Welcome to this updated analysis on Ethereum! Let's get right to it! Looking at the four-hour chart, you can see that we're zoomed into the right shoulder of the large head and shoulders pattern on the chart. This is because we have an interesting development that is emerging right now. As you can see, ETH has rallied with the rest of the crypto space, and it is actually trading slightly above the neckline resistance (in red.) Now that we're back inside of the right shoulder, we could see a continuation into higher resistance levels, such as the 50 EMA (in orange) and then the...
Key Highlights ETH price was under immense bearish pressure and it declined below the $560 support against the US Dollar. There is a major bearish trend line forming with resistance at $575 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair may continue to slide and it could even break the $500 level in the near term. Ethereum price declined sharply during the past few days against the US Dollar and Bitcoin. ETH/USD could continue to move down below the $500 level. Ethereum Price Decline This past week, a major downside move was initiated from the $750 swing high...
Yesterday’s technically triggered dip continued today in early trading, with losses across the board among the majors. The failure of the two largest coins to break-out of their respective broad declining trend was behind the widespread selling, but the damage is limited so far, and the recovery that started exactly one month ago is still intact. BTC/USD, 4-Hour Chart Analysis Sponsored That said, the short-term picture remained bearish in Bitcoin and the major altcoins, with Bitcoin dipping below the initial $10,500 support today before bouncing back slightly in the European session. The continued Chinese crackdown on the segment weighs on BTC besides the...
Based on its chart, the Request Network/Ethereum (REQ/ETH) pair appeared to have an initial coin offering price of 0.0012. Unfortunately for participants who bought the ICO the market closed at 0.00016986 on its first day of trading; October 27, 2017. That’s an astounding 85.85% loss in one day! After losing so much of its value, the market consolidated and established support of 0.000115 on November 2. It came back to life on December 13 after breaching resistance of 0.0003. The momentum of the breakout was so strong that the pair went as high as 0.00119798 on January 1, 2018. As...
The Genesis Vision/Ethereum (GVT/ETH) market started its uptrend on January 4, 2018 when it breached resistance of 0.015. The breakout was so strong that it went as high as 0.048 on January 7. At this price level, however, the market was in extreme overbought territory. Breakout buyers took the opportunity to dump positions. As the market succumbed to heavy selling pressure, GVT/ETH went as low as 0.01333 on January 18. It consolidated around 0.015 support for about a month until a surge in price and volume on February 17 brought the market back to life, and sent it to as...
As the correction in the cryptocurrency segment lost momentum during the weekend, several major coins started to show signs of accumulation, and today, a broad rally carried most of the top currencies well above the correction lows. While the sector is still not out of the woods, today’s advance confirmed the positive signs that we have been monitoring throughout the pullback. For now, there are still strong resistance zones ahead of the top coins and the broad declining trend is still intact in Bitcoin, Ethereum, Ripple, and most of the smaller altcoins as well. That said, we remain bullish regarding the...
The TRON/Ethereum (TRX/ETH) market launched its bull run on December 16, 2017 when it breached resistance of 0.000045. The momentum of the breakout was so strong that the pair went as high as 0.00032 on January 5, 2018. At this point, however, the market flashed extreme overbought signals. This prompted breakout players to start taking profits. Sponsored Faced with heavy selling pressure, TRX/ETH went as low as 0.00011043 on January 6. While the pair did bounce, it created a bearish lower high setup of 0.00018866 on January 8. Noticing that the market was running out of steam, participants dumped their...
The correction of the post-crash rally is still dominant in the cryptocurrency segment, despite the encouraging bounce on Friday, as Bitcoin is dragging the market lower. The coin turned relatively weak in recent days after an extended period of outperformance, but even BTC is holding up well, with the bearish momentum being far from disastrous. Sponsored Ethereum’s relative strength, on the other hand, is slowly building, as we first noted it during the Thursday sell-off, and the second largest could be spearhead the next leg higher. The early leaders of the rally, Ethereum Classic and Litecoin are also acting...
The day that kicked off in a bullish fashion for cryptocurrencies turned slightly negative for the majority of the coins in the second half of the session, as US stock markets re-opened after the long weekend. Bitcoin, Ethereum Classic, and Litecoin were the early leaders of the segment, but only the most valuable coin stayed bullish throughout the session, as both LTC and ETC ran into resistance in the second half of the day. BTC, which was boosted by the positive news regarding the Bitcoin Core Wallet’s SegWit introduction, topped $11,700 for the first time in more than a month, and...
The cryptocurrency market continued to heal considerably, as the major coins keep on successfully tackling resistance levels following a very deep sell-off that shaved off more than 60% of the market value of the segment. The sector is now back near the $500 billion mark in market capitalization, but investors shouldn’t get complacent here, as corrections will come along the rally, and the dominant downtrend is intact in most cases, with BTC being no exception. With that in mind, today might not be the best time to open new positions, even as BTC could still get to the next resistance level...
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