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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?

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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.

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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. 

 

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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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Cryptocurrencies

Trade Recommendation: Ethereum

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The market is overbought and we have to expect for a correction. The price can bounce from the resistance zone formed by the downtrend line and 700.00 resistance level and continue downward movement. But we also know that sometimes crypto markets move out of logic. We must be ready to catch a new strong upward movement to new highs. Is it possible? I think yes and Bitcoin confirms it. We can use a breakout above the resistance zone for opening long trades. Entry level is 708.00 with stop orders at 670.00 level. Profit targets should be 750.00 and 800.00 levels. This is high risk trade and the best entry levels are much lower. Don’t invest too much in this market now. It’s better to wait for a good correction and buy based on solid reversal signals. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: ETHUSDT
Buy: 708.00
Stop: 670.00
Profit Targets: 750.00 and 800.00

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Ethereum.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Analysis

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

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Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

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XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

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XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other majors look this weekend.

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Cryptocurrencies

Trade Recommendation: NEM

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The trading idea is based on a trend reversal signal. The price is at SMA100 which is strong resistance line. If the market can break this zone and move above the local swing highs, we’ll get the trend reversal signal. DMI and MACD support upward movement. We have good buy opportunity for long run. Buy orders should be placed at 0.00004100 level with stop orders at 0.00001900 level. Profit targets are 0.00009000 and 0.00012000 resistance levels. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: XEMBTC
Buy: 0.00004100
Stop: 0.00001900
Profit Targets: 0.00009000 and 0.00012000

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in NEM.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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