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Ethereum Prices Stable Ahead of 06:00 UTC Hard Fork

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The world’s second-largest blockchain community is taking things steady ahead of Monday’s highly anticipated upgrade. At present, there is no indication that any market participant will reject the Byzantium upgrade once Ethereum hits block 4,370,000, which is scheduled to occur around 6:00 UTC.

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ETH/USD Price Levels

Ether prices rose by as much as 4% on Monday morning before paring gains later in the session. At press time, the ETH/USD is trading around $342.00, according to Bitfinex, for a market cap of $32.5 billion.

Ethereum’s value has risen by a third since Sept. 15, reflecting a broad rally in the cryptocurrency market. The ETH/USD is expected to continue rising this week as the bulls eye $380.00 and beyond.

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On the other hand, ether remains under heavy selling pressure versus bitcoin following the latter’s record-breaking rally. The ETH/BTC exchange rate is currently trading at 0.063.

Hard Fork Countdown

Developers are counting down blocks to signal the upgrade, which means that it can occur at any time. Hard forks are based solely on block number instead of a specific time. Although this is a logical way to orchestrate an upgrade, coordination isn’t always so easy.

Investors can keep track of how many ether blocks have been mined using the Singapore-based CodeTract.

The Byzantium upgrade is part of the much larger Metropolis protocol designed to make the blockchain lighter and more efficient. This will not only boost network privacy, but make it easier for decentralized applications (dapps) to proliferate on the platform.

Hacked.com has kept a close eye on the hard fork all week long. Last week, we reported that developers are mostly optimistic about the upcoming fork. This weekend, we covered a DoS bug that was found on the Geth software and provided an update on the Ethereum Foundation.

Geth, which is Ethereum’s most popular client, issued the following reminder on Saturday:

“Please upgrade before block 4_370_000!”

Featured image courtesy of Shutterstock

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Cryptocurrencies

Trade Recommendation: IOTA

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If the price bounces from the support zone formed by SMA100 and 3.00 level, we should expect for continuation of the uptrend. When the price breaks the downtrend line, we’ll get a buy signal and an additional confirmation of further upward movement. Pending orders for buy can be placed above the local swing high at 4.10 level with stop at 3.30 level. Profit targets are 5.00 and 8.00 levels. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: IOTUSDT
Buy: 4.10
Stop: 3.30
Profit Targets: 5.00 and 8.00

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The trading signal is based on Bitfinex chart.
Disclaimer: The analyst does not have investments in IOTA.

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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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