,000. Featured image from CNBC, chart from TradingView.com

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TA: Ethereum Fails above $3K, Can Bulls Make it?

Ethereum attempted a steady increase above $3,000 against the US Dollar. ETH price failed near $3,050 and started a downside correction. Ethereum started a downside correction after it failed to clear $3,050. The price is now trading above $2,900 and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $2,965 on the hourly chart of ETH/USD (data feed via Kraken). The pair is consolidating above $2,900 and might start another increase in the near term. Ethereum Price Remains Supported Ethereum started a steady increase above the $2,850 resistance zone. ETH cleared the $2,920 and $2,950 resistance levels to move further into a positive zone. The price even gained pace above the $3,000 level and settled above the 100 hourly simple moving average. A high was formed near $3,054 and the price is now correcting gains. It corrected a few points below the $3,000 support zone. There was a move below the 50% Fib retracement level of the upward move from the $2,885 swing low to $3,054 high. It is now trading above $2,900 and the 100 hourly simple moving average. There is also a major contracting triangle forming with resistance near $2,965 on the hourly chart of ETH/USD. The triangle support is near the 76.4% Fib retracement level of the upward move from the $2,885 swing low to $3,054 high. Source: ETHUSD on TradingView.com If there is a fresh increase, the price might clear the $2,965 and $2,980 resistance levels. The first major resistance is near the $3,000 level. Ether price must clear the $3,000 resistance level to start another increase. In the stated case, the price may perhaps rise towards the $3,050 level. Any more gains might call for a move towards the $3,120 resistance zone in the coming sessions. Downside Break in ETH? If ethereum fails to start a fresh increase above the $3,000 level, it could start a downside correction. An initial support on the downside is near the trend line support and $2,940. The next major support is near the $2,925 and the 100 hourly SMA. A downside break below the $2,925 support zone might push the price further lower. In the stated case, the price might drop to $2,850. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $2,925 Major Resistance Level – $3,000

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Why Ethereum Is Outperforming Bitcoin Again

Ethereum has been popular for its performance over the course of its lifetime. But even more impressive has been the way that the cryptocurrency has been performing against top rival Bitcoin. The latter which is the pioneer cryptocurrency has itself given investors massive returns. So the fact that Ethereum has outperformed it at every turn now gives the digital asset even more credibility. Ethereum does not seem to be stopping its trend of outperformance when it comes to bitcoin though. Throughout 2021, ETH had been the top performer of the two and this has carried on into the new year as Ethereum rally coupled with the fact that the long-awaited ‘Merge’ is drawing closer has once again put the altcoin ahead of its top rival in the space. Ethereum Rallies 16% Coming into the new week has proven to be a good one for Ethereum. The altcoin had begun another rally on Monday that solidified its position above the $3,000 price point. Coming off of the past week, ETH had seen about a 16% increase from this recent rally, making it one of the most prosperous weeks for the altcoin in recent times. In the early hours of Tuesday, the altcoin continues to trade above $3K. Related Reading | Exchanges See Billions In Bitcoin leave As BTC Maintains Above $40,000 In this same past week, the outperformance of bitcoin by Ethereum has been apparent. Bitcoin had rallied by 8.4% in the past week while Ethereum has risen as high as 16% in the same time period. This follows the same trend for last year where the year-over-year return for Ethereum surged past 300% while bitcoin remained under 200%. Looking at the performance during downtrends, BTC still holds up better compared to ETH. In the course of the downtrend this year, ETH has seen a decline of up to 17% but BTC has only been down 7%. The latter continues to hold up well against the bears while carrying the market on its back. Why ETH Is Outperforming The recent Ethereum outperformance can easily be attributed to the upgrades that are coming. This upgrade that will see the network moved to a proof of stake mechanism, making it a more energy-efficient and faster alternative compared to bitcoin has been in the works for a while. A recent upgrade that will kickstart the final phase of this move is set to begin sometime in mid-2022. ETH price breaks $3k | Source: ETHUSD on TradingView.com ‘The Merge’ as it is called has been deployed on the last testnet known as the Kiln testnet which is now running entirely on proof of stake. This means that the ETH main net is getting ready to perform this merge. Related Reading | More Than $20 Million In Long Liquidations As Bitcoin Falls To $41,000 There has been increased interest in Ethereum following this. One of the ways this has manifested has been the growing number of validators on the staking queue. This number has been growing towards a new all-time high. As the upgrade draws closer, the value of the digital asset is expected to keep going up. Presently, ETH i..

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Ethereum Classic Gains 60% In One Week, Why The Merge Could Push Its Price Higher

Ethereum Classic moves to the upside and recorded impressive performance over the last week. ETC bulls have been making this push as Ethereum prepares for one of the most important events in its history, The Merge. Related Reading | Ethereum Whales Purchase Over $6 Million Worth Of APE Tokens Set to combined Ethereum’s Proof-of-Work execution layer with its Proof-of-Stake consensus layer. The Merge will finalize the launch of this network’s PoS chain. At the time of writing, Ethereum Classic (ETC) trades at $43 and records a 10% and 66% profit in the last 24 hours and 7 days, respectively. ETC trends to the upside on the 4-hour chart. Source: ETCUSDT Tradingview The Merge is expected to reduce Ethereum’s energy usage by almost 100%, contribute to making ETH a deflationary asset, and provide stakers with rewards for securing the network. In addition, this event could mark a new step in the network’s adoption curve as users will leverage layer-2 scalability solutions, reducing network transaction fees. The Merge also means no more ETH mining sector. These operations will need to use their hardware to mine a different cryptocurrency. Ethereum Classic seems like the most logical option. The Merge will: Drop Ethereum's energy usage by ~99.95%Drop Ethereum's issuance from ~5.4M ETH/yr to ~0.5M ETH/yrProvide ~5-15% APR on staked ETH (as TX fees will go to stakers) The Merge will not lower transaction fees. L2s and EIP-4844 will take care of that. pic.twitter.com/8cwslEQtgM — pseudotheos (@pseudotheos) March 21, 2022 Miners will no longer be needed with the deployment of Ethereum 2.0. All of this chain hash power will migrate to ETC. As the event that will make Eth 2.0 happen seems imminent, the market seems to be pricing in this potential hash power migration. Data from Material Indicators shows an increase in buying pressure for ETC over the past week. As seen below, investors from different classes have been contributing to the rally. Investors with bids orders of around $1,000 (green in the chart) pushing ETC’s price up. Source: Material Indicators Everyone but whales bought in on ETC’s price potential. The chart shows retail investors (in yellow), and investors with bid orders from $1,000 to $10,000 have moved in tandem with ETC’s price action. The former, investors with bid orders of around $1,000, seem more relevant for Ethereum Classic. The chart shows this class has been increasing its purchase as the price moves to the upside, suggesting these bids have been crucial to sustaining momentum. Can Ethereum Classic Sustain Momentum? In shorter timeframes, investors shown with the green line, above in the chart, seem to have slowed down on their purchase. Thus, ETC’s price could see some downside price action in the short term. In the long term, the sustainability of the rally could depend on these investors resuming ETC purchases. The market has seen a boom in the price of “dino coins” or long data altcoins. Related Readi..

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Ether Breaches $3,000 For The First Time In Two Weeks – Can It Regain Its November High?

Ether (ETH) appears to be reviving, as cryptocurrency expert Willy Woo recently tweeted that the cryptocurrency is positioning itself to “break upwards out of a very long term, 3.5-month bearish trend line.” Ether, the world’s second largest cryptocurrency in terms of market capitalization, crossed the $3,000 threshold for the first time since March 8. With the exception of a brief rise above $3,000 earlier this month and Tuesday’s significant upward move, the token that powers Ethereum’s blockchain has spent the majority of the month trading between the $2,400 to $2,800 zone. In November of last year, the price of ether in US dollars reached new highs, over $4,800. Similar to Bitcoin (BTC), the price of ETH increased in 2021, but for very different reasons. Ether Sparked By Tech Advancements Ethereum, for example, made headlines when a digital art piece was sold for more than 38,000 ETH – or nearly $70 million – as the world’s most expensive NFT. Unlike Bitcoin, whose price growth was spurred by the initial public offering of the world’s largest crypto exchange Coinbase, ether’s rise was fueled by technological advancements that sparked widespread excitement among traders. Related Story | Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum? At publication time, ETH was trading at roughly $3,012 per coin, a nearly 6% rally over the previous 24 hours. Ether has also broken out in relation to bitcoin, the world’s most valuable cryptocurrency by market capitalization, which is currently up about 4% on the day. Bitcoin is currently trading at $42,935.85, up 8.4% in the last seven days, according to figures by Coingecko, Tuesday. ETH total market cap at $360.48 billion on the daily chart | Source: TradingView.com Whales Active This Week Coincidentally, whales were also active this week, as their transactions increased across the board. This was the most substantial increase in their activity since February 24, reaching an all-time high of $8.8 billion in a single day. Indeed, this was shortly before Russia launched its invasion of Ukraine. On the contrary, ordinary investors have remained idle as usual, holding 58.21 percent of Ethereum’s 120 million ETH supply. Since the market crisis, their daily volume contribution has been less than 10%. ETH Outflows Up Meanwhile, ETH exchange outflows increased significantly on Friday, reaching more than 180,000, according to statistics from IntoTheBlock, a crypto data analytics company. “The last time this volume of ETH exited exchanges was in October 2021, immediately preceding a 15% price surge within 10 days,” the company tweeted. Related Story | Fiat – Not Crypto – Still The Top Choice For Financial Crimes, US Treasury Says Featured image from NameCoinNews, chart from TradingView.com

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