Ethereum’s Technical Outlook Strengthens as Market-Wide Recovery Begins – news.kuaidiantou.vip

Ethereum’s Technical Outlook Strengthens as Market-Wide Recovery Begins – news.kuaidiantou.vip
  • Ethereum has been closely tracking Bitcoin’s price action throughout the past few days and weeks, which has led it to see some immense turbulence as of late
  • Just two days ago, the benchmark cryptocurrency faced a rejection at its all-time highs that resulted in it reeling from $19,500 to $16,400
  • This selloff was the most intense one seen since this uptrend first got started a handful of weeks ago
  • Where it trends next will depend almost entirely on whether or not bulls can extend the ongoing rebound
  • One analyst does believe that Ethereum is in a position to rally higher in the near-term, as it is now looking strong from a technical perspective
  • Ethereum and the entire crypto market have witnessed some of the most intense turbulence seen in weeks over the past couple of days.

    Bitcoin’s rejection at its all-time highs, coupled with fear regarding a new wave of regulations, sent the entire market reeling lower, with ETH plunging from its recent $620 highs to lows of $490.

    Where the market trends in the mid-term will depend largely on whether or not bulls can extend the ongoing rebound that is taking place at this moment.

    One trader expects further upside, noting that the cryptocurrency is looking increasingly strong from a technical perspective.

    At the time of writing, Ethereum is trading up over 4% at its current price of $539, which marks a massive rebound from its multi-day lows of $490 set at the bottom of the recent selloff.

    The strength seen in the time following the recent market-wide selloff is a positive sign, as it indicates that the major digital assets were all brought into oversold territory.

    ETH may face some resistance around $540, but a firm break above this level could lead it to see some significant upside.

    One trader explained that Ethereum is now looking technically strong and may be well-positioned to see further upside in the days and weeks ahead.

    He does note that he’d like to see one more sweep of the range lows to make a sustained push higher in the days and weeks ahead.

    “Back to blue. I bought spot ETH at $500 and I’m now long on lev. I’d still like to see another sweep of the lows, just hoping to not get chopped. Signals have been strong enough from this chart that it warrants me being long when we’re blue.”

    Ethereum

    Image Courtesy of Cold Blooded Shiller. Source: ETHUSD on TradingView.

    The coming weekend should shine some light on the present state of the market, and provide valuable insights into where Bitcoin, Ethereum, and other major crypto-assets will trend in the mid-term.

    Source: news.staging.app.kuaidiantou.vip


    How Ethereum Could Stage Rally To $600 If It Clears $550 – Crypto Money Daily

    How Ethereum Could Stage Rally To $600 If It Clears $550 – Crypto Money Daily

    Ethereum started a fresh increase from the $480 support zone against the US Dollar. ETH price must surpass $550 to start a strong upward move towards $600.

  • ETH price declined heavily from $620 and it even tested $480 against the US Dollar.
  • The price is currently recovering above $500 and the 100 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $550 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could rise sharply towards $580 and $600 if it clears the $550 resistance.
  • This past week, bitcoin and ethereum saw a sharp downside correction below $17,000 and $550 respectively against the US Dollar. ETH price even spiked below the $500 support and the 100 simple moving average (4-hours).

    It tested the $480 support level and formed a support base for a fresh increase. Ether recovered above the $500 level and the 100 simple moving average (4-hours). The price even climbed above the 23.6% Fib retracement level of the downside correction from the $620 swing high to $480 swing low.

    The price is now approaching a major resistance area near $550. There is also a key bearish trend line forming with resistance near $550 on the 4-hours chart of ETH/USD.

    Ethereum PriceEthereum Price

    Source: ETHUSD on TradingView.com

    The 50% Fib retracement level of the downside correction from the $620 swing high to $480 swing low is also near the $550 level to act as a major resistance. A successful break above the $550 level could spark a strong upward move.

    The next key resistance is near the $580 level. If ether clears the $580 resistance, it could even retest or surpass the $600 resistance level in the coming sessions.

    If Ethereum fails to extend its rise above $550, it could start another downward move. The first major support zone sits near the $520 level.

    The 100 simple moving average (4-hours) is also near the $512 level to act as a major support. A downside break below the $512 level and $500 might put ether at a risk of more losses below $480.

    Technical Indicators

    4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.

    4 hours RSI – The RSI for ETH/USD is now above the 50 level, but showing a few bearish signs.

    Major Support Level – $512

    Major Resistance Level – $550

    Source: cryptomoneydaily.com


    Proposal Suggests How Ethereum May be Folded Into Eth 2.0

    Proposal Suggests How Ethereum May be Folded Into Eth 2.0

  • Ethereum developer Mikhail Kalinin has published a new proposal titled “Executable beacon chain.”
  • It describes a system where Ethereum 1.0 data is embedded into Ethereum 2.0’s Beacon Chain.
  • This should remove “unnecessary complexity to the consensus layer” during the transition to ETH 2.0.
  • As the launch of Ethereum 2.0’s Beacon Chain draws near, developer Mikhail Kalinin has published a new proposal yesterday that aims to relieve the network of “unnecessary complexity” and helps merge the original Ethereum blockchain with the upcoming proof-of-stake version.

    The launch of Ethereum 2.0, currently scheduled for December 1, will begin with the deployment of the Beacon Chain—a separate (at least initially) chain that will introduce the proof-of-stake consensus mechanism and will coordinate the expanded network of shards and stakers.

    Initially, both the proof-of-work ETH 1.0 and proof-of-stake ETH 2.0 will run alongside each other since it will take around two years for the complete roll-out of ETH 2.0. During this time, it is planned that access to ETH 1.0’s data will be provided through an independent shard chain.

    However, Kalinin argued that this method “puts unnecessary complexity to the consensus layer and increases delays between publishing data on shards and accessing them in eth1.”

    To help solve this issue, he published a new proposal, titled “Executable beacon chain,” which describes a system where ETH 1.0 data would instead be directly embedded in the Beacon Chain’s blocks themselves.

    “Eth1-engine is maintained by each validator in the system. When validator is meant to propose a beacon block it asks eth1-engine to create eth1 data. Eth1 data are then embedded into body of the beacon block that is being produced. If eth1 data is invalid, it also invalidates the beacon block carrying it,” Kalinin explained.

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

    Ethereum co-founder Vitalik Buterin already gave high praise to the new proposal, calling it “excellent ongoing work from [Mikhail Kalinin] on ‘the merge’.”

    Buterin added that “this line of R&D is increasingly being prioritized and done in parallel to sharding and other eth2 improvements.”

    As Decrypt reported on November 24, Ethereum 2.0 finally received enough staked ETH for its launch. The next milestone is December 1—when its Beacon Chain will be deployed.

    Source link

    Source: coingraph.uno


    Ethereum Likely Set Its Local Low for the Year as Buyers Defend $500

    Ethereum Likely Set Its Local Low for the Year as Buyers Defend $500

    Ethereum has been flashing signs of immense strength today, with the cryptocurrency surging up towards $550 as bulls try to erase the recent losses that came about due to the recent market-wide selloff.

    This comes as Bitcoin also shows some signs of strength, with the benchmark cryptocurrency navigating towards $18,000 following its recent decline that sent it down to lows of $16,400.

    Bitcoin is firmly leading Ethereum and the rest of the market. The potent reaction that both assets have seen after tapping their local lows does seem to be a bull-favoring sign.

    One analyst is now noting that Ethereum is likely to see significantly further upside in the near-term, with its strength showing no signs of slowing down as bulls move to regain control of its trend.

    He believes that $500 will prove to be a long-term local bottom for the crypto and that it will only see upside from here heading into the end of the year.

    It is also possible that it will enter an accumulation phase between these lows and its current price level, which will bolster any uptrend in early-2021.

    At the time of writing, Ethereum is trading up just under 5% at its current price of $543. This marks a notable upswing from its recent lows of $490 set at the bottom of the recent selloff.

    The ardent defense of $500 by bulls indicates that this is a strong support level that may continue bolstering its price action for the weeks to come.

    So long as it consolidates above $500 and confirms this as a strong support level, there’s a strong possibility that it will see further upside.

    While speaking about Ethereum’s potential outlook, one trader explained that he expects it to see some serious upside in the weeks leading up to the end of the year.

    He further added that he expects $500 to prove to be a long-term local low for the cryptocurrency that helps spark its next sustained uptrend.

    Ethereum

    Ethereum’s near-term price action will likely depend largely on Bitcoin, which does seem to favor bulls at the moment, with the benchmark cryptocurrency now pushing up towards $18,000.

    This post was originally published on www.newsbtc.com

    Source: www.cryptoalphanews.com

    Author: cm_team


    Ethereum’s Technical Outlook Strengthens as Market-Wide Recovery Begins – news.kuaidiantou.vip


    Previous
    Ethereum newsSeeming oracle attack causes $100m in Ethereum DeFi liquidations
    Next
    Ethereum newsEthereum-based token of new DeFi trading platform surges 1,000% in two weeks
    Did the article help? Rate it
    1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
    Loading...
    Add comment

    Get Awesome Reviews

    Coins, exchanges, wallets, crypto games, crypto cards.
    Search for reviews and share your own experience.

    GO TO REVAIN