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Blockchain Pioneer Joseph Lubin Dives into ETH Price, Gaming and ICOs

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If you ask Joseph Lubin, the co-founder of Ethereum and founder of ConsenSys, about the ETH price, he will generally point out the robust nature of these platforms and the decentralized apps that are being built upon them. But with the ETH price trading persistently below $300, most recently falling nearly 9% to $275, Lubin engaged in the topic of price more than usual today during an interview with  TDAmeritrade Network from the Nasdaq in Times Square.

Courtesy: TD Ameritrade Network

Lubin tweeted that the discussion touched on “everything from how ConsenSys operates to Ethereum Layer 2 scaling solutions.” Indeed, it did, and no topic was seemingly off limits, even CryptoKitties. But what was most surprising was that when pressed, Lubin went a little further on the ETH price than he normally does. But only after revealing that price isn’t at the forefront at ConsenSys and he believes the price will recover.

“We have seen many gyrations since 2009,” Lubin said, pointing to “correlations of price spikes followed by attention spikes basically where we see more technologists, more entrepreneurs, more projects spinning up,” he said.

In fact, there amount of activity in the Ethereum space today outpaces that of October-November 2017, which is right about when the market was gearing up for its peak and which suggests there could be a bull run of epic proportions ahead. But what of the disconnect between this enormous amount of activity on the blockchain and the plunge in the ETH price? Everyone has their limits, even Lubin.

“I think it matters to our company, absolutely. If [ETH] goes to $1 that would be a sign that is something is wrong with the Ethereum ecosystem,” Lubin said, adding that with that type of performance, he would, of course, place more attention on price.

Gaming & ICOs

If you’re wondering what will “drive the next wave of activity” on the blockchain, it will be applications like gaming, which Lubin described as a “low-stress space that’s going to be explored very well early” and which he expects could enhance the value of the ETH price.

He explained: “We’re about to enter into a phase where before the end of this year we’re going to see a bunch of games and a bunch of other platforms build out their own infrastructure that gets linked into Ethereum so sort of side-chains where they will have scalability on their sidechains and they’ll get the security from the layer one radically decentralized Ethereum network.”

Clearly, Lubin has lots to keep him busy without dwelling too much on the ETH price, as evidenced by the mission of ConsenSys, which involves “building out the decentralized world wide web,” he noted. At ConsenSys, one of the revenue drivers at ConsenSys is token launching, where they are experiencing frenetic activity. But with the talk of ICO tokens comes the topic of altcoin prices, which incidentally have been at the center of the downturn.

“We’re not so worried about pullbacks like that,” said Lubin, despite some tokens losing up to 90% of their value. “We continue to issue tokens. We’ve been doing a very good job of issuing securities-law-compliant tokens right from the start.”

ConsenSys recently facilitated the FOAM token launch, which is a “spatial protocol for proof of location.” Civil, which is a “decentralized marketplace for sustainable journalism,” is next on the docket.

The thing to remember is that it remains early innings for decentralized apps, and if you’re waiting for that value to translate to the ETH price, Lubin suggests “look at top 100 tokens on the planet, something like 94 of them are ether or were built on Ethereum.”

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 70 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Bitcoin

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Good Things Happen to Those Who Wait

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  • Signs of weakness appear while playing on the edge.
  • ETH/USD must lead now or suffer for months.
  • BTC/USD does not work for either side of the market.

The most rising value right now is patience. In a world where everything goes faster than our mind is capable of handling, patience is today a value that is not taught and even less praised.

However, in professional trading, being patient is an asset as valuable as money. They are directly correlated, the less patience, the less performance, and vice versa.

As one of our contributors, known as Colibri Trader, wrote:

Some traders fail to realize that to be successful will take time. They often fall prey to their own impatience in the hope of earning fast money. It could be a rough environment, and charts might be hard to read, so it is wise at times to step back in order to avoid costly mistakes. Don’t rush things out, or try to enter in a trade at all costs by just following your gut. The market could be quite tricky and often does send out the wrong signs. Wait patiently for the best opportunities to align themselves and then act mercilessly.

ETH/BTC Daily Chart

The ETH/BTC pair insists on testing analysts’ patience with their dangerous game on the edge of the bearish landscape. The setup says with clarity, perhaps excessive, that this point will not be passed and that this is the best point to enter long into the Ethereum.

The MACD in the daily range is turning bullish just above the line dividing the upside of the bearish side of the indicator. The DMI shows the bears with a slight advantage, but the fact that the bulls stay above level 20 adds bullish potential.

Perhaps too evident, although sometimes the market gifts money.

BTC/USD 240 Minute Chart

BTC/USD is currently trading at the $3,505 price level, moving away from the $3,530 price congestion resistance line.

Below the current price, the next support level is $3,460 (price congestion support). This price level separates the current, lateral scenario with the openly bearish scenario that the BTC/USD pair has already visited the first week of December. The loss of this level of support would mean moving quickly to the third level of support at $3,300 (price congestion support).

Above the current price, the first target is at $3.530 (price congestion resistance). The second resistance level is at $3,600 (price congestion resistance) and only a few dollars above the EMA50 at $3,609. The third resistance level is at $3,690 (price congestion resistance). If BTC/USD can conquer this price level, the strength of the bullish trend would quickly be tested with the SMA100 at $3,708 and then the SMA200 at $3,772.

The MACD on the 4-hour chart shows a flat profile that projects an imperfect trajectory towards an upward cut. This pattern usually produces bearish rejects.

The DMI on the 4-hour chart shows bears picking up inertia and increasing their trend strength. The bulls lose power and move below level 20, confirming the weakness of the buying side. The ADX begins to react to the bear’s dominance and confirms the increase in bearish trend strength.

ETH/USD 240 Minute Chart

ETH/USD is currently trading at the $117 price level, just below the $118resistance level (price congestion resistance).

Below the current price, the first support level is at $109.50 (price congestion support). Should the Ethereum lose this first support, the next support is at $105 (price congestion support). The third level of support is at $97 (price congestion support).

Above the current price, the first level of resistance is at $118 (price congestion resistance). Above this first resistance the most critical area of the graph is presented immediately, with a second dynamic resistance at $122 (EMA50) that would give way to a rock wall at the price level of $130 (price congestion resistance) and reinforced by the SMA100 at $131 and the SMA200 at $133.

The MACD on the 4-hour chart shows a profile similar to that of the BTC/USD pair although in this case with a little more bullish inclination and therefore, more chances of success on the bullish cross.

The DMI on the 4-hour chart also shows differences from the BTC/USD. Here the bears follow a downward trend while the bulls remain at the same level in the last few days.

XRP/USD 240 Minute Chart

XRP/USD is currently trading at the $0.317 price level, above the $0.31 support level. Of the TOP 3 components of the crypto market, XRP is the one with the best technical aspect.

Below the current price, the first level of support is $0.31 (price congestion support), followed a little lower by the second level of support at $0.308 (price congestion support). The third level of support is at $0.296 (price congestion support), a level that would already indicate a return of the XRP to the fully bearish scenario of early December.

Above the current price, the first resistance level is dynamic at $0.327(EMA50). The second resistance level is at $0.335 (price congestion resistance), followed by an obstacle race for the SMA100 at $0.34, a price congestion resistance at $0.345 and another dynamic resistance at $0.365(SMA200).

The MACD on the 4-hour chart shows that there was a small bearish reversal yesterday. A second bullish cross attempt may occur today.

The DMI on the 4-hour chart shows the bears in an apparent decline. The bulls copy and withdraw as well, which shows a lack of confidence on both sides of the market.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.3 stars on average, based on 6 rated posts




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Altcoins

Ethereum Price Analysis: ETH/USD Sellers are Stepping Up Downside Pressure; Explosive Breakout is Imminent

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  • ETH/USD is very much close to a breakout of the recent range-block formation.
  • Diar reports that on-chain transaction value on the Ethereum network was seen at an all-time-high in December 2018.

Over the past three sessions for ETH/USD, a pick-up in downside intensity has been demonstrated by the market bears. The price had been moving within a narrowing range-block formation for going on 12 sessions, but this appears to be coming to an end. Sellers are stepping up the pressure, looking for a breakout of the sideways movement seen of late.

Ethereum On-chain Transaction Value at All-Time-High

Source – Diar

Diar in their latest report detailed that on-chain transaction value hit an all-time-high on the Ethereum network. Diar provide weekly institutional publications in addition to data analysis of digital currencies. Further within this latest publication, the on-chain transaction levels had hit 115 million in December 2018. This marked an all-time high, which excludes the activity after a hard fork caused by the DAO hack in 2016.

In terms of monetary value, Diar stated that the total US dollar value on-chain last year was seen at $815 million. This was down from the previous $1.1 billion, reported in 2017. As a result, this was a 97% drop in the on-chain transaction value. The drop from peak in January versus December 2018 was “by and large the cause of an 80% drop in Ethereum’s price”.

Commenting on fees, Diar detailed that they are unlikely to have been a laggard on the growth for the Ethereum network. It already has some of the lowest fees that are observed for transacting on-chain. They added, “the Constantinople upgrade, now pushed back, will bring down fees a great deal further for certain types of transactions that would allow for better storage use”.

Technical Review – ETH/USD

ETH/USD daily chart.

Key daily support eyed around $117.50 has been penetrated in the past few sessions. Signs are starting to show of a gradual shift again in favor of a bearish bias. The price is running towards its third consecutive session in the red, with the critical support earlier detailed under threat. ETH/USD did have a quick spike of around 15% lower on 20th January before retracing back within the range-block. A firm breach and close of the mentioned $117.50, the lower part of the range-block, could be punishing. Eyes will then be on a retest of the big psychological $100 mark.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 112 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Analysis

Crypto Update: Coins Settle Down After Weekend Pump & Dump

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While crypto bulls had something to cheer about early on during the weekend following a rally attempt in the majors, the move once again failed to improve the technical setup in the segment, and the top coins quickly gave back their gains. Now, most of the coins are trading near the bottom of their short-term ranges and technicals continue to point to the continuation of the bear market.

Correlations are still very high, there is no sign of a developing bullish leadership, and with none of the key coins showing bullish momentum, bulls are facing strong headwinds. While trading volumes and volatility remain relatively low thanks to the range-trading environment a move below primary support could trigger larger moves in the majors soon.

The negative long-term trends are still in no danger, and although there is still a slight chance of a failed break-down pattern to develop in the market, odds favor a bearish short-term outcome as well. With that in mind, traders and investors still shouldn’t enter positions here, with our trend model being on sell signals on both time-frames in the case of the majority of the coins.

BTC/USD, 4-Hour Chart Analysis

Although Bitcoin is still relatively stable compared to its most important peers, it gave back all of its weekend gains and fell back below the key $3600 support/resistance level yesterday. Now, BTC is threatening with a break-down below the prior sing low, and given the recent weakness, our trned model is now on a short-term sell signal.

While bulls could still be saved by a move above $3850, the failed rally attempts warn of selling pressure, and a bearish continuation is more likely here. Further strong resistance is ahead between $4000 and $4050, with support zones still found near $3250 and $3000, and traders should still not enter positions.

ETH/USD, 4-Hour Chart Analysis

Ethereum shoed relative weakness during the rally attempt this weekend, and it is now very close to a break below the key swing low, which would likely lead to a move towards the key support zone between $95 and $100. The coin remains on sell single son both time-frames, and with a test of the bear market low near the $80 price level seems likely in the coming weeks.

Strong resistance is ahead just above the current price level and near $130, with further zones at $145, $160, and near $180 while a weak short-term support is found near $112, and the coin’s weakness is a negative sign for the whole segment.

Altcoins Still Weak Despite Rally Attempt

STR/USD, 4-Hour Chart Analysis

While none of the major altcoins broke the key short-term support levels, the overall picture remains bearish and we haven’t seen signs of resilience that would indicate a short-term bottom and the resumption of the counter-trend move.

Stellar, which has been among the bearish leaders towards the end of 2018, is once again showing relative weakness while following the trends in the broader market, should the coin violate the $0.10 level, a quick to new bear market lows would be likely, with the $0.09 level being the only lone of defense for bulls.

XRP/USDT, 4-Hour Chart Analysis

Ripple still seems very fragile from a technical standpoint, and a move below $0.30 looks inevitable in the coming weeks, with a likely test of the bear market low near $0.28. The $32 support/resistance level remains in focus, but given the weak rally attempts and the bearish long-term setup, we don’t expect the coin to get back to the $0.3550 level in the coming period.

Our trend model is still on sell signals on both time-frames, with further strong support found near the $0.26 level, with resistance ahead near $0.3750, and in the key long-term zone between $0.42 and $0.46.

LTC/USD, 4-Hour Chart Analysis

Litecoin is back near the key $30-$30.50 support zone after the volatile weekend, and it also looks ready to dip below that zone, even as the short-term trading range is still intact. The steep long-term downtrend is intact despite the recent counter-trend move, and traders and investors shouldn’t enter positions here, with the short-term setup also being bearish. Strong resistance is ahead near $34.50, $38, and $44 with further support found near $26 and $23.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 445 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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