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Ethereum (ETH/USD) Tanks as ICO Bubble Fears Grow

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Ethereum fell to one-month lows on Wednesday, as concerns over an ICO bubble brought negative attention to the world’s No. 2 cryptocurrency.

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ETH/USD Price Analysis

The ether-U.S. dollar (ETH/USD) exchange rate has been on the back foot for nearly two weeks after a rally failed to lift prices above $400.00. The rally attempt, which concluded Sept. 1, formed a double-top with the June 11 high.

Ether prices are down more than 6% on Wednesday. Prices bottomed at $269.72 before consolidating in the mid-$275.00 region.

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One thing ethereum has demonstrated over its short history is that, the longer the consolidation period, the bigger the eventual breakout. The market has been consolidating for over a month, a sign that prices could be poised to break higher in the short term.

Analysts are eyeing a potential breakout at the Sept. 18 Byzantium Testnet launch, which is a precursor to the token’s Metropolis update. Ethereum’s next upgrade is expected to be lighter, faster and even more secure. These are all things to be very excited about.

ICO Bubble Brewing?

Ethereum founder Vitalik Buterin caught markets by surprise this week when he declared that the market for initial coin offerings (ICOs) is “in a bubble.” In Buterin’s view, the upsurge in large scale token sales is unsustainable and will lead to many failed ICO projects. While ICOs are a powerful tool for open source startups, Buterin says they’ve growth too big, too fast.

The ether platform has been essential to the growth of the ICO crowdsale. Practically unheard of last year, coin offerings have already outpaced early stage venture capital. The trend appears to be intensifying as more startups go the ICO route.

In Buterin’s view, many firms are issuing a coin not because it makes sense to do so, but because they have a product they can sell quickly. “Without a coin there is no business model,” he said, according to Finance Magnates.

Crypto Market Cap Falls Below $140 Billion

The total value of all cryptocurrencies has fallen below $140 billion, according to CoinMarketCap. The market peaked near $179 billion less than two weeks ago.

Bitcoin continues to hold onto top spot with a valuation of roughly $66 billion. The BTC/USD exchange rate fell nearly 5% on Wednesday to $3,972.00.

Bitcoin Cash retains the No. 3 spot with a total value of $8.1 billion. Eight other digital currencies are valued at $1 billion or more.

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Altcoins

Trade Recommendation: Enjin (ENJ)

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Enjin Coin has recently finished its ICO and is currently available on a few exchanges. The primary metric to look at is the market cap of a company, especially after the initial exchange selloff. Most ICO investors are looking for a coin with a small market cap so that they can get 2x – 5x return. Enjin Coin has a very low market cap at the moment in relation to the maturity of the company. This will be a great candidate to swing trade. There are four reasons this coin is a swing trade candidate besides the fact that it has dipped to previous lows and is a great buy at the moment.

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1. Enjin currently has a contest running on Binance.com that will pay large amounts of ENJ tokens  to the top holders during the competition. This ends on November 25th. Basically, you just have to buy ENJ on Binance and hold it until the end of the contest. The top holders will be rewarded. Here is the contest info: Enjin Binance Contest

2. Enjin is releasing its Mobile Smart Wallet as well as the Minecraft plugin soon. This will allow game developers to use ENJ in the gaming community.

3. The chart shows the MACD crossing upward over the EMA 9-day signal indicating another bullish run.

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4. Enjin could be compared to GameCredits, which is currently trading on Bittrex. GameCredits has a market cap of $123,000,000; DigiByte has a market cap of $85,000,000. If Enjin only reached the market cap of DigiByte that would be a 5x ROI and if it reaches GameCredits’ market cap then investors would see an ROI of 8x. For the short term, the entry point is 0.00000265 BTC with a stop loss order placed at 0.00000242 with a profit target at 0.00000318 BTC.

Market: ENJ/BTC
Buy: 0.00000270 BTC
Stop: 
0.00000248 BTC
Profit Targets: 
0.00000324 BTC – 0.00000328 BTC

If your profit target hits 0.00000324 BTC, you will have made 20% return.

Disclaimer: The analysis is invested in ENJ.

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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin Flirts with $8000 as Altcoin Bull Persists

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Bitcoin’s swift recovery was the main topic of the week, as the most valuable coin not just regained its steep losses, but hit a marginal new high towards the end of the period. The entire segment is experiencing capital inflows as the total value of the coins climbed above $230 billion for the first time ever after finally leaving the vicinity of the $200 billion mark.

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BTC breached the $8000 level before turning slightly lower on Friday, but despite the severely overbought daily chart, it is still trading near its all-time highs. As the long-term picture still suggests a deeper correction, investors should wait with opening new positions and traders should also control position sizes here. Key support levels are found at $7700, $7000, and $6700, while the recent key break-out level at $5000 still hasn’t been re-tested.

BTC/USD, Daily Chart Analysis

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Dash is still the most bullish altcoin from a technical standpoint, despite this week’s short-term correction, as the coin is trading above its prior all-time high, and this weekend, it looks ready to test the break-out high near $500. Support levels are still found at $400, $360, and $330, and as the long-term picture is approaching overbought territory, investors should only hold on to their positions here.

DASH/USD, Daily Chart Analysis

The other major altcoins are also mostly in bullish setups, with some of them already in the latter stages of this cycle, like Monero and IOTA, but elsewhere in the segment, there are still opportunities for both traders and investors. Let’s see the detailed long-term view.

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Cryptocurrencies

Trade Recommendation: Zcash

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The market is in the uptrend and we have to search for buy opportunities. MACD and DMI support upward movement and we can trade based on a breakout signal above 300.00 resistance level. If the price can break this resistance, we’ll get an additional signal confirming the upward movement. Entry level is 302.00 with stop orders at 283.80 level. Profit targets are 320.00 and 350.00 levels. This is a short term trade, but the part of trade volume can be left for long run. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: ZECUSD
Buy: 302.00
Stop: 283.80
Profit Targets: 320.00 and 350.00

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The trading signal is based on the Poloniex chart.

Disclaimer: The analyst is invested in Zcash.

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