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Ethereum Back at $300: Now What?

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Ethereum’s pendulum swing continued on Tuesday, bringing prices back to the $300 level. The latest move has many investors asking – what’s next?

ETH/USD Price Levels

Ether values traded within a narrow range Tuesday, hitting a low of $298 and a high of $303. Prices were last seen trading right around $300.

Last week, ETH/USD fell to more than one-month lows as investors dumped altcoins in favor of the original bitcoin. Ethereum’s gains have been mediocre since mid-October when prices approached the $350 level.

Ether prices are slowly recovering versus the greenback, but continue to trade well below the $310 level that is widely seen as a major zone of resistance. The more immediate technical hurdle that needs to be crossed is between $300 and $305. Traders should look for a break above $315 to confirm a longer-term buy signal. Action below that level is likely to generate further headwinds for ether.

Long-term upside appears to be capped around $340-$350, which represents the high from mid-October. For the time being, it looks like the status quo will prevail.

At present values, Ethereum is capped at $28.8 billion, according to CoinMarketCap. That’s second only to the Bitcoin network, which is valued at a whopping $120 billion.

Struggling for Direction

China’s ban on initial coin offerings (ICOs) has done little to curb the appeal of crowdraise technology. What it did do was zap the life out of Ethereum, the platform most ICOs use to launch their token sales. Before the September ban, ether prices were hell-bent on cross $400. Prices have failed to generate the same momentum ever since.

Neither has the successful Byzantium hard fork generated much upside for ether prices. The fork came into effect on Oct. 16 when Ethereum reached block 4,370,00.

To be sure, Ethereum’s long-term prospects are as solid as they come. As the infrastructure of choice for many developers, ETH is one of the few bitcoin competitors that is expected to stick around for a while.

Of course, this won’t alleviate day traders who are looking for a meaningful rally in ether. Since early September, prices have dropped from nearly $400 to around $230.

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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4.7 stars on average, based on 743 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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3 Comments

3 Comments

  1. Chris G

    November 8, 2017 at 6:17 pm

    just can’t break this $300 consolidation pattern, can we …

  2. Chris G

    November 8, 2017 at 10:38 pm

    never a dull day in crypto world – looks like the break above $315 just happened …

  3. Omega123

    November 8, 2017 at 11:44 pm

    Yea, we all know what happened. Now what? I though Hacked was better than this article..

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Altcoins

What Joe Rogan and His Billions of Viewers Have Learned About Bitcoin, Crypto and Blockchain

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Podcast powerhouse Joe Rogan has been dipping his toes into cryptocurrency ever more frequently since Andreas Antonopoulos made his first of four appearances to date on the show back in early 2014.

In the intervening years, a potential billion monthly listeners have frequently been exposed to informative, educational, and sometimes controversial, cryptocurrency conversations on the podcast platform. These have been conducted by blockchain evangelists (Dr. Ben Goertzel) as well as hardcore skeptics (Peter Schiff), and have explored a plethora of crypto and blockchain’s potential uses.

So, amid the cacophony of opposing thought and opinion the largest media platform in the world has exposed its viewers to, just what will the JRE viewers have taken away from the podcast’s crypto-centric episodes?

The Good

Crypto fundamentalists would have been more thrilled with Anton Antonopoulos’ appearances on the show than blockchain fanatics. Antonopoulos makes no secret of his desire to see crypto shake up the existing global financial paradigm, and Rogan’s somewhat lefty/hippy nature assured he received these ideas enthusiastically.

“All you creeps that are controlling money all throughout the world… your time is slowly closing in. Am I right?”

That’s the question with which Joe Rogan opened JRE #844 – Antonopoulos’ fourth appearance on the show. Andreas answered with a simple ‘Yep’, and went on to explain the phenomena which saw the banking industry make a (devious?) move into the blockchain world:

“ (In 2015) The media was constantly bashing Bitcoin. And then… we saw this interesting phenomena where the banks started getting interested…not in Bitcoin, but in blockchain – the technology behind Bitcoin.”

The best side of cryptocurrency – its potential to wrestle financial control from the hands of our global banking overlords – is best displayed during Antonopoulos’ appearances on the show, and are worth a listen for his wonderful analogies alone:

It’s rather amusing. I look at that a bit like the Horse-Buggy Association of America is going: ‘we like this automobile thing you’ve designed, but we have a very big investment in hay and horses, stables and veterinarians, so we’re going to use the technology behind the automobile – the pneumatic tyre – and we’re going to revolutionize horse-buggies.’”

The Bad

Perhaps the worst side of cryptocurrency to be exposed on JRE is its tendency to find itself the target of hackers and thieves. More than once Rogan and guests have brought up some of the ridiculous sums of cryptocurrency stolen in recent years, and the conversations usually end with a hopeful plea that one day ‘they’ll find out how to make it more secure’.

Of course, the vast, vast majority of crypto thefts to date have taken place on exchanges. Holding this up as an example of crypto’s lack of security is like blaming a car for getting stolen, even though you left it out in the middle of the road with the engine running – or worse – placed the keys in the hand of the thief yourself.

The Ugly

The ugly truth which investment broker and financial commentator, Peter Schiff, thought he was unveiling on JRE went something like this: Bitcoin has no value; Bitcoin is doomed; Buy more gold. On JRE #1145, Schiff said:

“Bitcoin is trying to digitally replicate the properties of gold. That’s the whole selling point – they say it’s digital gold. And it does have a lot of gold’s properties which help it succeed as money, but it doesn’t have any of gold’s physical properties that gave it so much value in the first place.”

Schiff also caused a stir back in July 2018 when he placed a $1,000 price prediction on BTC, and ridiculed its ‘fake scarcity’. Despite Schiff’s pessimism, and the furore that his appearances always cause, he has probably added some much needed healthy skepticism to the podcast over the years – even though most here would disagree with him completely.

The Future

With Andreas Antonopoulos slated to re-appear in the coming months – his first appearance in over two years – it will be interesting to get his take on the ICO madness of 2017-2018, the market’s ATH, and its subsequent drop-off since then.

Whether you’re a fan of JRE or not, the podcast might end up playing a bigger part than most in spreading crypto and blockchain awareness around the globe.

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 125 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Altcoins

Small-Alt Season: Why They’re Pumping, and One Way to Spot them Before They Do

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As the slow (but volatile) winter period continues in the crypto market, more than one small-cap altcoin has managed to buck the broader trend in recent weeks.

That pattern continued on Tuesday as a handful of alts grew almost 40% in value over twenty-four hours, including Factom (FCT) and Loopring (LRC). The day previously, the much ridiculed cryptocurrency for the truck racing industry, Buggyra Coin Zero (BCZERO), hit over 200% growth in just a few hours.

But not all pumps are created equal, and the reasons behind their sudden appearance at the turn of the year are many-fold.

Manipulation

According to this recent Twitter poll conducted by Hacked and eToro’s Mati Greenspan, most people believe that Sunday’s market dip was a result of manipulation, as opposed to bots or whales (although, in reality, the crossover between the three must be huge).

If the consensus is that dips are a result of manipulation, then should the same rationale not be applied to pumps? Such a cynical view might make the current swathe of fundamental and technical analyses seem pointless. Yet, both methods of analysis continue to prove useful when trying to anticipate market movers.

Coincidence

Coincidence appears to play an important role in cryptocurrency pumps. Market pumps which coincide with some new tech rollout, exchange listing, or upcoming airdrop serve to convince the market that the current growth might be genuine and long-lasting.

But the inevitable dump which follows one of these pumps often returns the coin in question back to square one. As this happens often enough, one starts to see how crypto fundamental developments are used as a convenient smokescreen for market manipulation. For recent examples look at the lead up to the Bitcoin Cash (BCH) hardfork, or the recent Komodo (KMD) hardfork surge, which saw 94% growth recorded in December, followed by a reversion back to square one by January.

Basics

The many-headed beast that is technical analysis continues to throw up winners and losers, and the recent market plunge has already seen more investors turn to TA as a way to minimize losses.

But there are still ways to anticipate which simmering coin is about to come to the boil without getting too technical. Excluding the ridiculously small-volume tokens, the number of times that a surge is preceded by a steady rise in trade volume stands out as a very reliable marker.

Just yesterday, Factom (FCT) was priced at $6.51, and trading at a volume of $130,000. Over the next two hours that volume doubled, and it continued to double every few hours as the coin price pushed slowly upward. By Tuesday morning FCT was priced at $8.86 – a 36% increase; accompanied by rising volume which hit $2 million – a 1,438% influx.

Another example is yesterday’s strong performer, Tron (TRX), which also grew steadily as trade volume trebled over 48 hours.

Tuesday’s other top performer, Loopring (LRC) saw a more sudden 43% price jump without the slow build up of volume here described. However, take a look at LRC’s past week and you see a coin which has slowly increased its trade volume almost day-on-day – from last Tuesday’s $800,000 up to today’s $25 million – a new seven month high. Almost any point up until this morning would have proved a profitable buy-in point for LRC.

Predictions

Hindsight is known for its crystal clear vision, so let’s put this simple little crackpot theory to the test.

Zilliqa (ZIL) just posted 4% gains as trade volume doubled from $7 million to $14 million on Tuesday morning alone. Daily trades reached as high as $29 million earlier this week, and a look at the monthly chart shows massive volume and price pumps at regular intervals.

At the same time, Steem (STEEM) volume more than doubled on Tuesday morning, from $9 million to $19 million. Despite STEEM’s more than 50% gains already this week, daily volume only continues to rise, and just bypassed a four-month high in the process.

Consider these my two predictions for the coming days.

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 125 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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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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