This Fractal Predicts Ethereum Will Soon See One Leg Higher To $500

This Fractal Predicts Ethereum Will Soon See One Leg Higher To $500

Ethereum and Bitcoin have been subject to a strong correction over recent days. Both cryptocurrencies have dropped over 10% from their year-to-date highs, set just a week ago.

ETH is set to return to its uptrend, though, according to one analyst. The analyst in question has been historically accurate, predicting months before it happened that Bitcoin would hit the $3,000s and XRP would revisit $0.11 in 2020.

The fractal the analyst shared isn’t entirely bullish, though.

The fractal also suggests that after the market tops after the next leg higher, a correction to the downside will be seen that dwarfs the current one.

A fractal predicts that Ethereum could soon undergo a thrust higher that will take it towards new local and year-to-date highs at $500.

Image

Chart of ETH's price action ovewr the past few weeks with a fractal analysis by crypto trader il Capo of Crypto. Chart from TradingView.com

Another historically accurate analyst has thrown his weight behind this sentiment. The trader that predicted months in advance that Bitcoin would bottom 2018’s bear market at $3,200 wrote the following in a recent analysis:

“Short term downtrend broken on eth, it successfully had everyone flip bearish over the weekend, now it needs to flip these 50 and 100mas on 4h and its clear skies to $500. Not out of danger just but its looking much nicer,” he explained.

Source: www.captaingeek.net


Filecoin tests pave way for Ethereum fee restructure – Accu-rate

Filecoin tests pave way for Ethereum fee restructure – Accu-rate

A long anticipated Ethereum Improvement Proposal (EIP) which aims to tackle high network fees is currently being tested on the Filecoin network.

A proposal to change Ethereum’s fee structure has been in the pipeline since first being suggested in April 2019. A surge in network fees in recent months has brought the spotlight back on to EIP 1559, and it is being trialled on the digital storage platform Filecoin.

Ethereum co-founder, Vitalik Buterin, tweeted an update as more information and research is piled into the proposed upgrade.

In case you missed it: recent writing on fee market reform (EIP 1559)

* My FAQ: https://t.co/E9JvIUkazS
* @MicahZoltu on safety: https://t.co/uNOEqSDNxV
* @bluepintail on fairness: https://t.co/bJYJSR1b0o

Oh and it seems to be working great on filecoin:https://t.co/sgWLPF1VXg

— vitalik.eth (@VitalikButerin) August 26, 2020

Filecoin software engineer, Jeromy Johnson, said the EIP code ‘appears to be doing its job’ on an ongoing test on the network. He added that there had been a couple of spikes in “base fee”, which is the new network fee architecture, but there was very little delay in messages making it into the chain.

Filecoin is a decentralized storage platform that is in the testnet phase. It has targeted September for the mainnet launch according to its August progress update. Sharing technology with Ethereum makes it a good testbed for EIP 1559.

On August 22, PegaSys developer Tim Beiko tweeted that two Ethereum clients are currently privately testing the code, Vulcanize’s geth fork and Besu. He added that he would personally like to see EIP 1559 implemented on a network with a large state, such as Ropsten, to see if larger blocks are an issue.

The proposal introduces the ‘base fee’ mechanism that dynamically adjusts fees based on the current network congestion levels. Currently, Ethereum network fees are calculated in an auction-type system where users ‘bid’ how much they’re willing to pay to have their transaction picked up by a miner. Naturally, the miners prioritize the higher bids first which leads to congestion and high gas prices under heavy load.

Under the new proposal, if the blockchain is more than 50% utilized then the base fee increases automatically, but if it is under 50% utilized, then it would decrease. Ethereum users would still be able to ‘jump the queue’ by paying a ‘tip’ on top of the base fee. All of the fees in ETH that are paid via the base fee are burnt and only the ‘tip’ is paid to miners.

The maximum difference in base fee from block to block would then be predictable because these increments are constrained. This would then allow wallets and dApps to automatically set the gas fees for users more reliably rather than simply estimate them.

It may be a while before EIP 1559 is rolled out on the Ethereum mainnet however. ETHhub founder Anthony Sassano predicted at least 6-12 months in his Daily Gwei newsletter on August 24.

Source: news.accurateft.com


This Fractal Predicts Ethereum Will Soon See One Leg Higher To $500

This Fractal Predicts Ethereum Will Soon See One Leg Higher To $500

Home / Bitcoin / This Fractal Predicts Ethereum Will Soon See One Leg Higher To $500

Ethereum and Bitcoin have been subject to a strong correction over recent days. Both cryptocurrencies have dropped over 10% from their year-to-date highs, set just a week ago.

ETH is set to return to its uptrend, though, according to one analyst. The analyst in question has been historically accurate, predicting months before it happened that Bitcoin would hit the $3,000s and XRP would revisit $0.11 in 2020.

The fractal the analyst shared isn’t entirely bullish, though.

The fractal also suggests that after the market tops after the next leg higher, a correction to the downside will be seen that dwarfs the current one.

A fractal predicts that Ethereum could soon undergo a thrust higher that will take it towards new local and year-to-date highs at $500.

Image

Chart of ETH's price action ovewr the past few weeks with a fractal analysis by crypto trader il Capo of Crypto. Chart from TradingView.com
What cryptocurrency will become the main one in a year?
BitcoinEthereum

Another historically accurate analyst has thrown his weight behind this sentiment. The trader that predicted months in advance that Bitcoin would bottom 2018’s bear market at $3,200 wrote the following in a recent analysis:

“Short term downtrend broken on eth, it successfully had everyone flip bearish over the weekend, now it needs to flip these 50 and 100mas on 4h and its clear skies to $500. Not out of danger just but its looking much nicer,” he explained.

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Chainlink has been forming what appears to be a strong base of support within the …

Source: icryptodesk.com

Author: admin


Filecoin tests pave way for Ethereum fee restructure

Filecoin tests pave way for Ethereum fee restructure

FIlecoin has been testing EIP 1559 which aims to tackle high network fees on Ethereum.

Published on August 26, 2020

Source: news.iobanker.com

Author: ByioBanker


EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 27th, 2020

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 27th, 2020

EOS fell by 0.15% on Wednesday. Following Tuesday’s 7.77% tumble, EOS ended the day at $3.1197.

It was another mixed start to the day. EOS rose to an early morning high $3.1577 before hitting reverse.

Falling short of the first major resistance level at $3.3622, EOS fell to an early afternoon intraday low $3.0578.

Steering clear of the first major support level at $2.9184, EOS rose to a late afternoon intraday high $3.1729.

A bearish end to the day, however, left EOS in the red.

At the time of writing, EOS was up by 0.23% to $3.1269. A mixed start to the day saw EOS fall to an early morning low $3.1128 before rising to a high $3.1338.

EOS left the major support and resistance levels untested early on.

View photos

EOS would need to avoid a fall through the $3.1168 pivot level to support a run at the first major resistance level at $3.1758.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $3.1729.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to avoid a fall through the pivot level at $3.1168 would bring the first major support level at $3.0607 into play.

Barring another extended sell-off, however, EOS should avoid a return to sub-$3.00 levels. The second major support level at $3.0017 should limit any downside.

First Major Support Level: $3.0607

Pivot Level: $3.1168

First Major resistance Level: $3.1758

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum rose by 0.74% on Wednesday. Partially reversing a 6.02% slide from Tuesday, Ethereum ended the day at $386.1.

It was also a mixed start to the day. Ethereum rose to an early morning high $388.0 before hitting reverse.

Falling short of the first major resistance level at $405.31, Ethereum fell to an early afternoon intraday low $377.56.

Steering clear of the first major support level at $365.36, Ethereum rose to a late afternoon intraday high $393.50.

Falling short of the first major resistance level once more, Ethereum slipped back to sub-$390 to limit the upside.

At the time of writing, Ethereum was up by 0.06% to $386.34. A mixed start to the day saw Ethereum fall to an early morning low $385.63 before rising to a high $387.00.

Ethereum left the major support and resistance levels untested early on.

View photos

Ethereum would need to avoid a fall through the $386 pivot to support a run at the first major resistance level at $394.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $393.50.

Barring an extended crypto rally, the first major resistance level and resistance at $400 would likely cap any upside.

Failure to avoid a fall through the $386 pivot would bring the first major support level at $378 into play.

Barring another extended sell-off, however, Ethereum should continue to steer clear of sub-$370 levels. The second major support level sits at $370.

First Major Support Level: $378

Pivot Level: $386

First Major Resistance Level: $394

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP rose by 0.05% on Wednesday. Partially reversing a 4.22% slide from Tuesday, Ripple’s XRP ended the day at $0.27649.

It was a bearish start to the day. Ripple’s XRP fell to an early morning intraday low $0.27422 before finding support.

Steering clear of the first major support level at $0.2680, Ripple’s XRP rose to a late afternoon intraday high $0.28097.

Falling short of the first major resistance level at $0.2874, however, Ripple’s XRP slipped back to end the day at sub-$0.28 levels.

At the time of writing, Ripple’s XRP was up by 0.42% to $0.27765. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.27654 to a high $0.27765.

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

View photos

Ripple’s XRP will need to avoid a fall through the $0.2772 pivot to support a run at the first major resistance level at $0.2802.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.28 levels.

Barring an extended crypto rally, the first major resistance level should cap any upside.

Failure to avoid a fall through the $0.2772 pivot would bring the first major support level at $0.2735 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.27 levels. The second major support level at $0.2705 should limit any downside.

First Major Support Level: $0.2735

Pivot Level: $0.2772

First Major Resistance Level: $0.2802

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


BitGo Weighs Building a Sidechain for WBTC as Ethereum Fees Climb

BitGo Weighs Building a Sidechain for WBTC as Ethereum Fees Climb

August 26, 20200 Comments

Source: cryptocurrencyinvestments.com

Author: by admin


This Fractal Predicts Ethereum Will Soon See One Leg Higher To $500


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