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Ethereum Gets an Upgrade

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Digital currency Ethereum successfully upgraded to the Byzantium protocol on Monday, signaling that the larger Metropolis project is proceeding on track.

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Ethereum Hard Fork

Ethereum’s developer community has indicated that the recent software upgrade is running smoothly so far. The fifth hard fork in the Ethereum blockchain officially occurred at 05:22 UTC, about 45 minutes earlier than previously estimated. The upgrade was scheduled for block 4,370,000.

Debates about the merits of the proposed changes were few and far between, with developers generally optimistic about the new protocol. Last-minute bugs, including a DoS vulnerability, appear to have been adequately addressed by Ethereum’s software developers.

Byzantium is the first leg of the Metropolis upgrade, which is the third phase of the Ethereum development project. It was also the first major upgrade since ether’s value skyrocketed. This made developers even more cautious about safeguarding the value of the token without stoking am unexpected chain split.

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As we’ve explained previously, hard forks are a boon to ether prices due to the positive impact of the upgrade on the developer community. Ethereum has emerged not only as a store of value for investors seeking alternative assets, but a platform for entrepreneurs to launch their own digital currencies. The vast majority of the projects listed on Hacked.com’s ICO Ratings page have beem built on the Ethereum network. This trend is expected to continue as more startups embrace the platform’s technical specifications in pursuit of their own digital currency. ICOs have raised billions this year, despite regulatory crackdowns globally.

Ether continues to trade above $340.00 following the hard fork. The token has been well supported over the past week, with the broader cryptocurrency market following bitcoin’s lead.

The next phase of the Metropolis rollout is Constantinople. However, no date for its implementation has been specified.

Featured image courtesy of Shutterstock 

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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.

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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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