Ethereum Nosedives 10%, But This Support Could Trigger Fresh Increase

Ethereum Nosedives 10%, But This Support Could Trigger Fresh Increase

Home / Ethereum / Ethereum Nosedives 10%, But This Support Could Trigger Fresh Increase

Ethereum started a sharp decline after it failed to stay above the $450 support against the US Dollar. ETH price is likely to bounce back as long as it is above the $406 support zone.

  • Ethereum is down over 10% and it broke the $460 and $450 support levels.
  • The price even traded close to the $420 support and settled below the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $438 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to resume its upward move as long as it is above $420 or $406 in the near term.
  • After trading close to the $500 handle, Ethereum started a downside correction against the US Dollar. ETH price broke the $460 support zone to move into a short-term bearish zone.

    However, the bulls lost control and ether price declined sharply below the $450 support level. The price is down over 10% and it even broke the $435 support. It traded close to the $420 support and settled below the 100 hourly simple moving average.

    A low is formed near $422 and the price is currently attempting an upside correction. There was break above the $435 level, plush ether recovered above the 23.6% Fib retracement level of the recent decline from the $490 swing high to $422 low.

    Ethereum

    Ethereum price trades below $440. Source: TradingView.com

    The bulls are currently struggling to gain pace above $435 and $440. There is also a key bearish trend line forming with resistance near $438 on the hourly chart of ETH/USD.

    The next key resistance is near the $455 level since it is close to the 50% Fib retracement level of the recent decline from the $490 swing high to $422 low. On the downside, the price is likely to remain well bid near the $420 level. The next major support is near the $406 level, below which Ethereum could move into a bearish zone.

    If Ethereum stays above the $420 support zone, it could start a fresh increase above $438 and $440. A successful break above $440 might increase chances of a push above $450.

    In the mentioned case, the bulls need to gain strength above the $455 resistance. If they succeed, the price is likely to rise steadily towards $480 and $485.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone.

    Hourly RSI – The RSI for ETH/USD is now well below the 50 level.

    Major Support Level – $420

    Major Resistance Level – $440

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    XRP has been closely tracking Bitcoin and the other major altcoins throughout the past few …

    Source: icryptodesk.com

    Author: admin


    Latest Ethereum price and analysis (ETH to USD)

    Latest Ethereum price and analysis (ETH to USD)

    Ethereum remains in a pivotal position as it moves into the typically low volume weekend, with it trading below the $400 level of resistance despite a 5.52% recovery over the past 24-hours.

    The world’s second largest cryptocurrency also seems to be forming an ominous head and shoulders pattern, which is known to be a clear reversal signal.

    A measured move if the head and shoulders pattern plays out would plunge Ethereum to as low as $325, with potential to slide even further depending on the amount of liquidated long positions on margin exchanges.

    However, that would only be confirmed if the neckline is broken at $365, at which point the cryptocurrency market may be suffering a wider sell-off.

    ETHUSD chart by TradingView

    While the prospect of a bearish reversal edges closer, it’s worth noting that the pattern may well continue to play out for at least another week, in which time it will also likely test the level of resistance at $409.

    If price reaches this level and is met with a spike in sell-volume it will likely be investors opting to open short positions at a previous point of rejection with downside price targets of $325.

    If, however, Ethereum breaks above $409 it would invalidate the aforementioned head and shoulders theory while opening up a serious bullish case that would see it almost certainly topple it’s yearly high of $445.

    For more news, guides and cryptocurrency analysis, click here.

    Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.

    Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.

    If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:

    https://coinrivet.com/ethereum-adopts-erc-1155-as-an-official-standard/

    As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

    You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news.

    Disclaimer: This is not financial advice.

    Source: otcpm24.com

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    Latest Ethereum price and analysis (ETH to USD)

    Ripple Transfers 1,000,000,000 XRP From Escrow Wallets As Bitcoin and Ethereum Whales Move $510,000,000 in Crypto

    The payments company Ripple just transferred a huge amount of XRP out of an escrow wallet to three separate wallets owned by the San Franciso startup.

    In sum, Ripple moved 1,000,000,000 XRP worth $292.8 million in three transactions. Each transaction settled within seconds, and the combined cost of the charges involved totaled to less than a penny.

    🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #XRP (146,514,735 USD) transferred from Ripple Escrow wallet to Ripple

    Tx: https://t.co/ARqoDxbgRJ

    Although the transfers free up funds for the company to sell for cash this month, Ripple is expected to unload only a small percentage of the unlocked one billion XRP, as it has in previous quarters.

    Ripple also sent 133,152,655 XRP worth $38.8 million to the company’s former CTO, Jed McCaleb.

    The multi-million dollar transaction is part of an updated settlement agreement that Ripple and McCaleb reached back in 2016. Under the terms of the deal, the former Ripple executive is allowed to collectively sell as much as 1% of the average daily XRP volume as the settlement is now in its fourth year.

    Traders are also tracking a series of large transactions from Bitcoin and Ethereum whales in the last 24 hours, totaling $510.3 million. The movements come as the price of BTC drops 5% to $11,380, according to CoinMarketCap at time of publishing.

    What future awaits cryptocurrencies?
    GOODBAD

    BTC whales have moved a total of $279.9 million in Bitcoin in the last day. Most of the crypto was sent from wallets of unknown origin to exchanges, where it could potentially be traded or sold for cash.

    Here’s a look at the largest Bitcoin transactions in the last day.

    Meanwhile, traders are monitoring a pair of huge Ethereum transactions.

    The largest sent a whopping 400,000 ETH worth $188.2 million from the exchange Huobi to an unknown wallet. The second moved 89,874 ETH worth $42.2 million between two unidentified wallets.

    🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 400,000 #ETH (188,228,546 USD) transferred from #Huobi to unknown wallet

    Tx: https://t.co/7qF6w5Nujv

    — Whale Alert (@whale_alert) September 2, 2020

    Source: dailyhodl.com


    Ethereum Miners Makes Profit Of $800,000 In Less Than 24Hours -

    Ethereum Miners Makes Profit Of $800,000 In Less Than 24Hours –

    Ethereum miners are profiting big as daily revenue from Ethereum transaction fees has doubled in less than 24 hours and seems not to be backing down by the day.

    Just a day after yielding over half a million dollars in transaction fees in one hour, Ethereum miners’ average hourly revenue surged to $800,000 today, according to crypto analytics platform Glassnode.

    Ethereum miners’ average revenue surged to $800,000 per hour. Image: Glassnode

    “Average miner revenue from fees has surged to $800,000 per hour (!) in the past 24 hours,” Glassnode tweeted.

    According to the platform’s data, the amount that miners bring in from transaction fees on a daily basis skyrocketed on September 1, reaching $16.5 million. For comparison, this figure amounted to “only” $8.1 million on August 31.

    This is largely due to a massive surge in Ethereum transaction fees and it means that the daily revenue of miners more than doubled in just one day.

    Apart from these spikes, daily Ethereum transaction fees hovered between roughly $140,000 in January and $2 million on August 8.

    Larry Cermak, director of research at The Block, pointed out that current numbers are way bigger than those registered during the cryptocurrency all-time highs of 2017. Furthermore, the miners are currently earning significantly more money than their Bitcoin colleagues.

    “In comparison, Bitcoin miners generated $1.5 million in fees yesterday – only 9% of Ethereum’s. Bitcoin’s ATH fees were $21.4 million in December 2017,” Cermak tweeted.

    On the other hand, while Ethereum miners are raking in tons of cash, regular users and experts alike are becoming increasingly concerned that fees are getting out of hand.

    This article is sourced from:https://decrypt.co

    Source: africancryptonews.com

    Author: Comfort Obey


    Market Wrap: Bitcoin Falls to $11.1K; Ethereum Miners at Record Fee Percentage

    Market Wrap: Bitcoin Falls to $11.1K; Ethereum Miners at Record Fee Percentage

    Bitcoin took a dive Wednesday. Ethereum miners are benefiting from all that DeFi.

    • Bitcoin (BTC) trading around $11,396 as of 20:00 UTC (4 p.m. ET). Slipping 4.8% over the previous 24 hours.
    • Bitcoin’s 24-hour range: $11,159-$12,058
    • BTC above its 10-day moving average but below the 50-day, a sideways signal for market technicians.

    Bitcoin dropped to as low as $11,159 on spot exchanges like Coinbase Wednesday. The fall was exacerbated by long-oriented derivatives traders on exchanges like BitMEX. That platform experienced $9 million in sell liquidations in one hour as prices fell, the equivalent of a margin call in the cryptocurrency world. 

    Related: First Mover: As Bitcoin Falls for Second Day, Long-Term Holders Probably Won’t Care

    Alex Mascioli, head of institutional services at crypto brokerage Bequant, said long traders were convinced bitcoin’s price would surpass 2020 highs but instead were wiped out. “Bitcoin still needs to break above its previous high at $12,400 to have enough serious momentum to have a chance of retesting previous highs,” he said. 

    There is a chance that next time bitcoin hits that price level it could head into higher territory, approaching 2020 highs around $12,475, Mascioli added. “For now, $12,400 is the most important resistance level the bulls must take out. The technicals appear as if the bulls may retest this level in the next week.” 

    Meanwhile, the rise of decentralized finance, or DeFi, gives hardcore bitcoin holders an opportunity to profit even when price moves are bearish on days like Wednesday. 

    Related: Bitcoin Plunges $403 in 1 Hour to Lowest in a Month

    “The DeFi market is giving long-term bitcoin holders a chance to increase their yields and return,” said Zachary Friedman, chief operating officer for Global Digital Assets.

    However, some traders aren’t convinced DeFi can maintain its status quo, and that is reflected in bets on the options market for ether (ETH). Based on probabilities, options traders have 66% confidence ether will be over $400 by September 20 maturity, but that number drops to 48% by December 20 maturity. 

    “I have a sneaky feeling that ETH options are going to be in play given the amplifying uncertainty brought about by variables such as yETH and the punitive gas fees,” said Vishal Shah, an options trader and founder of derivatives exchange Alpha5. yETH is a product from Yearn.Finance that allows ether holders to deposit the crypto and gain yield by leveraging various other DeFI projects. 

    Ether, the second-largest cryptocurrency by market capitalization, was down Wednesday, trading around $436 and slipping 8.5% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

    The percentage of revenue Ethereum miners receive from fees has hit an all-time high. It crossed the 70% threshold Tuesday as DeFi projects that run on the network are pushing gas prices, the unit of account for transactions and smart contract interactions, to fresh highs. 

    While fees are a problem, many stakeholders say this cost inherent to Ethereum is a better price to pay than in the traditional financial world. “The DeFi market removes one crucial intermediary – the bank,” said Global Digital Asset’s Friedman. “With fewer parties taking a cut, and much more transparency, as well as a collateralized lending system ensuring high levels of security, all the benefits of lending can fall onto the lender and thus remove the majority of costs,” he said.

    • 0x (ZRX) – 10.4%
    • zcash (ZEC) – 10.3%
    • eos (EOS) – 10.2%

    Equities:

    • In Asia the Nikkei 225 ended the day in the green 0.47% as August manufacturing and unemployment numbers were better than investors expected.
    • In Europe, the FTSE 100 climbed 1.3% as a Bank of England deputy governor told the U.K. Parliament the central bank could increase quantitative easing if needed.
    • The United States’ S&P 500 gained 1.7% on positive economic news; human resources provider ADP reported private payrolls grew by 428,000 in August.

    Commodities:

    • Oil is down 3.4%. Price per barrel of West Texas Intermediate crude: $41.53.
    • Gold was in the red 1.3% and at $1,942 as of press time.

    Treasurys:

    • U.S. Treasury bond yields slipped Wednesday. Yields, which move in the opposite direction as price, were down most on the 30-year, in the red 3.1%.
    • Market Wrap: Bitcoin Falls to $11.1K; Ethereum Miners at Record Fee Percentage
    • Market Wrap: Bitcoin Falls to $11.1K; Ethereum Miners at Record Fee Percentage

    Source: finance.yahoo.com

    Author: Daniel Cawrey


    Ethereum Nosedives 10%, But This Support Could Trigger Fresh Increase

    Ethereum Nosedives 10%, But This Support Could Trigger Fresh Increase

    Ethereum

    Ethereum started a sharp decline after it failed to stay above the $450 support against the US Dollar. ETH price is likely to bounce back as long as it is above the $406 support zone.

  • Ethereum is down over 10% and it broke the $460 and $450 support levels.
  • The price even traded close to the $420 support and settled below the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $438 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to resume its upward move as long as it is above $420 or $406 in the near term.
  • After trading close to the $500 handle, Ethereum started a downside correction against the US Dollar. ETH price broke the $460 support zone to move into a short-term bearish zone.

    However, the bulls lost control and ether price declined sharply below the $450 support level. The price is down over 10% and it even broke the $435 support. It traded close to the $420 support and settled below the 100 hourly simple moving average.

    A low is formed near $422 and the price is currently attempting an upside correction. There was break above the $435 level, plush ether recovered above the 23.6% Fib retracement level of the recent decline from the $490 swing high to $422 low.

    Ethereum

    Ethereum price trades below $440. Source: TradingView.com

    The bulls are currently struggling to gain pace above $435 and $440. There is also a key bearish trend line forming with resistance near $438 on the hourly chart of ETH/USD.

    The next key resistance is near the $455 level since it is close to the 50% Fib retracement level of the recent decline from the $490 swing high to $422 low. On the downside, the price is likely to remain well bid near the $420 level. The next major support is near the $406 level, below which Ethereum could move into a bearish zone.

    If Ethereum stays above the $420 support zone, it could start a fresh increase above $438 and $440. A successful break above $440 might increase chances of a push above $450.

    In the mentioned case, the bulls need to gain strength above the $455 resistance. If they succeed, the price is likely to rise steadily towards $480 and $485.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone.

    Hourly RSI – The RSI for ETH/USD is now well below the 50 level.

    Major Support Level – $420

    Major Resistance Level – $440

    Aayush Jindal

    Source: www.newsbtc.com

    Author: Aayush Jindal


    Ethereum Nosedives 10%, But This Support Could Trigger Fresh Increase


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