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Ethereum Prices Stabilize After Bullish Breakout

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Ethereum stabilized against the dollar Friday, after a bullish advance took the world’s No. 2 digital currency back toward the $300 price range.

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Bulls Stop Short at Psychological Level

A bullish breakout on Thursday sent ether prices surging toward the all-important $300 level. The ETH/USD maxed out around $287 on Thursday before falling $30 in subsequent hours. In the process, ether fell through the 50% Fibonacci retracement level of the Sept. 18 breakout.

The ETH/USD is up more than 2% during Asian trade, with prices hovering around $264. The latest pullback pushed ether into oversold territory, according to the Relative Strength Index. In the process, prices have moved below the 100-day simple moving average (SMA).

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Ethereum briefly fell below $200 last week after China moved forward with its ban on ICOs. Chinese authorities are now ordering bitcoin exchanges in the capital to close as its attack on cryptocurrency widened. All bitcoin exchanges in Beijing and Shanghai have submitted plans to wind down their operations.

China is taking a knife to cryptocurrency as part of a plan to reduce the country’s exposure to financial risk. Savvy mainland investors have used digital currency to reduce their exposure to the yuan, a volatile currency that has been systemically devalued since mid-2015.

As it turns out, bitcoin traders are moving to Japan for more favorable regulations. The Japanese government has decided to recognize the blockchain, setting the stage for large uptake in the world’s third-largest economy.

Coindash Hacker Returns $3 Million Worth of Ether

In a surprise twist, a Coindash hacker has reportedly returned $3 million USD worth of stolen ether funds to his victim. The attack was carried out two months ago when hackers hijacked Coindash and redirected more than $7 million worth of ether into their private coffers.

Ether rose sharply through the latter half of summer, making the pot of stolen funds about $3 million more valuable at today’s prices.

The $3 million return transaction is listed on the blockchain and has been publicly announced by Coindash.

The Coindash platform combines cryptocurrency trading with social network capability for investors. This puts it in the same realm as eToro, a leading online financial broker that has pioneered social trading. It too has moved into the cryptocurrency sphere after starting off as a forex broker.

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 343 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Analysis

Crypto Update: Coins Hit 6-Week Highs as Rally Continues

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Bullish price action is still dominant in the cryptocurrency segment today, despite the recent lofty gains, and the overbought short-term picture in the ace of most of the majors. Correlations continue to break down, as more and more coins are in confirmed uptrends, with the total value of the market hitting $400 billion for the first time since early March.

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The top digital currencies are mixed today in the generally positive environment, with Bitcoin Cash, IOTA, Ethereum Classic, Dash, and Monero showing relative strength, in the face of the slightly overbought short-term momentum readings. While this is not the best moment to enter new short-term trades with regards to the majority of the coins, the long-term setup favors further gains in the coming weeks.

BTC/USD, 4-Hour Chart Analysis

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Altcoins have been leading the market higher in the last couple of weeks, and Bitcoin is still stuck below the $9000 level, as it continues to slightly lag behind from a short-term perspective. The coin ran into the strong resistance zone between $9000 and $9200 after breaking out of the broad declining trend.

Now a pullback is likely, given the slight weakness, with a possible test of the prior swing high at $8400. In case of a bullish move, the next target is at $10,000, and long-term investors should still add to their holdings on the short-term dips.

ETH/USD, 4-Hour Chart Analysis

Ethereum kept on creeping higher to marginal no rally highs in the last couple of days, nearing the $650 level despite the overbought short-term picture. Short-term traders should still not enter new positions here until the overbought readings are cleared, while long-term investors could still add to their holdings during the pullbacks.  Resistance zones are ahead near $735 and $780, while primary support is between $555 and $575.

Altcoins Diverging but Bulls Remain in Control

XRP/USDT, 4-Hour Chart Analysis

As we noted, the correlation between the coins is lower than during the downswing, and that confirms the bullish price action in the segment. Ripple is trading in a consolidation pattern near the $0.84 level, and although the overbought momentum readings are not yet fully cleared, the trend is clearly bullish and a new short-term buy signal is likely in the coming days.

Among the other recent leaders, IOTA triggered short-term sell signal, reaching the strong resistance zone near $2.2. EOS, Stellar, Cardano, and NEO are consolidating their gains, while Dash, Monero, and ETC are trading slightly above last week’s highs, but traders shouldn’t chase them higher here, as a short-term correction is likely soon.

Stay tuned for our detailed long-term technical analysis coming out later on today.

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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4.5 stars on average, based on 228 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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Altcoins

EOS Remains Fifth-Largest Cryptocurrency Following Airdrop

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EOS continues to hold the fifth spot on the cryptocurrency world rankings, as the coin overcame post-airdrop fatigue en route to steady gains. The cryptocurrency has even gone as far as outshining many of its peers over the last two weeks, giving rise to further optimism about the upcoming eos.ios platform.

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EOS Price Levels

The value of EOS rose 5% on Sunday to $11.39, where it remained the world’s largest cryptocurrency by market cap. The total EOS market is valued at $9.3 billion, which is roughly $900 million higher than Litecoin, the No. 6 coin.

Trading at nearly three-month highs, EOS has rebounded 177% from its bear market low Mar. 18. Unlike other major cryptocurrencies, EOS overcame the recent swing low culminating on Apr. 6. Nevertheless, the coin has gained more than 95% since that date.

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Nearly $1 billion in EOS tokens exchanged hands on Sunday, according to data provider CoinMarketCap. That made EOS the fourth most actively traded currency worldwide, with Asian exchanges Huobi, OKEx and Bithumb processing the largest share of transactions.

Interestingly, EOS was on one side of roughly 13% of USDT trades. USDT is the native token of Tether, the so-called stablecoin that claims to be backed by U.S. dollars.

EOS, which also trades against other major cryptocurrencies, was last valued at 0.001297 BTC (-0.2%) and 0.018146 ETH (-2.8%).

Democratizing Blockchain

As an operating system, EOS is being designed to give developers the tools to build decentralized applications (DAPPs) through the delegated proof-of-stake mechanism. This system seeks to democratize the development process using a voting system that is equivalent to the number of coins each party retains. Only voted block producers can participate in the production of blocks and be rewarded by the network.

Given its proof-of-stake mechanism, EOS generated significant buzz earlier this month when it announced a lucrative airdrop event for Apr. 15. The terms of the airdrop stipulated that each EOS holder with 100 or more units would receive an equivalent number of eosDAC tokens.

eosDAC is an ERC-20 token that will migrate to the EOS platform once it is launched in early June. In time, it is probably that eosDAC tokens will also provide DAPP- and utility-based services that can be used by network members. A full ICO review of the eosDAC project can be found here.

Anticipation for the Apr. 15 event triggered a huge spike in the value of EOS, which is not uncommon when airdrops are deployed. The sustainability of the rally post-airdrop suggests EOS is generating significant interest ahead of the platform’s launch.

Brought to life by Dan Larrimer, EOS is widely considered to be Ethereum’s next big challenger. Both platforms will compete in DAPPs and infrastructure development, potentially bringing blockchain further into mainstream discourse.

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 343 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

Cryptocurrency Market Approaching $400 Billion as Bitcoin Tests $9,000

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The cryptocurrency market extended its bullish rally on Sunday, as bitcoin and the major altcoins continued to test multi-month highs. Buy orders accounted for the overwhelming majority of transactions, giving rise to expectations of a more sustained upswing in prices.

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Cryptocurrency Rally Continues

The combined value of all cryptocurrencies peaked at $397.2 billion on Sunday, the highest since Mar. 8. At press time, the market was valued just below $394 billion.

Transaction volumes ebbed on Sunday, with daily turnover amounting to $20.8 billion. Volumes were up around $25 billion on Saturday.

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In terms of individual currencies, bitcoin crossed the $9,000 mark for the second time in as many days. The digital currency was last seen trading at $8,932, having gained 4.8%. However, its share of the total market decline to around 38%.

All major altcoins contributed positively to the rally, with Ethereum gaining nearly 5% to $632. The value of Ripple XRP rose 2.6% to $0.886. Bitcoin cash also extended its bullish rally, climbing nearly 7% to $1,226.

Since bottoming at $249 billion on Apr. 6, the cryptocurrency market has added nearly $150 billion in value. Since the market crash of early February, coins have crossed the $500 billion mark on only one occasion, and that was roughly two weeks later. The total market has been capped below $400 billion since early March.

Bulls in Firm Control

The dramatic recovery in cryptocurrency prices can be summed up in one vital statistic: nine out of every ten trades have been buy orders. That figure was as high as 92.9% on Thursday, according to TurtleBTC.

Cryptocurrency trading is largely governed by investor sentiment, especially among speculators entering the market for a quick profit. This environment, when combined with thin volumes, often generates sporadic trading conditions that are characterized by extreme volatility.

Sentiment has been overwhelmingly positive over the last two weeks as investors looked to capitalize on extreme oversold conditions. Traders have seemingly shrugged off negative news headlines concerning India’s crackdown on cryptocurrency trading as well as the state of New York’s inquiry into exchanges.

There’s strong reason to believe that South Korean traders are playing a major role in the price recovery. According to the most recent volume rankings, three South Korean exchanges are among the top-five in total trading volumes.  They are: OKEx ($1.8 billion in daily volume), Upbit ($965 million) and Bithumb ($751 million).

With the recent spike in volume, cryptocurrencies are once again trading at a large premium in South Korea. This is generally the norm during bull cycles due to high demand and supply constraints. These premiums drew negative attention to exchanges last year as government officials began equating cryptocurrency trading with gambling.

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 343 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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