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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 03/05/20

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 03/05/20

EOS rose by 2.52% on Saturday. Following on from a 1.53% gain on Friday, EOS ended the day at $2.9417.

A mixed start to the day saw EOS fall to an early morning intraday low $2.8571 before making a move.

Steering clear of the first major support level at $2.8196, EOS rallied to a late afternoon high $2.9351.

EOS broke through the first major resistance level at $2.9289 before falling back to sub-$2.89 levels.

Finding late support, EOS broke back through the first major resistance level to a final hour intraday high $2.9495.

At the time of writing, EOS was up by 1.62% to $2.9895. A bullish start to the day saw EOS rally from an early morning low $2.9415 to a high $3.0136.

EOS broke through the first major resistance level at $2.9751 and the second major resistance level at $3.0085.

EOS would need to break back through the second major resistance level at $3.0085 to bring the third major resistance level at $3.1009 into play.

Support from the broader market would be needed, however, for EOS to break back through to $3.00 levels.

Barring another extended crypto rally, the second major resistance level and resistance at $3.00 would likely limit any upside.

Failure to break back through the second major resistance level at $3.0085 could see EOS give up early gains.

A fall through to sub-$2.9160 levels would bring the first major support level at $2.8827 into play before any recovery.

Barring a crypto sell-off, however, EOS should steer well clear of sub-$2.90 levels on the day.

Major Support Level: $2.8827

Major Resistance Level: $2.9751

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum rose by 1.02% on Saturday. Following on from a 2.85% gain on Friday, Ethereum ended the day at $214.25.

Tracking the broader market, Ethereum fell to a mid-morning intraday low $210.57 before making a move.

Steering clear of the first major support level at $206.32, Ethereum rallied to a late afternoon intraday high $215.59.

Falling short of the first major resistance level at $217.72, Ethereum fell back to sub-$212 levels and into the red.

Finding late support from the broader market, Ethereum recovered to $214 levels to wrap up the day in the green.

At the time of writing, Ethereum was up by 1.59% to $217.66. A bullish start to the day saw Ethereum rally from an early morning low $213.74 to a high $219.48.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $216.37 and second major resistance level at $218.49.

Ethereum would need to break back through the second major resistance level at $218.49 to bring $220 levels into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $219.48.

Barring an extended crypto rally, the second major resistance level and resistance at $220 should limit any upside.

Failure to break back through the second major resistance level could see Ethereum hit reverse.

A fall back through sub-$213.50 levels would bring the first major support level at $211.35 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $208.45.

Major Support Level: $211.35

Major Resistance Level: $216.37

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP rose by 2.80% on Saturday. Following on from a 2.94% rally on Friday, Ripple’s XRP ended the day at $0.22392.

A mixed start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.21541 before finding support.

Steering clear of the first major support level at $0.2112, Ripple’s XRP rallied to a late afternoon intraday high $0.22557.

Ripple’s XRP broke through the first major resistance level at $0.2245 before falling back to sub-$0.2210 levels.

Finding late support, however, Ripple’s XRP bounced back to wrap up the day at $0.2230 levels.

At the time of writing, Ripple’s XRP was up by 0.70% to $0.22548. A bullish start to the day saw Ripple’s XRP rally from an early morning low $0.22337 to a high $0.22684.

Ripple’s XRP left the major support and resistance levels untested early on.

Ripple’s XRP will need to avoid sub-$0.2220 levels to support another run at the first major resistance level at $0.2279.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.22684.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $0.22557 would likely leave Ripple’s XRP short of $0.23 levels.

Failure to avoid sub-$0.2220 levels could see Ripple’s XRP hit reverse.

A fall through the morning low to sub-$0.2220 levels would bring the first major support level at $0.2177 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2115.

Major Support Level: $0.2177

Major Resistance Level: $0.2279

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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Source: finance.yahoo.com

Author: Bob Mason


Ethereum [ETH] Breaks Below Critical Support at $200 with Bitcoin's DeFi Inclusion

Ethereum [ETH] Breaks Below Critical Support at $200 with Bitcoin’s DeFi Inclusion

Ethereum [ETH] based DeFi, MakerDAO, adds support for Bitcoin [BTC] as a collateral to issue the DAI stablecoin. WBTC (Wrapped Bitcoin), issued on Ethereum, will now be used in addition to ETH, BAT, and USDC to open Maker Vaults in order to generate Dai.  Maker developers noted in the update yesterday,

Bitcoin holders can now turn their BTC into WBTC (bringing Bitcoin to the Ethereum blockchain), and then use it to generate Dai.

MakerDao is one of the leading DeFi solutions built on Ethereum. Widening the collateral pool to include a variety of cryptocurrencies essentially generates FIAT using the value of cryptocurrencies. Nic Carter, leading on-chain analyst and founder of Coinmetrics, noted,

I think “pure” crypto-backed stablecoins are very powerful & highly value accretive to the underlying native units (i.e. btc & ether). There’s merit in staying pure. Even though it’s more expensive to create $s (dollar) out of pure crypto collateral.

Nevertheless, there remains considerable risk w.r.t. to the volatility and growth of this collateral. Moreover, the addition of Bitcoin to the DeFi pool presents a value risk for the use of Ethereum. Currently, the dominance of Bitcoin and Ethereum over the crypto-market is 66% and 9%, respectively.

Moreover, the strong correlation in the price of cryptocurrencies with Bitcoin, usually determines the trend for the altcoins as well. Crypto trader, Brandon Lawless (alias), observed a strong bull and bear trends based Bitcoin above (red) or below (blue) the 20-week average. The 20-period weekly moving average is currently at $7965.

On a daily scale, the trend post the coronavirus crash has been bullish. However, it has formed an ascending wedge which is a bearish pattern. The price is currently approaching a break-out below support at $200.

Nevertheless, the 50-period EMA (Exponential Moving Average) is looking form a ‘golden cross’ with the 200- Day EMA, which is bullish if confirmed.

The price of Ether [ETH] at 5: 15 hours UTC on 4th April 2020 is $196. The price action and daily closing today will be of considerable importance in establishing short-term trend in Ether [ETH].

Are you leaning bullish or bearish on altcoins? Please share your views with us. 

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

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Ethereum [ETH] Breaks Below Critical Support at $200 with Bitcoin’s DeFi Inclusion

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Moreover, the strong correlation in the price of cryptocurrencies with Bitcoin, usually determines the trend for the altcoins as well.

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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Source: coingape.com


Just 10 Ethereum Addresses Control 17% of the ETH Supply » NullTX

Just 10 Ethereum Addresses Control 17% of the ETH Supply » NullTX

ethereum erc code

When looking at the distribution of cryptocurrencies, there will always be so-called “whale accounts”. In the case of Ethereum, those accounts hold a significant amount of funds, yet there doesn’t appear to be any cause for concern.

An independent audit of the top 10,000 Ethereum wallet addresses by balance has been conducted.

As was to be expected, the top 10,00 addresses hold a combined value of over 91.7 million Ether.

Qries

More specifically, the top 10 addresses hold 17% of the Ether supply on the market today.

To many people, that would seem incredibly worrisome.

However, things may not be as problematic as they appear at first.

Some of these addresses may belong to the many cryptocurrency exchanges on the market.

Additionally, there are addresses tied to popular smart contracts, which would explain their higher balance.

Because of this technology, one could argue that the distribution of Ether may look somewhat odd.

Even so, having so few addresses control a vast percentage of the supply will spark debates for some time to come.

Given the upcoming switch to proof-of-stake, these wallets will be be watched like a hawk.

All in all, it is important to note that this distribution doesn’t look all that different from Bitcoin’s. 

Source: nulltx.com

Author: JP Buntinx


MakerDao launches Bitcoin on Ethereum blockchain

MakerDao launches Bitcoin on Ethereum blockchain

The prospect of Bitcoin on Ethereum blockchain has always fascinated the crypto fans. Now, MakerDao has achieved this feat by using a ‘Wrapped Bitcoin.’ The decentralized community, Maker Dao, has full authority over the MakerDao Protocol, and they have decided that a new collateral asset called ‘Wrapped Bitcoin’ (wBTC) is an ideal way to bring Bitcoin on Ethereum blockchain.

Bitcoin holders can now turn their BTC into WBTC (bringing Bitcoin to the Ethereum blockchain), and then use it to generate Dai.https://t.co/STskGXQeff

cc @WrappedBTC

— Maker (@MakerDAO) May 3, 2020

According to the announcement, the MakerDao protocol will now offer transactions between BTC and ETH using a wBTC, which is an ERC20 token. Such a setup will undoubtedly increase the liquidity quotient on the platform.

Interestingly, Bitcoin is the fourth offering on the MakerDao DeFi platform. There are already three collateral asset categories in the ecosystem, namely USDT, ETH, and BAT. Traders are already transacting using these asset types. With the introduction of Bitcoin on Ethereum blockchain, the wBTC Maker Vaults would now be permitted to ensure appropriate Dai generation.

With the launch of BTC on ETH blockchain, liquidity crunch will be sorted to a great extent. The entry of wBTC is beneficial for the entire DeFi realm, including the decentralized exchanges.

Adding Bitcoin on Ethereum blockchain wasn’t easy – both technically and policy-wise. Now, Bitcoin users will be creating a Dai using their wBTC to create a vault. Oasis Borrow will handle the duties of vault management. The five-step process involves CoinList registration, fulfilling the KYC requirements, wrapping Bitcoin to wBTC, undertaking transaction with wallet, and lastly, creating a wBTC vault to build a new DAI.

With the rise of DeFi, the entry of BTC was only a matter of time. Earlier, there were speculations whether or not BTC would enter the DeFi ecosystem. But with the launch of Bitcoin on Ethereum blockchain, all these doubts have been put to rest.

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Source: www.cryptopolitan.com

Author: Gurpreet Thind


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