Critical Level for Ethereum at $ 406, According to Analyst

Critical Level for Ethereum at $ 406, According to Analyst

Ethereum (ETH) started a sharp decline after failing to stay above the $ 450 support against the US Dollar. But as long as the ETH price is above the $ 406 support zone, it is likely to return, according to popular analyst Aayush Jindal.

Ethereum has fallen more than 10% in the past 24 hours and broke the $ 450 support level on the downside. The price then traded close to the $ 420 support and fell below the 100 hourly simple moving average.

There is a key bearish trend line with resistance near $ 438 on the hourly chart of ETH / USD. The pair looks set to continue its upward movement as long as it is above $ 420 or $ 406 in the near term, analyst Jindal said.

Ethereum started a downside correction against the US Dollar after trading close to $ 500. ETH price broke the $ 460 support zone to move into a short term bearish zone.

However, the bulls lost control and the ETH price dropped below the $ 450 support level. The price dropped over 10% and even broke the $ 435 support. ETH then traded close to the $ 420 support and fell below the 100 hourly simple moving average. ETH was trading at $ 416 at the time of writing.

Bulls are currently struggling to reach above $ 435 and $ 440. There is a key bearish trend line with resistance near $ 438 on the hourly chart of ETH / USD.

The next key resistance is near the $ 455 level. The downside is that the price is likely to continue to offer good near the $ 420 level. The next big support is near the $ 406 level where Ethereum could move into the bearish zone.

If Ethereum stays above the $ 420 support zone, it could initiate a new increase above $ 438 and $ 440. A successful break above $ 440 could increase the chances of breaking above $ 450.

In the case mentioned, the bulls must gain strength above the $ 455 resistance. If they are successful, the price could steadily rise to $ 480 and $ 485.

Hourly MACD: The MACD for ETH / USD is slowly returning to the bearish zone.

Hourly RSI: The RSI for ETH / USD is currently well below the 50 level.

Major Support Level: $ 420 (ETH was trading at $ 416 at the time of writing.)

Major Resistance Level: $ 440

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Source: otcpm24.com

Author: News Bureau


EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 29th, 2020

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 29th, 2020

EOS rallied by 4.63% on Friday. Reversing a 4.47% slide from Thursday, EOS ended the day at $3.1183.

It was another mixed start to the day. EOS fell to an early morning intraday low $2.9379 before making a move.

Steering clear of the first major support level at $2.8340, EOS rallied to a late afternoon intraday high $3.1778.

EOS broke through the first major resistance level at $3.1358 before falling back to sub-$3.10 levels.

Finding late support, however, EOS moved back through to $3.11 levels to deliver the upside on the day.

At the time of writing, EOS was down by 0.37% to $3.1067. A bearish start to the day saw EOS fall from an early morning high $3.1301 to a low $3.0861.

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

View photos

EOS would need to avoid a fall through the $3.0780 pivot level to support a run at the first major resistance level at $3.2181.

Support from the broader market would be needed, however, for EOS to break out from Friday’s high $3.1778.

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 $3.0780 would bring the first major support level at $2.9782 into play.

Barring an extended sell-off, however, EOS should avoid a return to sub-$3.00 levels. The second major support level sits at $2.8381.

First Major Support Level: $2.9782

Pivot Level: $3.0780

First Major resistance Level: $3.2181

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum rose by 3.18% on Friday. Reversing a 0.74% fall from Thursday, Ethereum ended the day at $395.47.

It was also a mixed start to the day. Ethereum fell to an early morning intraday low $379.67 before making a move.

Steering clear of the first major support level at $370.78, Ethereum struck a late afternoon intraday high $398.16.

Ethereum broke through the first major resistance level at $396.43 before falling to a 2nd half low $390.91.

Finding late support, however, Ethereum moved back through to $395 levels to deliver the upside on the day.

At the time of writing, Ethereum was down by 0.05% to $395.27. A mixed start to the day saw Ethereum fall to an early morning low $392.34 before rising to a high $397.00.

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

View photos

Ethereum would need to avoid a fall through the $391 pivot to support a run at the first major resistance level at $402.53.

Support from the broader market would be needed, however, for Ethereum to break back through to $400 levels.

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

Failure to avoid a fall through the $384.04 pivot would bring the first major support level at $384.04 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$370 levels. The second major support level at $372.61 should limit any downside.

First Major Support Level: $384.04

Pivot Level: $391

First Major Resistance Level: $402.53

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP rose by 2.59% on Friday. Partially reversing a 4.37% slide from Thursday, Ripple’s XRP ended the day at $0.27178.

It was a mixed start to the day. Ripple’s XRP fell to an early morning intraday low $0.26004 before making a move.

Steering clear of the first major support level at $0.2526, Ripple’s XRP rallied to a late intraday high $0.27318.

Falling short of the first major resistance level at $0.2774, Ripple’s XRP slipped back to sub-$0.27 levels.

A final hour move back through to $0.27 levels, however, delivered the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.57% to $0.27022. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.27393 to a low $0.26865.

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 $0.2683 pivot to support a run at the first major resistance level at $0.2766.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.27318.

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

Failure to avoid a fall through the $0.2683 pivot would bring the first major support level at $0.2635 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.26 levels. The second major support level sits at $0.2552.

First Major Support Level: $0.2635

Pivot Level: $0.2683

First Major Resistance Level: $0.2766

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

  • USD/CAD Daily Forecast – First Test Of Support At 1.3050
  • EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 29th, 2020
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  • European Equities: A Week in Review – 29/08/20
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Source: finance.yahoo.com

Bob Mason

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 29th, 2020

Buterin, Ethereum Developers Focus on Congestion as Fees Spike Over 600% in 1 Month

Ethereum developers are turning their focus back to the current version of the network after months of focus on the upcoming Ethereum 2.0 release to address exponential fee growth.

  • This repricing proposal could break some smart contracts already operating on Ethereum, Buterin wrote. He added that developers “have had years of warning” about potential changes.
  • Approving this proposal, however, requires consensus from the Ethereum community, a process that can take weeks or months. Other broad-brush scaling solutions like EIP 1559 or sharding remain on the distant horizon as well.
  • Buterin, Ethereum Developers Focus on Congestion as Fees Spike Over 600% in 1 Month
  • Buterin, Ethereum Developers Focus on Congestion as Fees Spike Over 600% in 1 Month
  • Buterin, Ethereum Developers Focus on Congestion as Fees Spike Over 600% in 1 Month
  • Buterin, Ethereum Developers Focus on Congestion as Fees Spike Over 600% in 1 Month

Source: finance.yahoo.com

Author: William Foxley and Zack Voell


DeFi Risk Management Startup Cozy Finance Debuts With $2M Funding Round

DeFi Risk Management Startup Cozy Finance Debuts With $2M Funding Round

A group of VC heavyweights and crypto entrepreneurs, including Blockfolio founder Ed Moncada, are backing a new risk management tool for the exploding decentralized finance (DeFi) space.

Announced Thursday, Cozy Finance has raised a $2 million seed round, led by Electric Capital and including Variant Fund, Dragonfly Capital, Robot Ventures, Slow Ventures, Volt Capital, Spencer Noon, Moncada and others.

The team attempting to bring some order to the creative chaos that is DeFi consists of Cozy co-founders Tony Sheng, formerly of Multicoin Capital, and Payom Dousti, co-founder of Rare Bits, a peer-to-peer marketplace for crypto goods.

Related: DeFi Degens Are Crypto’s Suicide Squad

The value of assets deposited in Ethereum-based DeFi dapps has soared from $1 billion to over $8 billion in the span of six months. Developers have unlocked massive value for crypto investors by creating useful ways for them to manage their assets. However, these users face new forms of risk, like irreversible technical vulnerabilities.

See also: Retail Trading Platforms Pile Into $5M Funding Round for Zero Hash Crypto Settlements Firm

At the current moment, the transformative potential of DeFi is being hindered by a lack of appropriate risk management tools, the firms said in a Medium post.

Related: 3 Reasons Bitcoin Just Tanked Below $11K for First Time in a Month

Other players trying to make DeFi safer include London-based Nexus Mutual, which runs a decentralized risk pool designed to hedge against DeFi smart contracts blowing up – something which appears more and more to be an acceptable risk of late.

But Sheng disagreed that blow-ups are simply part and parcel of the nascent DeFi economy. 

“I don’t think anybody believes we should learn by making mistakes with user deposits,” he said. “Major blow-ups set the entire industry back. Better risk management is a key enabler of more experimentation.”

See also: SPiCE Takes Tokenized Blockchain VC Fund to Asia in Quest for Greater Liquidity

Asked how Cozy Finance compared with risk management in traditional finance, Sheng said the unique risks of DeFi require unique solutions. 

“We’re building something that is – to our knowledge – quite new. What we plan to launch will not look like anything on the market today,” he said.

Source: otcpm24.com

Author: News Bureau


Ethereum wallet service MetaMask Mobile App now available on Android and iOS

Ethereum wallet service MetaMask Mobile App now available on Android and iOS

Crypto wallet service and Web3 browser MetaMask’s mobile app is now available on Android and iOS.

The MetaMask Mobile app aims to streamline the process of exploring blockchain-based applications without compromising user security by providing users with a key vault, secure login, and token wallet.

Founded in 2016, the company now makes it feasible for users in 34 countries to buy ETH directly through Apple Pay, debit cards, or other payment methods on the MetaMask Mobile platform, per the report. 

“It’s critical that our ecosystem continues thinking ‘mobile-first’ and prioritizes UX and dApp discoverability, while not sacrificing on the security and control users of Web3 applications expect. What smartphones have done for Web2, we believe MetaMask Mobile will do forWeb3,” said Joseph Lubin, the founder of Ethereum-focused ConsenSys.

In July 2019, the company launched a MetaMask Mobile App in a public beta version to get feedback from users before its V1 launch in December 2019.

However, as The Block reported, MetaMask’s Android client was suspended from the Google app store in December 2019. The tech giant sought to exclude all mobile-based crypto mining apps from its platform, even though MetaMask, as an Ethereum app browser, does not allow mining. 

Update: The iOS app version of MetaMask is now available.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: finance.yahoo.com

Author: Momina Khan


Critical Level for Ethereum at $ 406, According to Analyst


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