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Ethereum Price Sinks to 17-Month Low as Crypto Market Continues Free-Fall

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The Ethereum (ETH) price sunk to a new 17-month low on Monday morning, following an overnight crash which wiped $16 billion off the global market cap and ushered in a continuation of last week’s dip.

By Monday morning, most of the altcoins were showing double-digit losses for the previous twenty-four hour period. Bitcoin managed to retain its value more than most, but still couldn’t stop from falling to the $5,200 range.

Compounding last week’s crash, today’s fall means the global crypto market cap has lost 20% of its value in the last seven days. That’s a dollar sum of $43 billion, and leaves the total market at a 13-month low of its own.

Ethereum Price Hits $150

The bottom of the trough arrived at 10:00 UTC Monday, by which point the value of ETH had fallen 13%, from the daily high of $179.15 down to $155.60. That price point hasn’t been seen since July of 2017 – almost 17-months ago.

That puts Ethereum on 25% losses for the week, along with most other altcoins. Bitcoin’s weekly losses stand at 13%, while XRP has lost just under 4% for the week. Click here for more on XRP’s newfound status, and its potential to decouple from Bitcoin.

As for Ethereum, today’s slide means the coin has lost a clean 50% in the previous quarter alone. The dominance of ETH/USDT trades continued on Monday, and six out of the nine most active trades were against the Tethered stablecoin.

Cardano Price Hits Yearly Low

Ethereum wasn’t the only alt to suffer on Monday, as Cardano (ADA) lost 14% of its value overnight. The slide to $0.053886 marked a new yearly low for the coin, and a valuation which hasn’t been seen since last November.

ADA fared worse than Ethereum over the previous seven-day period, losing 27.35%. Those losses were only matched or exceeded by Bitcoin Cash (BCH) and Dash (DASH) out of the major altcoins

Minor Altcoins

This is where most of the blood has been squeezed of late, with several small-mid cap coins losing nearly half their value over the past week.

Coins and tokens like Aelf (ELF), Aion (AION), Loopring (LRC) and IOST (IOST) are down 40% over seven days, while Ox (ZRX), NEO (NEO), Tezos (XTZ) and Vechain (VET) are down 30%. The bear market is supposed to be the thing that separates the wheat from the chaff regarding the mass of mostly useless altcoins, and we may be witnessing this process begin right now.

However, that shouldn’t spur any hasty decisions (like the multiple people on social media claiming to be cashing out this morning), and even the alts mentioned in the previous paragraph will have plenty of opportunity to rebound if the broader market turns around.

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 146 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: Ethereum Leads Second Phase of Rally

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The major cryptocurrencies are all significantly higher today amid the US market holiday, with most of the top digital currencies also hitting their highest levels in a month. Today’s leaders also took out the highs set during the Litecoin-led spike 10 days ago, and the new swing highs mean that the counter-trend move continues. The negative long-term forces a

Our trend model is still on short-term buy signals in most cases, with the relatively weak Ripple still being the most important exception, but for now, the bearish long-term picture is unchanged, and traders should still use strict risk management strategies, as, despite the rally, bear market rules still apply. That said, investors could hold on to their smaller speculative positions, since the short-term break-out patterns in the segment remain intact, despite the still dominant negative long-term forces.

ETH/USD, 4-Hour Chart Analysis

Ethereum built upon its recent short-term relative strength, surging past the $120 and $130 resistance levels, outperforming its closest peers and leading the way higher for the whole segment. With the new swing high, a new short-term uptrend is established, and our trend model remains on a short-term buy signal, but the long-term trend remains bearish.

The long-term outlook is still negative for ETH, but the coin could test the $160 resistance level, which marked the top of the previous counter-trend move in the coming days. The coin is currently trading near the $145 resistance level, and although it’s slightly overbought from a short-term perspective, the next resistance level could be reached in the coming days.

BTC/USD, 4-Hour Chart Analysis

While Bitcoin has been slightly lagging behind Ethereum during the current rally, it not just recaptured the $3600 support/resistance level, but also managed to rally up to the next key zone near $3850. BTC remains on a short-term buy signal in our trend model despite its relative weakness, but from a long-term perspective, it’s still in a clearly bearish setup.

With that in mind, investors should still expect a move towards the $3250 and $3000 support levels following the current counter-trend move, but traders could still hold smaller, speculative positions in the coin. Further strong resistance is ahead between $4000 and $4050, while below $3600, support is found just above $3450.

XRP/USDT, 4-Hour Chart Analysis

Ripple continues to be relatively weak compared to the broader market, and although it topped the $0.32 level amid today’s broad rally, it’s still only neutral in our trend model even from a short-term perspective. Also, the long-term setup is still hostile for bulls, and the test of the $0.28 and $0.26 levels still seems likely in the coming weeks, with strong resistance levels also ahead neat $0.3550, and $$0.3750.

Litecoin Hits Marginal New High as EOS Soars

LTC/USD, 4-Hour Chart Analysis

LTC haven’t been able to retain its leadership during today’s move, and although it scored a new marginal swing high, ending the short-term correction, the momentum of the current upswing is not convincing. Should LTC form a failed break-out pattern, our trend model will switch to neutral, but for now, the currency remains on a buy signal.

From a long-term perspective, Litecoin is still clearly in a bearish trend, so traders and investors should only consider short-term positions, but for now the break-out remains intact. The next level of resistance is ahead near $51, while is now found near $44, $38, and $34.50.

EOS/USD, 4-Hour Chart Analysis

EOS was also among the relatively stronger coins during the recent week, and after a failed move, today it surged to a significant new swing high, hitting the $3.50 resistance in the process. Our trend model remained on a short-term buy signal, during the recent consolidation, and although traders could take some chips off the table near the $3.50 level, the short-term trend is now bullish.

That said, the bearish long-term forces are still dominant in the market of EOS, and although the coin might test the $4.50-$5 zone, odds still the retest of the bear market low near $1.55 in the coming months. That said, traders could still to their short-term positions, following strict risk management rules, with support now found near $3, $2,80, and $2.55.

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 466 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

Ethereum Price Analysis: ETH/USD Bulls Aim to Retest 2019 Highs Ahead of Planned Hard Forks

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  • Ethereum bulls are back; the price has gained over 20% within the past nine sessions.
  • There is much anticipation across the community ahead of the scheduled hard forks on the Ethereum network.

ETH/USD: Recent Price Behavior

Ethereum’s bulls are demonstrating quality signs of a recovery, with the ETH/USD up over 8% at the time of writing on Monday. ETH/USD is running towards its fourth consecutive session in the green, having gained over 20% within that period. The extension to the upside came on the back of a breakout from a bullish pennant pattern formation. It had taken its shape from 9th February up until its breach was made on 17th February, playing out to the textbook.

It will not be too much of a surprise if the upcoming hard forks influence this current move. Previously, ETH/USD haD stormed higher on anticipation of them taking place; however, given their respective delays, sharp reversals were observed after these initial moves higher. The most recent storm north by the bulls has seen the price print its highest level in over five weeks. At present, there aren’t any signs of a slowdown in momentum, with not too much in the way of resistance for now.

Rally into Scheduled Hard Forks

The Ethereum network looks all set to accommodate its Constantinople this time around after being notorious for delays. Its upgrade was initially planned for release in 2018, which was then pushed back to January 2019, and was again delayed to late February 2019. The decision regarding the latest delay came after the smart contract auditing firm ChainSecurity discovered security vulnerabilities in one of the five Ethereum Improvement Proposals (EIPs).

This hard fork will include two separate forks that will occur on the same block. Constantinople remains the first fork, coinciding the other fork known as Petersburg. Both are set for activation on block #7,280,000. The above-detailed EIPs will see an improved approach to accommodating scaling solutions for the network. Also included in the upgrade are improvement on how contracts are processed, a more cost-efficient approach to processing information, and a 12-month delay to Ethereum’s so-called difficulty bomb, along with a mining reward reduction from 3 ETH to 2 ETH per block.

Technical Review – ETH/USD

ETH/USD daily chart.

Given the most recent breach of the containing pennant pattern, another wave of buying pressure is very much in play. Looking to the upside, the next area of interest for the bulls will likely be up at $165-$170. The price last traded up at these heights in January; they represent the peak for 2019 so far. Sellers forced the bulls to give up these levels at the time. Should the bulls manage to maintain the current momentum, eyes will then be on the move back into the $200 territory. In terms of support, this would likely come into play down at $125 on top of the broken down pennant.

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 124 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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Cryptocurrencies

6 Upcoming Events That Could Trigger a Price Pump for These Cryptocurrencies

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The kind of fundamental developments that sent a coin to the moon in 2017 had already started to lose their potency by the time 2018 came around. As the year wore on, we started to see partnership announcements and technical developments go unnoticed, when once the mere rumour of them was enough to positively impact the price of a coin.

And while 2019 will probably see an extension of this trend, I can’t help but think of the number of times I’ve seen a coin pump 50% in a week, only to go and check the project’s Twitter page and see that they’ve just implemented a new tech update.

By that time I’m too late, and whatever anticipation was being speculated on has turned into news, and is now being sold.

So in the spirit of experimentation, here’s a few upcoming technical updates due in the coming weeks.

Aeternity (AE) – First Mainnet Hardfork

Aeternity has three hardforks scheduled over the next year as it completes its migration from Ethereum. The date for this hardfork is only a few days away, but I include it on the basis of Aeternity’s previous volatility, exemplified in this chart from the last seventy days. Volume has been climbing all through February, from $10 million to $50 million.

Hardfork Date: February 20th

IOST (IOST) – Mainnet Launch

Just over a week away from mainnet, the IOST token price has shown signs of life with 4% growth in the past seven days. A summary of what the IOST mainnet promises to bring can be found here in a tweet from co-founder Jimmy Zhong.

Mainnet Launch Date: February 25th

 

Ethereum (ETH) – Constantinople Hardfork

The previously delayed Constantinople hardfork is scheduled for the end of the month. Block rewards will be reduced from 3 to 2 ETH, and the difficulty bomb will be delayed for another year, among other tweaks.

At time of writing ETH is up 8% for the week, with Constantinople ten days away.

Hardfork Date: February 27th

CyberMiles (CMT) – 15 Million Users’ Data Uploaded to Blockchain

A huge migration is set to take place at the end of February as the 5Miles mobile app uploads all of its customers accounts onto the CMT blockchain. Once launched, 5Miles clients will be able to transact independently across the chain. 5Miles is a ‘mobile marketplace’ where users buy and sell various items and services.

Launch Date: February 28th

Theta Token (THETA) – Mainnet Launch

Theta Token is another project set to leave Ethereum for its own mainnet. A look at THETA’s weekly chart shows a token at just about break even, but zooming out to the monthly view reveals that something has been building with THETA for a while.

Mainnet Launch Date: March 15th

QuarkChain (QKC) – Mainnet 1.0

QuarkChain was one of the darlings of the ICO period, and big things were expected from this highly rated project. Big things might still be on the horizon, and we may find out more about QuarkChain when the mainnet lands at the end of March.

Read more on what’s in store for QKC fans in 2019. The coin price has been falling all quarter, and all month. But that trend reversed for the first time this week as the coin regained 6% of its value. Volume jumped from $1 million to $6.8 million in the last few days.

Mainnet Launch Date: March 31st

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 146 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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