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Ethereum’s Comeback Stalls at $300 (Again)

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Ethereum bounced back earlier this week, but found itself trading in familiar territory against the dollar with very little impetus to continue higher.

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Ethereum Price Levels

ETH/USD traded within a narrow range Friday morning, with prices maxing out at $298.55, according to Bitstamp. That gives the Ethereum blockchain a total market cap of around $28.3 billion.

The world’s second-largest cryptocurrency by market cap managed to turn things around mid-week, climbing toward $310 before falling back down again. Ether finds itself in a familiar trading range with few catalysts to carry prices higher. Immediate support is likely found between $290 and $295. The $305-$310 region is where the major resistance lies.

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Prices rose above $340 earlier this month as the bitcoin rally carried the cryptocurrency market to near-record highs.

Ether has been in a perpetual state of decline against rival bitcoin for the better part of four months. The ETH/BTC cross currently trades at around 0.05. Ether has declined more than 60% against bitcoin since mid-June.

Tokens 2.0

Earlier this week, Ethereum founder Vitalik Buterin declared that 90% of tokens will fail. But rather than give a gloomy outlook, Buterin said the next phase of cryptocurrency startups will be better than ever.

He calls this phase, which will arrive sooner than you think, “Tokens 2.0.” Naturally, that means we are currently in “Tokens 1.0.”

Initial coin offerings (ICOs), the controversial crowdfunding model that is scaring the pants off regulators, have grown at a mind-numbing rate. Most of these ICOs are using Buterin’s network to launch their tokens. More than $2.3 billion has flowed into token crowdsales this year alone, dwarfing early-stage venture capital financing.

It’s uncertain exactly what “Tokens 2.0” will bring. Better ideas and more advanced technology are a given. The real question is the regulatory landscape that will underpin ICOs and cryptocurrency more generally. Nation-states are still feeling their way through this market and arriving at entirely different conclusions.

Featured image courtesy of Shutterstock. 

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Cryptocurrencies

Trade Recommendation: Litecoin

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In spite of the market looks too overbought and it can start correction movement at any time, Bitcoin shows that even such markets can continue make new highs. This trading idea is based on a breakout above the resistance level with further upward movement. The price bounces from Tenkan and Kijun lines. DMI shows that the bulls become stronger and it supports the buy signal. Pending orders can be placed at 330.00 level with stop orders below the local swing low at 278.00 level. Profit targets are 400.00 and 450.00 levels. This is a high risk trade. The market did not correct the previous good upward movement. It means that Litecoin can drop and we must be ready to such falling. Don’t invest much volume in this trade and use stop orders. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: LTCUSDT
Buy: 330.00
Stop: 278.00
Profit Targets: 400.00 and 450.00

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Litecoin.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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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.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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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.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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