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Ethereum

Ether Price Spikes Suddenly and Sharply

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Ethereum’s price rose quickly and sharply Tuesday morning, as technical traders appear to have pushed a corrective rally following yesterday’s steep selloff. Beyond that, there were no obvious reasons for the dramatic reversal.

ETH/USD Update

Ether’s value spiked more than 8% on Bitfinex to reach $211.80, according to latest available data. The unusual bout of volatility appears to have originated more than 1 hour ago amid a surge in volume on Bitfinex. At the time of writing, the exchange’s daily turnover in ETH amounted to 388,680. The cryptocurrency reached a session high of $222, completely reversing Monday’s downturn.

CoinMarketCap has also acknowledged a sharp rise in ETH trading volumes. At the time of writing, total trade volumes across all exchanges was higher than $2.2 billion. That accounts for nearly 16% of total market turnover.

On Monday, ether recorded a steep decline from $220 to $190 after the market failed to make new highs during the weekend. It’s not entirely clear whether the latest upsurge is part of a more coordinated effort to lift the market or simply reflects a bounce from oversold levels.

Crypto Market Approaches $200 Billion

Ethereum’s sudden advance helped push the cryptocurrency market closer to $200 billion. XRP, the third largest crypto by market cap, had initially led the recovery amid news of major commercialization efforts involving Ripple’s technology. XRP is currently trading at more 11-day highs, according to latest available data.

Bitcoin, which accounts for more than 55% of the total market cap, has also recovered from its recent five-day low. It currently trades around $6,374, down just 0.9% compared with Monday. BTC had declined more than 3% on Monday as prices fell to the mid-$6,200 range from a high near $6,500.

With the exception of XRP and a few other cryptocurrencies, fundamentals have struggled to explain the market’s recent moves. The market bottomed near $186 billion last week before staging a nearly $20 billion relief rally through the weekend. Since then, trading conditions have been fairly tepid.

Ethereum’s volatile moves over the past two months reflects deeper issues for the so-called developer’s cryptocurrency. The loss of “reservation value” amid what appears to be an ICO exodus has left ether’s price susceptible to vicious downturns. Not only are ERC-20 startups liquidating their holdings of ETH, uptake in new coin offerings appears to have declined sharply. ICOs raised just $337 million last month, the lowest in over a year. What’s more, September is shaping up to be an even worst month in terms of total secured funding.

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 704 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Analysis

Crypto Update: Ripple and Litecoin Lead Another Rally Attempt

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The last 48 hours saw a nice bounce in the cryptocurrency segment, which led to improvements in the short-term technical setup of some of the most oversold coins. While the rally, which is being spearheaded by Litecoin and Ripple, hasn’t changed the still overwhelmingly bearish long-term picture, it could be the start of a larger scale counter-trend move. We will take a closer look at the broader picture in our long-term cryptocurrency analysis, which will be released tomorrow.

The deeply oversold long-term momentum readings and the horrible sentiment in the segment could fuel a more sustained move, but until we have confirmation that the short-term trend change in the key coins, traders and investors should remain defensive even towards the relatively stronger coins.

The strongest coins should form a pattern of higher highs and higher lows before entering new positions, and for now, our trend model only shows neutral short-term readings even in the case of the leaders, and most of the coins are still on sell signals on both time-frames.

BTC/USD, 4-Hour Chart Analysis

Bitcoin hit marginal new bear market lows before bouncing higher yesterday, and although the coin got close to the $3600 level, it remains in a bearish technical setup, and our trend model is still on sell signals on both time-frames.

That said, a move above primary resistance could set up a failed breakdown pattern, which could trigger a larger scale correction, but for now, traders and investors shouldn’t enter positions here. Further strong resistance is ahead between $4000 and $4050, while support is found near $3250 and $3000.

ETH/USD, 4-Hour Chart Analysis

Ethereum also remains on sell signals on both time-frames despite the rally attempt, as it continues to be stuck below the key $95-$100 resistance zone. The coin is still deeply oversold from a long-term standpoint, but until a confirmed short-term trend change, odds still favor new lows in the coming weeks, and traders should stay away from Ethereum here. Further strong resistance is ahead near $120 and $120, while the next major support zone is found between $73 and $75.

Bullish Leadership Finally Forming Among Altcoins?

LTC/USD, 4-Hour Chart Analysis

Litecoin spiked as high as the $30-$30.50 support/resistance zone on Monday after breaking out above the $26 resistance level and it also broke the steep short-term downtrend line. Should the coin form a higher swing while remaining above $26, a short-term trend change would be confirmed, but for now, given the clearly bearish long-term picture, traders should wait before entering the coin’s market. Below $26, key support is found between $23 and $23.50 while the next major resistance level is ahead at $34.50.

XRP/USDT, 4-Hour Chart Analysis

Ripple is on a similar technical position to Litecoin, as although the sharp bounce took the coin above both the $0.30 and $0.32 resistance levels after hitting marginal new lows, a short-term trend change is not yet confirmed.

The coin needs to form a higher swing low and stay durably above $0.32 for an upgrade to buy in our trend model, and for now the long-term sell signal remains clearly in place, with the next major resistance zone is found near $0.3550.

XMR/USDT, 4-Hour Chart Analysis

On a negative note, only a few coins show clear technical improvements thanks to the rally attempt, and the likes of Monero, DASH, Stellar, NEO, and ETC only registered weak bounces and even in the case of the surging EOS and IOTA, the gains were only enough to regain a fraction of the recent losses.

So, while a short-term trend change could be ahead after the rout, traders should remain cautious until a clear bullish leadership is established in the segment.

Featured image from 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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4.7 stars on average, based on 422 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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Altcoins

Ethereum Price Analysis: ETH/USD Not Out of the Woods Yet

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  • ETH/USD odds are still stacked against the bulls for now, as price remains within range-block.
  • Ethereum co-founder Vitalik Buterin, says his creation is becoming more and more decentralized.

ETH/USD has enjoyed a chunky bull run over the past three sessions, with that slowing down Tuesday. Between the 15th – 17th December, the price had gained a chunky 23%. ETH/USD hit its highest level seen since 9th December. It appears the bulls, however, have run into a near-term barrier. ETH has been moving within a range-block from 7th December, which is still the case. The momentum so far not proving to be enough to take the price through for now.

Ethereum More Decentralized – Vitalik Buterin

The co-founder of Ethereum, Vitalik Buterin, discussed how the network is becoming more decentralized of late. He was recently speaking in an interview with Blockchain Insider.

Buterin believes that a change is starting to be seen in terms of the further decentralization of the Ethereum blockchain. He believed that it was much too centralized around himself. He further affirmed the observations over the last 12 months of governance actions, which were he suggested were responsible for this.

The Ethereum creator said, “Number one, like a lot of the features in the Constantinople hard fork, that are launching in January, basically happened without me. Number two, issuance reduction from 3 ether to 2 ether which is going into Constantinople, I was not involved at all.”

Only just some days ago, a team lead within the Ethereum development circle, Péter Szilágyi, confirmed the scheduled update. This was covered by Hacked in a prior article. He had noted the upgrade is to start around 16th January 2019.

Ethereum 1.X Update

Focus outside of the Constantinople hard fork is on Ethereum 1.X. This will be a new developed update, which is anticipated to take place during June 2019 provided there are no delays.

Buterin said, “Ethereum 1.x, short-term scalability improvements that are going on to the main chain, before we can switch over to sharding. That whole effort started without my involvement at all.” The update is supposedly a replacement of the EVM – Ethereum Virtual Machine.

Technical Review – ETH/USD

ETH/USD daily chart

As detailed earlier, ETH/USD has been moving within a range-block. The upper part of this recent range appears to have slowed down the bulls. The key levels to this block for now, seen at $101 to the upside, and $83.45 to the downside. It is as simple as depending on which area is broken that shall determine the fate of the trend.

Despite the enormous jump of around 16% for ETH/USD, the fact of the matter is the odds are still stacked against the bulls. This being the case so long as the price remains confined within the detailed formation above.

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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4.5 stars on average, based on 88 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: Majors Testing Lows Following Broad Selloff

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The major cryptocurrencies have been once again under pressure in the past 24 hours and most of the coins got very close to their recent lows, even as the losses are limited for now. While the top coins avoided a breakdown, given the overwhelmingly bearish long-term picture and the steep short-term trend, odds continue to favor new lows in the coming weeks, so traders and investors should still remain defensive.

Dash/USD, 4-Hour Chart Analysis

The continued technical weakness in the lagging coins, like Dash, and the lack of a relatively strong leadership is still apparent, and it reinforces the bearish overall picture. That is true even as the long-term momentum indicators are showing deeply oversold readings and investors sentiment remains very negative which could lead to a larger scale correction after a short-term trend change. That said, traders shouldn’t enter new positions here until we see meaningful short-term technical improvements.

BTC/USD, 4-Hour Chart Analysis

Bitcoin failed to regain momentum despite the weekend bounce and the coin is back near its recent low trading near the $3250 level today. The key $3600 level is out of reach for the most valuable coin, and with that in mind, our trend model remains on clear short- and long-term sell signals.

The current weakness of BTC is a negative sign for the whole segment, and a test of the key long-term $3000 level is more and more likely. Further string resistance is ahead between $4000 and $4050, and traders and investors shouldn’t enter positions here.

ETH/USD, 4-Hour Chart Analysis

Ethereum has been trading in a very narrow range in recent days, and the coin is still stuck below the key $95-$100 zone, as it failed to show relative strength despite being among the most oversold majors. ETH also faces strong resistance near $120 and $120, with the next major support zone found between $73 and $75, and traders and investors should still stay away from the coin.

Litecoin Breaking Down Again?

LTC/USD, 4-Hour Chart Analysis

Litecoin is threatening with another break below support today, with the $23 support level looking very weak now, and the steep short-term downtrend remains clearly intact in the coin. LTC continues to be relatively weak from a short-term standpoint, and traders shouldn’t consider even ultra-short term positions here, despite the deeply oversold broader picture.

The next major support zone is found between $20 and $20.50 and odds favor a test of that zone as soon as in the coming days, with strong resistance found near $26 and $30.

XRP/USDT, 4-Hour Chart Analysis

Ripple continues to hover around the $0.30 level, still being very weak on the short-term time-frame, and being on sell singles both short- and long-term in our trend model. XRP faces strong resistance near $0.32, $0.3550, and $0.3750, while primary support is found at $0.28, with the prior bear market low being at $0.26. We expect at least a test of the lows in the coming weeks, despite the still relatively strong long-term technical setup and new low bear market lows are also likely in Ripple.

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 422 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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