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Ethereum Price Falls to $219 After Brief Rally: What’s in Store for ETH?

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Ethereum continued its freefall on Friday morning, only hours after a brief surge upwards had everyone convinced the bottom had been reached. ETH’s fall to the $223 mark on September 6th appeared to be the worst of it, but now the coin price has hit $219 – the lowest price since September 15th, 2017.

Ethereum Price Falls Further

If you’re the kind of person who appreciates symmetry, then today’s price fall may carry something of a silver lining. Last September marked the lowest that ETH would fall before the gradual run-up to the market surge of November and December began, so that’s at least one good omen we can hang on to.

In the here and now, however, Ethereum is still down over 40% for the last month alone. On friday, when ETH dropped to $219.40, it marked a 6% within nine hours, as the price fell from its daily high of $233.90.

All of this comes after a solid six hours of growth which looked as though it would carry Ethereum back to at least the $250 range. However, that wasn’t to be. And the worrying thing now for Ethereum holders is the rate at which it is falling behind the other altcoins.

For the past week alone, Ethereum is down 25%. Of the major altcoins, only IOTA (MIOTA) and Ontology (ONT) have fared worse over the past week. Compare that to Dogecoin’ (DOGE) 101% growth, Holo’s (HOT) 35% growth, and Monero’s (XMR) 7% growth, and you see the gap between Ethereum and the altcoins widen further.

The Future of ETH

Given Ethereum’s title as the king of the dApps and smart contracts – and still the go-to platform for token launches and ICOs – it’s difficult to see ETH disappearing for good.

With so many other coins and tokens being bought and sold quicker, and more abundantly than Ethereum, one wonders if the whales aren’t ignoring ETH for a reason. What could that reason be? Well, maybe the goal is to drive Ethereum’s price down as much as possible, for the sole reason that Ethereum is still one of the few coins with a real-world use case. If the whales are as smart as they seem, then surely they would have considered this idea? After all, it would only maximize profits in the long run.

Speaking of long-run, Ethereum has some big developments coming up in the near future which could radically alter the sentiment regarding the ETH cryptocurrency. When the Casper update gets implemented and the Ethereum blockchain moves to Proof-of-Stake (PoS), the reliance on miners to secure the network will be no more. Likewise, the Plasma proposal is expected to solve instances of the network becoming overloaded with transactions – and the subsequent rise in GAS fees that accompany it.

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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 147 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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Analysis

Crypto Update: Litecoin Leads Pullback in Majors

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The major cryptocurrencies are all lower today following the test of the recent swing highs. Yesterday, the early leader of the current short-term uptrend, Litecoin hit the key $51 resistance, and today the coin pulled back sharply, triggering a broad correction in the segment. The leaders of the rally are all notably lower, but they are still holding on to the bulk of their recent gains, and the rising short-term trendlines are all intact.

From a short-term technical perspective, the current pullback is orderly, and as the coins clear the overbought momentum readings, traders could re-enter smaller, speculative positions with strict risk management rules. The long-term technical picture continues to warrant caution, and bear market rules still apply despite the consolidation of the recent months.

LTC/USD, 4-Hour Chart Analysis

Litecoin’s performance continues to be an important tell for the whole segment, and after yesterday’s downgrade in our trend model, the coin’s pullback is weighing on the whole market today. That said, volume patterns and price action in general, are still in line with a short-term uptrend, and traders could be looking for re-entry points and the overbought momentum readings get cleared.

The key $51 resistance level, which halted yesterday’s move, could be in focus again in the coming days, while a deeper correction could see the test of the $44 level. For now, our trend model remains on a neutral short-term signal, while the long-term signal is still clearly negative, with further support levels found near $44 and $38, and with strong resistance also ahead near the $56 level.

BTC/USD, 4-Hour Chart Analysis

Bitcoin remained within its short-term consolidation pattern, as the $3850 level provided support, so far, during the broad pullback in the segment. The MACD indicator is now pointing to an ongoing short-term correction, but the relatively weak short-term uptrend is still clearly intact.

Traders could hold on to their positions here despite the pullback, as the momentum indicators haven’t reached extreme overbought levels, leaving our trend model on a short-term buy signal, but we would with entering new positions until the pullback runs its course. While the long-term technical outlook is clearly negative for BTC here, a move above the key $4000-$4050 zone could lead to a test of the next major zone near $4450, while support below $3850 is still found near $3600 and just above $3450.

Ethereum and EOS Remain Stable as Ripple Fails to Show Strength

ETH/USD, 4-Hour Chart Analysis

Ethereum continues to trade in a bullish short-term correction pattern near the $145 resistance level. The uptrend is clearly intact in the coin, and although the short-term momentum indicators continue to show overbought readings the rally could soon continue, with the $160 price level still being in sight. Support levels are still found near $130 and $112, while the next major resistance zone is found near $180, and the long-term downtrend is still in no danger here.

EOS/USD, 4-Hour Chart Analysis

EOS, which has also been among the leaders of the rally, continue to show stability amid today’s pullback, but as it got severely overbought during the recent upswing, our tend model is on a neutral signal. Traders should wait for the correction to run its course before re-entering their positions, since the long-term setup in EOS still warrants caution. Support is found near the current price level at $3.80, at $350 and near $3, while resistance is now ahead near $4 and $4.50.

XRP/USDT, 4-Hour Chart Analysis

Ripple remains the primary concern for bulls here, as the relatively weak coin failed to show signs of stability falling back to the vicinity of the $0.32 level. The coin got stuck below the dominant bearish short-term trendline, and our trend model is now on a short-term sell signal, despite the broad rally in the segment.

With the long-term technicals still being hostile even in the case of a new swing low in the coming week, traders should remain cautious with XRP and focus on the stronger currencies with regards to trading positions. Below $0.32, further support zones are found near $0.30, $0.28, and $0.26, while short-term targets are still ahead near $0.3550, and $$0.3750.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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 469 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Analysis

Crypto Update: Coins Test Swing Highs Litecoin Runs Into Resistance

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The major cryptocurrencies continue to trade with a bullish bias after establishing a new short-term uptrend this week. The top coins are all holding on to the bulk of their recent gains, even as most of them entered consolidation patterns on the heels of the strong rally in the segment. With still only Ripple lagging the broader market notably, the immediate outlook remains positive, despite the still bearish long-term picture.

LTC/USD, 4-Hour Chart Analysis

Today, the initially leading Litecoin shined again, pushing past the $50 level and hitting the long-term resistance zone near $51. As LTC is overbought due to its recent lofty gains, the coin is now only on a neutral short-term signal in our trend model, since the bearish long-term setup continues to warrant caution for bulls here.

That said, the rising short-term trend is intact, and should the coin clear the overbought momentum readings, traders could enter small, speculative positions using strict risk management rules. Support levels are now found near $47, $44, and $38, while the next major resistance zone is ahead near the $56 price level.

BTC/USD, 4-Hour Chart Analysis

Bitcoin entered a consolidation pattern today, as we expected, after touching the longer-term zone resistance zone between $4000 and $4050. The momentum indicators hint on further consolidation, and in light of hostile long-term setup, traders should wait for the overbought readings to be cleared before entering new short-term positions.

Below the initial level $3850 support, further levels are found near $3600 and just above $3450, while the next resistance zone above $4050 is ahead near $4450. The short-term uptrend is intact in BTC, and our trend model remains on a short-term buy signal.

Ethereum Tries to Form Swing Low while Ripple Fights Trendline

ETH/USD, 4-Hour Chart Analysis

Ethereum entered a shallow correction after hitting the resistance zone near $145, but the price action and the volume patterns continue to support the bullish short-term case. The $160 price level remains a viable target for bulls but the momentum indicators continue to show overbought readings. The short-term uptrend is intact and our trend model is still on a short-term buy signal as well. Support levels are found near $130 and $112 while above $160 resistance is ahead near $180.

EOS/USD, 4-Hour Chart Analysis

Only a few of the major altcoins managed to follow Litecoin to a new swing high today, but EOS slightly extended its rally, despite being severely overbought from a short-term perspective. While the new high is a positive sign for the coming period, EOS remains only neutral in our trend model, and traders should wait for the oversold readings to be cleared before entering new positions.

XRP/USDT, 4-Hour Chart Analysis

While the leadership of the rally is still healthy, Ripple continues to lag the leaders, still fighting with the declining trendline that stopped the recent rally attempt in the coin. XRP is holding up above the $0.32 level, but it’s stuck below the recent swing high, and traders should still focus on the relatively stronger coins despite the short-term buy signal in our trend model.

From a long-term perspective, technicals remain negative, and a move towards the $0.28 and $0.26 levels remains likely. Further support zones are found near $0.32 and $0.30, while short-term targets are still ahead near $0.3550, and $$0.3750.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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 469 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Ethereum

Ethereum is an Apex Predator like Bitcoin; But Vitalik Still Diversifies His Bags

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Ethereum is an apex predator that can thrive in the same space as Bitcoin, but not necessarily the same territory. That’s the opinion of author and Bitcoin advocate Andreas Antonopoulos, as voiced on a recent episode of the Stephan Livera podcast.

Up for discussion was the topic of Bitcoin maximalism; whether BTCs chances of global dominance were being hindered by the over-saturated altcoin market; and why Ethereum can survive in the long run if it continues to target a different use-case than Bitcoin.

Design Tradeoffs Between Bitcoin and Ethereum

Podcast host Stephan Livera floated the idea that the now over 2,000 altcoins would only delay the adoption of Bitcoin, in what’s becoming a very crowded space. Andreas Antonopoulos said those which can differentiate enough have a good chance of survival:

“That’s the conundrum because if they differentiate enough, then they’re no longer competing with Bitcoin head on. Because they make design tradeoffs, and these will make them in less and less competition with Bitcoin. The perfect example of that is Ethereum, which does not compete for the sound money position at all.”

Antonopoulos went on to say that the Bitcoin maximalists would be cackling at the prospect of ETH being sound money. Double-A stated clearly that he doesn’t view Ethereum as sound money, and that it will never compete with BTC on those terms.

But that’s ok, because it has something completely different to offer. Antonopoulos continued:

“But what it does have as a design tradeoff is flexible, turing complete smart contracts that can do other interesting things other than money. Ethereum maximalists – I get plenty of those too – will tell me that Ethereum can do everything that Bitcoin can do, and we don’t need it (Bitcoin). I disagree with that too.”

The Story of the Lion and the Shark

Lion vs Shark

As long as Bitcoin and Ethereum stay within the bounds of their own demarcated territories, both can exist side-by-side:

“Lions and sharks can be apex predators in their respective domains, and they’re respective domains don’t overlap because each has design tradeoffs that automatically exclude the other domain.”

That doesn’t mean the two apex predators are completely closed off to each other. Antonopoulos pointed out that Bitcoin and Ethereum can still complement each other within the context of the larger ecosystem, adding:

“One feeds the other in terms of applications, research, users, knowledge and network effect.”

Antonopoulos recently added to his list of blockchain publications, with Mastering Ethereum joining the already popular Mastering Bitcoin in 2018. One thing he’s learned is that the future of cryptocurrency will not feature just one coin – however, he did say that Bitcoin would remain the ‘most important’. He said:

“I don’t think we’re going to end up with just one money. I don’t think the markets will lead us in that direction and I’m okay with that. It doesn’t mean Bitcoin isn’t the most important – it absolutely is.”

A Peek Inside Vitalik’s Bags

Ethereum creator Vitalik Buterin has a healthily diversified portfolio.

Ethereum creator Vitalik Buterin recently revealed which coins and tokens he holds in addition to Ethereum, as detailed in this Reddit AMA about ‘Ethereum leadership and accountability’. Vitalik offered up this summary of his holdings:

 

  • “Non-ethereum-ecosystem tokens: BCH, BTC, DOGE, ZEC; total value < 10% the value of my ETH
  • Non-ETH ethereum ecosystem tokens: KNC, MKR, OMG, REP, total value <10% the value of my ETH
  • Significant corporate shareholdings: Clearmatics, Starkware [edit, forgot to put this in before]
  • Revenue in the last 12 months other than ethereum foundation salary: a few advisor tokens (included in above)
  • Non-financial interests: friends in the ecosystems represented by the above projects, as well as some non-token ethereum ecosystem orgs (eg. L4, Plasma Group, EthGlobal, EDCON) and non-token non-ethereum orgs (mainly professional cryptography and economics circles)

I’d definitely support more people actively involved in protocol decision-making making such statements!”

Other developers chimed in, including Justin Drake who revealed he uses ‘close to zero’ fiat, is paid in ETH, and that 99% of his token value is made up of ETH (along with free airdrop tokens).

Here in the front-facing end of the cryptocurrency space, it’s easy to get caught up in the whirlwind of the daily news cycle and the constant drama of rising and falling percentages. Plugging into this cyclone for too long leaves one feeling exhausted, frayed, and even a little cynical.

But faith can be temporarily restored by checking in on the geeks in the back-end of the shop, whose commitment to the cause remains quiet and unfaltering.

Faketoshi Craig Wright Says Ethereum is a Scam and a Lie

Bitcoin SV advocate and self-proclaimed Satoshi, Craig Wright, speaking with Ran Neu-Ner

Craig S. Wright joined ‘CryptoMan’ Ran Neu-Ner on an edition of CNBC Africa this week, where he dismissed every ICO launch as a scam. He said:

New coins, new ICOs… every one of them are scams! Not one of them has ever created anything. They are purely a way of getting around the controls that stop people from scamming others – enabling people to take money, do nothing and not return a cent. That’s all these are, and they have to end.”

Neu-Ner asked how this related to Ethereum – the largest ICO platform in the world, and a self-proclaimed future supercomputer. Wright took issue with the idea of Ethereum being a supercomputer, stating:

“There is no such thing as a token for a supercomputing mechanism. That’s a scam and a lie – it’s isn’t one. There’s not one token that gives you a single compute cycle for less than a million times the cost of something now. You’d be more efficient to buy a Raspberry Pi, than to buy a thousand dollars worth of compute cycle on Ethereum.”

Wright’s view directly contradict those of Andreas Antonopoulos. Whereas Double-A foresees a multi-coin future with each fulfilling its own unique role or niche, Wright takes the Highlander view that there can be only one:

“There can only be one blockchain. This is the whole nature of it. If you have various competing systems, the power is competing for the same thing.”

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 147 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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