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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

Bitcoin, Ethereum, Ripple: Zero Visibility in the Market

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  • The BTC/USD is pointing to a slight upside but has strong obstacles.
  • The ETH/USD has a simpler scenario but doesn’t seem determined to take advantage of it.
  • The XRP/USD also doesn’t want to take advantage of a positive scenario for climbs.

This week in the crypto market starts with an opposite scenario to the one we had last week. This week, very short-term indicators are pointing up. The medium-term situation continues to show a structure that proposes laterality for the next few days.

If the upward movement that comes out of the very short-term technical analysis takes place, we will have to be attentive to the duration and intensity in case it can sufficiently influence the medium term structure.

BTC/USD 240-Min

The BTC/USD is currently trading at the $6.357 price level. This leaves Bitcoin below the first resistance of the range at $6,359.3. Moving averages continue their convergence process, creating a significant barrier that the BTC/USD will have to overcome if it wants to re-make higher prices.

Above the current price, the first resistance is at the quoted level of $6.359 (price congestion resistance). The second level of resistance is precisely the convergence point of the 100-period Simple Moving Average at the price level of $6,367, 200-periods at $6,366 and the 50-period Exponential Moving Average slightly higher at $6,375.

It will not be easy for Bitcoin to overcome this obstacle. If it does, the prize will be almost none, because it is not until the next resistance level of $6,491 (resistance due to price congestion) that the conditions of a new bullish trend would start.

Below the current price, the first support at the price level of $6.295 (price congestion support). Second support level at $6,208 (price congestion support). The loss of this second level of support would open a much more negative scenario that could bring the value of the BTC/USD to $5,874 (price congestion support).

The MACD at 240-Minutes pointing up but below the zero line. The current structure proposes attempts to move up although they can be limited. Until these lines are above the neutral line of the indicator, it will not be easy to move upwards.

The 240-Minute DMI shows how the bears continue to have control over the situation. The bulls are not giving up and took advantage of the $6,300 marked early in the Asian session to buy intensively.

ETH/USD 240-Min

The ETH/USD is currently trading at the $211.20 price level. Its technical aspect is more conducive to rises than that presented by the BTC/USD. This situation is because moving averages are below the current price and can help support the ETH/USD in case of sales appearing in the market.

Above the current price, the first resistance is at the price level of $215 (price congestion resistance). From here it will be easy for the ETH/USD to face the second resistance at the price level of $223.24 (price congestion resistance). However, until Ethereum exceeds the third resistance at the $235.76 price level, it will not enter a fully bullish scenario in the short term.

Below the current price, the first support is at the $210 price level, which is where the 50 period Exponential Moving Average currently passes. The second support level is at $206.78 (price congestion support). This support is reinforced by the 100- and 200-Simple Moving Averages slightly below, around $205. The third level of support is at the psychological level of $200, a level that if lost would make the technical aspect of the ETH/USD much worse.

The MACD at 240-Minutes shows a neutral profile. The lines are overlapping and just above the average range of the indicator. In this situation, it does not provide information with which to project future movements.

The 240-Minute DMI shows Bears with a small advantage over the Bulls. Both sides of the market maintain good levels, and neither gives up. It is worth highlighting the bullish trajectory of the Bears since the lows of November 7, betting clearly to see new annual lows in the ETH/USD.

XRP/USD 240-Min

The XRP/USD is currently trading at the $0.506 price level, just above the first support level at $0.504 (price congestion support). The moving averages in the case of the Ripple are well below the current price.

Above the current price, the first resistance level is at the price level of $0.547 (price congestion resistance). The second resistance is at $0.584 (price congestion resistance) and the third resistance at $0.60 (price congestion resistance). The XRP/USD will not fully re-enter the bullish phase until it exceeds the relative maximum above the $0.768 price level.

Below the current price, the first support is at the price level of $0.50 (50 Period Exponential Moving Average). The second support is at $0.48 (Simple Moving Average of 100 periods), a little above the trend line that governs the movement and is at the price level of $0.465. The second support is at $0.48 (Simple Moving Average of 100 periods), a little above the trend line that governs the movement and is at the price level of $0.465. Losing this support level would be very harmful.

The MACD at 240-Minutes shows a flat profile, just above the neutral line of the indicator. It does not provide any information about the possible future evolution of the Ripple.

The 240-Minute DMI is also not going to help us in proposing future scenarios. Absolute tie between bears and bulls. This situation of equilibrium has been going on since last November 9th.

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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Analysis

Ethereum Price Analysis: ETH/USD Subject to an Extended Breakout Higher

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  • ETH/USD price action has formed a bullish pennant via the 4-hour chart view.
  • Ethereum network hard fork scheduled for January 16th 2019, but still subject to potential change.

ETH/USD price action has cooled since the recent bull run. This isn’t too surprising given the fast gains seen initially and the touted profit-taking following the explosive move north. A technical move appears to be the case across much of the market. Price action looking ready to breakout again.

Ethereum News Flow

The developers at Ethereum have now set a new date of January 16th, 2019, for their scheduled hard fork of the Ethereum network. This came at the back end of last week, on their bi-weekly call, where they discuss anything relating to the blockchain technology.

It was detailed that this agreement made via the call was non-binding verbal, leaving room for that date to still be moved, should any issues or problems come to light. Hacked’s Sam Bourgi covered in a recent crypto market update.

As covered in October via Hacked, Ethereum’s software upgrade saw a failure. The hard fork that they had been working on did not activate on their test network Ropson. This was largely anticipated to have been activated in November. As a result, they were forced to delay.

Technical Review – ETH/USD

ETH/USD daily chart

ETH/USD price action has been cooling, after failing to break above vital resistance seen around $220-225. This is in proximity to the 61.8% Fibonacci. Over 6% has been lost after the decent advances seen from 30th October, breaking out from pennant pattern.

The price was initially contained within the mentioned pattern since September. Bulls however gained some upside momentum at the back-end of October, seeing a breakout to the upside. ETH/USD had gained over 15%, up to the high print on 7th November, just above $225.

At present ETH/USD is somewhat magnetized to the 50% Fibonacci, hovering around the $210 price area. Clearly it has re-entered consolidation mode after the surge higher last week. This type of behavior is typically seen following on from explosive moves.

4-hour Chart View

ETH/USD 4-hour chart

Looking via the 4-hour chart breakdown, given as mentioned above, the current consolidation state, a bullish set up has formed. A bullish pennant pattern, as a result of the cooling from the high area on 7th November has formed.

Near-term resistance is eyed between $214-215, the upper trend line of the pennant. A breach above, will likely see a retest of the 7th November high. Further north, a strong area of supply can be seen running from $230-235.

ETH/USD faltered in the above supply area on several occasions, from 27th September up until 10th October. Lastly, in terms of upside, $250 would be a target for the bulls. The price hasn’t been up at these heights since 21st September, where it encountered strong sellers.

To the downside, immediate support is eyed around $210-208, the lower trend line of the pennant pattern. Any breach here, could very well see a fast move back down sub $200, buyers are seen around $195.

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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4.4 stars on average, based on 45 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: Another Rally Attempt Fails

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The cryptocurrency segment is having another bearish session following the encouraging early-week strength. The rally attempt that was led primarily by Ripple, Bitcoin Cash, EOS, and Stellar fizzled out, and most of the majors have been drifting lower in the last couple of days. While the bullish move was the broadest in weeks, it still failed to gather steam and shift the market-wide trend.

Also, the long-term bearish setups remained intact with only Bitcoin and Ripple being on neutral long-term signals in our trend model. With that in mind, even in the case of another rally attempt, traders should remain cautious with new positions.

That said, should the sideways price action of the recent months continue and finally end with a broad bullish move, a new cyclical advance would provide good buying opportunities. Until such an improvement, we remain defensive towards the segment, even as volatility continues to be encouragingly low.

XRP/USDT, 4-Hour Chart Analysis

While Ripple gave back a large chunk of its recent gains, it is still trading above its prior range, and it is now the only coin on a short-term buy signal in our trend model. On a negative note, XRP is now below the $0.51 support/resistance level again, and the risk of a failed break-out is growing, especially given the broader trends in the market.

The key long-term zone between $0.42-$0.46 could be in play again next week, while a recovery above $0.54 would be a very bullish sign for the third largest coin. Further support levels are found at $0.375 and $0.355, while resistance is ahead near $0.57 and $0.64.


BTC/USD, 4-Hour Chart Analysis

Bitcoin is drifting towards the primary support zone near $6275 again, after failing to rally above the strong $6500 level, and thus, we maintain our short-term sell signal. That said, BTC is still clearly above the structurally important $5850 support level, so the neutral long-term signal is safe, giving hope for bulls that a major bottom is being formed in the most valuable coin.

Traders and investors should still not enter positions here, and a move below $6275 would likely trigger a test of the $6000 level, while further strong resistance zones above $6500 are ahead near $6750 and $7000.

Altcoins Under Selling Pressure Again

ETH/USD, 4-Hour Chart Analysis

Ethereum tuned lower before triggering a short-term buy signal, although it briefly topped the $220 level. ETH is now drifting towards the key $200 support/resistance level, and the lack of bullish follow through confirms the still dominant bearish long-term trend. That said, the declining trendlines are just above the current price level after the lengthy consolidation period, and there is still some hope for bulls that the coin can avoid another swing lower in the bear market.

For now, traders and investors should still avoid Ethereum, with support levels below $200 found at $180, $170, and $160 and with strong resistance levels ahead near $235 and $260.

LTC/USD, 4-Hour Chart Analysis

Litecoin quickly fell back to the key $51 support/resistance level after the failed rally attempt, and although it is still well above its bear market low, technicals remain clearly bearish on all time-frames. Odds favor another test of the $47 level in the coming weeks, while a recovery above $56 would be needed for a short-term trend change.

EOS/USD, 4-Hour Chart Analysis

EOS showed relative strength during the early-week rally, but it couldn’t maintain the bullish momentum and the broad selloff dragged the coin lower too. Now EOS is back near the support/resistance zone near $5.35 that has been in the center of attention for months.

The long-term setup remains bearish, while short-term, the coin is back on a neutral signal after the failed rally attempt, with key support levels found near $5 and $4.50.

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 392 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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