Breaking: Ripple spikes above $0.20, will Bitcoin and Ethereum follow?

Breaking: Ripple spikes above $0.20, will Bitcoin and Ethereum follow?
  • XRP/USD retreats from the recent high, still above $0.2000.
  • Bitcoin and Ethereum fail to follow the lead.
  • XRP/USD increased by 4% in a matter of minutes. The coin hit $0.2069 and retreated to $0.2047 by press time. A strong move above the psychological $0.2000 increased the bullish pressure and helped the coin to reach the highest level since March 12. Notably, Bitcoin and other major altcoins failed to develop a strong upside momentum and stayed sidelined inside the recent ranges.

    Considering an RSI reversal from an overbought territory on a 1-hour chart, the coin may be in for a short-term downside correction with the first support at $0.2030 with the upper line of the 1-hour Bollinger Band.

    If XRP/USD settles above $0.2000-$0.2030 area reinforced by 23.6%  Fibo retracement for the downside move from February 2020 high, the recovery will gain traction with the next focus on daily SMA100 at $0.2170. 

    Source: www.fxstreet.com


    Disbelief? Charts Suggest This Chainlink, Ether Rally Is Not Like 2019

    Disbelief? Charts Suggest This Chainlink, Ether Rally Is Not Like 2019

    Several altcoins have been showing strength in the past week with some of them seeing surges of more than 100%. One of them is Chainlink (LINK), whose price has risen 156% since Black Thursday, while Ether (ETH) price also rallied 135%.

    The main question becomes whether altcoins are back in the game, or whether it’s just a dead cat bounce once again.

    Crypto market daily performance. Source: Coin360

    Crypto market daily performance. Source: Coin360

    ETH has been trending upwards since the big crash on March 12, when Ether dropped by more than 50% in value as the chart is showing.

    ETH USDT 4-hour chart. Source: TradingView

    ETH USDT 4-hour chart. Source: TradingView

    The current uptrend is clear, during which every previous resistance has turned into support, resulting in an increase in price. The same support/resistance flip is currently occurring with the $190 level as this is now acting as support.

    As long as the $190 level holds as support, further surges of the price are likely with the next potential targets at $210-214 and $227-235.

    ETH USDT 1-day chart. Source: TradingView

    ETH USDT 1-day chart. Source: TradingView

    Could Ethereum still test lower levels, before surging more? Yes, definitely.

    A trend like these usually ends up with retests of lower levels before continuation. However, the bounce is significantly different than any other previous surges during the latter part of 2019, in which every previous support immediately turned into resistance.

    In other words, buyers are stepping in as the BTC pair of Ether is also showing strength in its movements.

    The primary resistances are currently found at $210-214 and $226-235, after which a correction should not come as a surprise. If this happens, the big support levels are $167, $150 and $122.

    ETH BTC 1-day chart. Source: TradingView

    ETH BTC 1-day chart. Source: TradingView

    The BTC pair of ETH remarkably found support at the 0.020 sats level, which led to a breakout of the price towards 0.026 sats.

    Since then, the price has been hovering above the key support level at 0.0246 sats. As long as that level remains support, further upwards momentum is likely to test the next level of resistance between 0.0268-0.0273 sats.

    The resistance between 0.0268-0.0273 sats is a crucial one as a further breakout above that level can warrant continuation towards 0.03 sats and possibly 0.036 sats. Once this occurs, further surges from altcoins can be expected, as the majority of the altcoins follow Ether, particularly since many altcoins are built on the Ethereum blockchain.

    However, losing the 0.0246 sats level as support would warrant further drops and pain for altcoins with 0.0229 and 0.022 becoming the key levels to watch.

    LINK USDT 1-day chart. Source: TradingView

    LINK USDT 1-day chart. Source: TradingView

    The USDT chart of LINK is showing a massive surge since the crash as well with the price rallying by 156% to $3.90. Does that mean that Chainlink will continue to rally without corrections? Probably not.

    The price of Chainlink has already been rejected by the resistance between $3.85-4, which is a natural and healthy move to see.

    However, holding the $3.48 level for support is a must. Dropping beneath this support area would warrant further downwards momentum with further tests of $2.90 and possibly even $2.44 on the table.

    LINK USDT 4-hour chart. Source: TradingView

    LINK USDT 4-hour chart. Source: TradingView

    The 4-hour chart of LINK is showing that there’s a clear breakdown of a rising wedge structure. The resistance was too strong, which led to a breakdown of this structure and tests of lower levels for support.

    As the chart is also showing, LINK is approaching a do or die level, namely $3.48 level, as that’s the previous top and resistance.

    Once that support can be held, a further test of the highs around $3.85-3.99 is likely. However, losing the support level leads to further downward tests of $3.23 and most likely the $2.90 level.

    LINK BTC 12-hour chart. Source: TradingView

    LINK BTC 12-hour chart. Source: TradingView

    The 12-hour chart of the BTC pair of LINK is similarly showing a clear breakdown after failing to break the 0.00052500 sats resistance. Bearish divergence, including decreasing volume, was signaling for this breakdown to occur.

    However, this breakdown is approaching the first crucial level of support. The 0.00045500-0.00046000 sats level is also a must-hold level for Chainlink. Then, for the rally to continue, the next level to break will be 0.00049000 if LINK price is to make new highs.

    If the price of Chainlink fails to hold the 0.00045500 sats level as support, further downwards momentum is expected with 0.00043500 and 0.00040500 as the first levels to watch for traders.

    LINK BTC 2-hour chart. Source: TradingView

    LINK BTC 2-hour chart. Source: TradingView

    The most likely scenario for a potential bounce and short-term relief would be a structure as drawn in the chart. The RSI indicator is showing that the price is due for a bounce upwards confluent with the support area.

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

    Source: cointelegraph.com

    Author: Michaël van de Poppe


    Grayscale Buys 50% of All Ethereum Mined in 2020 | Altcoins Bitcoin News

    Grayscale Buys 50% of All Ethereum Mined in 2020 | Altcoins Bitcoin News

    Grayscale Buys 50% of All Ethereum Mined in 2020

    Digital asset manager Grayscale Investments bought about 50% of all newly mined ethereum so far this year. It now holds the equivalent of 1.1% of ETH in circulation, according to a post on Reddit.

    Grayscale operates 10 cryptocurrency investment products focused on institutional investors. As of April 24, the company had $2.7 billion worth of digital assets under management. The Ethereum Trust accounts for $234.7 million of investments while more than $2.3 billion are held in the Bitcoin Trust. Other funds cover BCH, zcash, XRP, and more.

    As per the post, Grayscale bought 756,539 ETH since the beginning of this year. That’s 48.4% of all coins extracted since the start of 2020. In total, 1,563,245 ether have been mined during this period. The Redditor opined:

    Given the recent increase in investments, this percentage could be much larger in the future.

    Grayscale has been aggressively stockpiling ethereum. The cryptocurrency asset manager reported that its ETH inflows reached an all-time high during the first quarter of 2020. It said inflows to the Ethereum Trust reached $110 million in the quarter, compared to combined inflows for the previous two years of $95.8 million.

    With the Grayscale Ethereum Trust, institutional investors can gain exposure to ETH but without actually owning any coins. This means Grayscale will have to hold large amounts of ether in its portfolio.

    There’s also the planned upcoming Ethereum 2.0, which might be leading investors to take positions in ETH. The system upgrade will reward new coins to “validators” holding at least 32 ETH.

    What cryptocurrency will become the main one in a year?
    BitcoinEthereum

    The price of ethereum has risen sharply since the March 12 crash, spurred by the network’s imminent switch from proof-of-work to proof-of-stake or the so-called Ethereum 2.0.

    ETH is up more than 40% in the last 30 days and about 8% in the last week. At the time of writing, the second-largest cryptocurrency by market cap was down 0.93% to $193.20 over the past 24 hours, according to data from markets.Bitcoin.com.

    What do you think about Grayscale’s ethereum purchase? Let us know in the comments section below.

    'Governments Will be Unable to Shut It Down' - John McAfee to Launch Privacy Centric Crypto

    Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

    Read disclaimer

    Source: news.bitcoin.com

    Author: Altcoins by Jeffrey Gogo


    Breaking: Ripple spikes above $0.20, will Bitcoin and Ethereum follow?

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