Ethereum, Zcash, Synthetix Network Price Analysis: 09 September
Ethereum was trading at $337 at press time and displayed bullish divergence yesterday, which played out as ETH briefly spiked past $351 resistance before being forced to drop. Zcash saw a notable lack of momentum, while Synthetix Network was facing strong bearish pressure.
Using the Fibonacci Retracement tool for Ethereum’s recent move from $488 to its bottom wick down to $308, some important retracement levels emerge. ETH was trading at $337 and had the 23.6% retracement level above it as resistance. $322 beneath could serve as support for the price.
When price approaches either level, the fractals formed will be an indication of where price might be headed next. The past couple of times ETH tested resistance, it formed a bearish fractal, and the price got rejected soon thereafter.
There was a bullish divergence formed by ETH, where its price formed higher lows while indicator formed lower lows. This is highlighted by the white trendlines. This divergence could result in ETH testing $350 zone once more.
The sentiment toward Ethereum is not very optimistic either, as noted in this report. However, given recent volatility, another surge in ETH price could vastly alter sentiment toward the asset.
ZEC was trading at $58.78, and its support level lies at $56.6. Awesome Oscillator noted that the momentum was in bullish territory, but barely. This showed the lack of momentum of ZEC to either direction in the past few trading sessions. It could be that traders have been waiting for the market’s reaction at the support level, before deciding their next move regarding ZEC.
Zcash was ranked 30th with a market cap of $588 million on CoinMarketCap.
Synthetix Network [SNX]
Synthetix found stiff resistance at its 20 SMA (white). Parabolic SAR also gave a sell signal and is unlikely to shift to a buy signal in the short term. SNX has been in the grip of selling pressure for a few days now, without any indication of a reversal.
SNX was trading above the support level at $4.1, and its 20 SMA and 50 SMA (yellow) will act as upside resistances. Another significant level to watch is the $5 resistance zone.
Synthetix Network continued to hold rank 6 on DeFiPulse with a total value locked (TVL) of $614 million.
Author: Published 23 hours ago
Reichstag Stormed While the World Rises in Protest
Germany’s iconic building and current parliament has been stormed by protesters against pandemic measures.
Following a 2km stretch of people from the Brandenburg Gate to the Victory Column, videos now show a gathering in front of Germany’s parliament as protesters were able to open the police guarded barricades.
Germany’s chancellor for the past nearly two decades, Angela Merkel, has warned that the pandemic impositions are expected to continue for a long time with the media speculating you can get it again after you got it once, suggesting a vaccine would be useless.
You now have to provide the most intimate details of your phone through a QR scan, as well as name and address, before entering a pub, restaurant, caffe, or other relaxing places.
Face masks are apparently becoming compulsory in France, with diktats changing by the day in a way most of us don’t even know until you try and enter a pub.
You can’t even order at the bar anymore, and standing anywhere is not allowed. You must be seated and you can’t talk to other people, so effectively you can’t meet someone at the customary place to bring life to earth.
Instead a cult of death appears to be sweeping across Europe with their symbol the black masks as corporate and state owned media keeps track by the second of completely misleading numbers with directly pandemic induced misfortunes amounting to just 20 in 100,000 people, and even then mostly 90+.
Some therefore are now more and more loudly saying this is effectively a second Iraq War, a government imposing its will against the people towards calamity with the consumer based European economies risking destruction because they’re prohibited from consuming at the pub and other places, on holidays, at concerts.
A huge gathering greeted central London today as citizens expressed their anger at the limitations on movement and freedoms.
For the Berlin one however people across Europe were encouraged to attend with many non German flags flying about.
John F. Kennedy’s nephew spoke there too and he called the pandemic measures a “crisis of convenience.”
In Russia, there was a different sort of protest but with the same general theme, against tyranny and dictatorship.
In Russia they protesting against Putin, in America they now protesting about many things, including demanding Jeff Bezos of Amazon raises the minimum wage in a symbolic protest where they unveiled a guillotine in front of his house.
In the Balkans they were protesting about all sorts, with the globe last year also covered in protests.
There’s been proposed a certain idea by the French, a jury house of lawmakers, which some call a Citizens Assembly.
The new president of EU, Ursula von der Leyen, promised late last year there would be a European Summit in the style of a Citizens Assembly.
Months on, that hasn’t been the case, with much of these pandemic measures – which need to strike a balance among many tradeoffs – having no real accountability as one can complain but there’s no real representation of the ordinary people because party politics is hugely dysfunctional and hardly very representative as members of parliament are forced to toe the line under threats of losing their job.
Thus we have this huge disconnect between rulers and the governed, which could be bridged or softened by a jury house to sit alongside other houses, otherwise as we saw with the Iraq War, the people have no real say, and thus tyranny prevails.
Ethereum Narrowly Avoids Capitulation as Macro Outlook Grows Bright
Bitcoin’s ability to continue holding above $10,000 has boosted Ethereum, with the crypto now trading within the mid-$300 region as bulls attempt to claw back some of the gains that were lost in recent weeks.
Despite the blow that its decline from $490 to $320 struck to its market structure, one analyst is observing that the cryptocurrency has been able to trade above multiple key levels throughout the course of its recent turbulence.
This is a bullish sign for its mid-term outlook, and also reveals that it may be able to avoid a possible capitulatory downside scenario that leads it to its bedrock support around $200.
At the time of writing, Ethereum is trading up just under 4% at its current price of $350.
This marks a notable rebound from its daily lows of $325 that were set at the bottom of the recent selloff.
These lows coincided closely with its key support region, which is what allowed it to see some upside momentum today.
This momentum also stemmed, in part, from Bitcoin’s ability to rocket from lows of $9,950 to highs of $10,250.
BTC will likely continue providing guidance to both Ethereum and the aggregated market.
One analyst observed that Ethereum has been able to continue trading above both its 100-week and 200-week moving averages.
He notes that this is a bullish sign, and offers a chart showing that a decline beneath these levels could be grim – even opening the gates for a decline towards its bedrock support in the lower-$200 region.
“I don’t know why everyone is so bearish, but Ether is acting above the 100-Week and 200-Week MA’s for the first time since May 2018. Also -> it made a new higher high at $450. And looking for a new higher low. That’s actually great,” he said.
Image Courtesy of Crypto Michael. Chart via TradingView.
Whether or not Ethereum can continue guarding against further downside remains to be seen and will likely depend mostly on Bitcoin.