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Ethereum Price Analysis: ETH/USD at Risk of Fast Move to $100 Ahead of Constantinople

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  • ETH/USD has been slammed for the past seven consecutive sessions, dropping over 30%.
  • Focus on the heavily anticipated Constantinople upgrade, which is scheduled for Wednesday 16th January.

ETH/USD has been under firm control of the market bears over the past few sessions. The price has dropped the past seven consecutive sessions, following a break of vital support. An ascending trend line was seen running from 15th December, when the bulls returned with a decent rally. They had pushed for whopping gains of some 98%, between 15 December – 7th January.

ETH/USD daily chart. Price action extends to the south following break of key ascending trend line. 

As can see via the daily chart, there was a clear lack of momentum to the upside from 2-7th January. The price kept touching a resistance without a convincing intention of breaking higher. This could be seen around the $165 mark, where the price had topped on 24th December, before entering a stubborn consolidation mode of trading.

Large price volatility to the downside is seen across the entire market, however it can be somewhat understandable for Ethereum. ETH was largely outperforming several of its peers in terms of percentage gains seen. Coincidence or not, this was coming ahead of the heavily anticipated Constantinople upgrade.

Constantinople – Wednesday 16th January

There will be a scheduled upgrade which has been named Constantinople at block number 7,080,000. This is expected to occur on Wednesday 16th January. It should be noted, however, that the exact date could still change, as it depends on block times between now and then. This may be activated 1-2 days before or after.

The Constantinople hard fork is something which many within the Ethereum community have been anticipating for a long time. It is largely expected that the benefits of the upgrade will see a significant improvement in efficiency, speed, and costs.

Technical Review – ETH/USD

At the time of writing, the daily candlestick of Monday 14th January has received support from a critical level. It has taken a minor bounce but remains dangerously close. This can be seen at $116.70, the price having most recently received support here between 27-28th December 2018. Prior to this, the back-end of November and early December, this area proved its significance.

A break below the key mentioned support will likely invite another large wave of selling pressure. Eyes will be on the big psychological $100 mark to the downside. The next level to note would be $105 and then $83.10, the December low area.

In terms of upside, there isn’t much in the way of resistance until the $160 price region. The bulls will have the challenge of again trying to break down the stubborn supply area. A test of the breached ascending trend line would also be probable, should the bulls return.

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 123 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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XRP Price Analysis: XRP/USD Could be in Serious Trouble as Test of Major Support Back in Play

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  • Ripple’s XRP price is seen trading marginally in negative territory towards the latter part of Friday, with XRP/USD heading for a weekly closure in the red.
  • Ripple has announced a newly improved XRP Ledger 1.2.0 for improved censorship resistance.

XRP/USD: Recent Price Behaviour

Ripple’s XRP price continues to cool, running towards is a third consecutive session in the red as the bulls fail to sustain any upside. XRP/USD has dropped more than 5% over the mentioned period, with the bears set to the test the big psychological $0.3000 mark once again. The price had not traded below this area since 8th February, when it received a chunky amount of buying pressure.

Ripple Announces Newly Improved XRP Ledger 1.2.0

Ripple, the San-Francisco-based blockchain startup, released an updated version of its XRP ledger 1.2.0. The update is expected to significantly improve user experience, in addition to expanding upon the range of services within its offering.

Details provided by the Ripple team suggest that this update has seen its resistance to censorship improve. In other words, a single entity will not be able to decide success or fail. No one will have the ability to alter any transaction once added to the ledger.

Moreover, the upgrade has introduced the MultiSignReserve amendment. Ripple has further streamlined the process, reducing the number of barriers for those involved in signing the transactions. The amendment will now allow just a reverse of 5 XRP, in comparison to the prior of between 15-50 XRP.

The blockchain startup has also announced a bounty program, inviting developers to review their updates in the new version. Should any vulnerabilities or errors be detected, Ripple will reward those who communicate such to them.

Users of the ledger should update to the latest version before 27th February 2019. It is critical that users complete the upgrade, as the server will not be able to determine the authenticity of the ledger. Without the upgrade, transactions will not process and cannot be submitted.

Technical Review – XRP/USD

XRP/USD daily chart.

Last week, the XRP/USD bulls managed significant double-digit gains of around 11%, breaking out of a descending wedge pattern formation. The bearish structure had contained price action since the back-end of December 2018. It was forced to drop around 30% while moving within this wedge after such a promising initial recovery started from the middle of December.

In terms of support to the downside, eyes will be on a retest of the upper part of the wedge pattern. It can be seen tracking around the high-mid $0.28000 region. A significant buying area is also in proximity, ranging from $0.3000 to $0.2500; an area that has on several occasions proven to attract decent sized buyers. Any failure of this providing necessary comfort will expose $0.2000 as the next target.

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 123 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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Stellar Price Analysis: XLM Bulls are Back as Coinsquare Acquires StellarX

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  • XLM/USD is trading up around 4% on Friday, with the bulls looking to break out of a narrowing daily range.
  • Canadian cryptocurrency exchange has acquired StellarX, a decentralised platform.

XLM: Recent Price Behaviour

Stellar’s XLM has seen a pick-up in bullish momentum in the session on Friday, having jumped around 4% at the time of writing. The price has managed to stabilize somewhat after producing all-time lows down at $0.07318000. XLM/USD had remained within an extremely stubborn trend to the south, following the bears smashing out of a pennant structure. The price had been confined since from early December 2018 up to 20th January, when the breach occurred. As a result, a fresh wave of selling pressure hit XLM, forcing the mentioned new bottom.

Coinsquare Acquire StellarX

Canadian cryptocurrency exchange Coinsquare has acquired the StellarX decentralized exchange. StellarX is a trading platform built by the developers of the Stellar blockchain. The platform was initially launched in July 2018, offering fast transitions, zero costs, and a wide range of asset classes that include crypto, fiat and commodities. XLM is used as the base currency for trading across the decentralized exchange.

The camp at StellarX detailed the announcement via Medium, specifying that they will still be pressing forward with the outlined roadmap noted back in September of last year. StellarX detailed that the reason for the acquisition is to make way for the exchange to maximize its full potential. The platform will be able to leverage the sizeable regulatory experience that Coinsquare has, with their visions to build around the platform. It is worth noting that the Canadian exchange has a network with regulators in Canada, the United States, and Europe. Additionally, Coinsquare also previously managed to secure a relationship with one of Canada’s big five banks, the Bank of Montreal.

Moreover, Coinsquare already has experience with the Stellar network; it previously acquired BlockEQ in the back-end of last year for $12 million. Moving forward, StellarX is going to be led by BlockEQ’s co-founder Megha Bambra, with the sights to continue growing and enhancing the Stellar ecosystem. BlockEQ is a private Stellar wallet which allows users to have total control of their funds via a private key. The wallet is accessible on both mobile and desktop.

Technical Review – XLM/USD

XLM/USD daily chart.

XLM/USD has managed to find its feet after resuming the downside pressure seen throughout 2018 and carried into 2019. This year the price has dropped as much as 45%, due to the crypto market-wide cooling. Should the mentioned bottom area $0.07318000 remain intact, eyes will be on a retest of the breached pennant pattern structure. The bulls must breakdown a small resistance barrier, which is the upper part of the past fifteen trading days range.

Furthermore, the lower part of the pennant is tracking at $0.11150000; a move back here would complete the breakout and retest. Lastly, if this resistance holds firm and rejection occurs, then it could very well make way for another wave of selling pressure.

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 123 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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Binance Coin Price Analysis: BNB Profit-Taking Kicks In as Binance’s Business Continues to Defy Cryto Winter

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  • BNB/BTC produces a double-top pattern formation, leaving the door open to further downside pressure.
  • Binance CFO confirms that the organization is still profitable, despite the ‘crypto winter’.

Binance Coin Price Behavior

The BNB token has been outperforming many of its peers over the past few weeks. Since the week commencing 3rd December, BNB/USDT has rallied a chunky 115%. The price recently pushed to its highest levels seen since June 2018, peaking around $0.0027000. Given the prolonged consecutive run north, it isn’t too surprising to see a cooling.

Observing where the price peaked earlier in the week on 12th February, BNB/USDT produced somewhat of a double-top formation. The high was very much in proximity to the top on 17th June 2018. Playing out to the textbook, the market bears piled in after reaching these heights again, as investors took profits following the strong run north from December 2018. As a result, the price is running at its third consecutive session in the red.

Binance Remains Profitable Despite Crypto Winter

The CFO of Binance Wei Zhou was recently speaking in an interview with CBNC, where he commented on the company’s position within the current market downturn. Zhou said, “To date, even in this bear market, we still run a profitable business”. Binance is known to not publicly disclose its financial performance; however, in the past, it has provided several hints that would suggest the business is financially secure.

Back in the summer of 2018, Binance CEO and Founder Changpeng Zhao (“CZ”) disclosed that the exchange’s revenue for the first half of 2018 was roughly $300 million. He did additionally project at the time that net profit would hit between $500 million to $1 billion by the year’s end.

It has been estimated that Binance achieved $446 million in profit last year. It has also been estimated that the Binance ICO offering back in 2017 saw the company raise $15 million for 100 million Binance Coin (BNB) out of 200 million in total supply. Additionally, as part of maintaining its coin, Binance uses 20% of its net profits to buy back BNB and eventually destroy 100 million BNB tokens, according to the whitepaper.

Technical Review – BNB

BNB/BTC daily chart.

Given the recent price developments, there are a couple of bearish confluences to back the bias south. A bull run occurred in such a short space of time, resulting in the price entering overbought territory. Elsewhere, as earlier detailed, the BNB/BTC is playing to the textbook after the double-top formation. The downside pressure could soon drastically pick up the pace, with eyes looking down towards the possible neckline of the technical pattern.

In terms of support, the range of $0.0014000-$0.0012000, which is the potential neckline of comfort, is part of the double-top textbook pattern. A failure of this area holding could see a fall down to 0.0008410, the low of March 2018.

BNB/USDT daily chart.

Looking at BNB/USDT, the bulls ran into massive supply heading into the big psychological $10.00 mark. The price has not comfortably traded above this level since October 2018. This time last week, BNB/USDT managed to break out to the upside from an ascending wedge pattern. There is room for a potential retest of this level, completing the breakout and retest. Support will be sought just on top of the breached pattern, tracking around $7.4000.

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 123 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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