BACKGROUND ART BY Josie Bellini
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Author: by admin
Trend Is Following Bullish Patterns
The price chart for cryptocurrency ethereum displays bullish patterns despite the recent correction.
Going back to 2019, ethereum price has (for the most part) been contained within parallel price channels.
Looking at the chart below, we can see price following the downward sloping price channel from June 2019 to July 2020 (orange highlights). When prices did finally rally in March 2020, ETHUSD clearly paused at the resistance trend line of the channel as Ethereum price was paying its respect to the formation.
However, ethereum prices eventually popped up outside of this channel and began to carve its own new channel (blue highlights).
(click on image to enlarge)
There are several touches of the support and resistance line among this newly created channel. An interesting note is that in early January 2021, ethereum prices popped higher above the resistance trend line of the channel. As we know from support and resistance chart reading, what was old resistance, when broken, becomes new support.
Sure enough, beginning in 2021, this old resistance channel line is behaving like a new support line for ETHUSD pricing.
Watch ETHUSD Key Levels for 2021
On February 28, ETHUSD prices hit a low of $1293, then bounced hard to the upside. There was a strong technical reason for the bounce. First, ETHUSD price was guarded by the resistance channel trend line as we mentioned a moment ago.
Secondly, previous all-time high in ETHUSD prior to January was $1420. When ethereum prices broke higher into new all-time high territory, this broken resistance at $1420 would act like new support. Sure enough, when prices dove lower on February 23 and February 28, both days experienced a strong rebound as this new support level is helping to hold prices up.
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We don’t know for sure if ETHUSD prices will continue higher. However, the price low of $1293 from February 28 is an important level.
So long as ETHUSD holds above $1293, it is possible to see this cryptocurrency work higher into new all-time highs.
In fact, if we look at the king of crypto, Bitcoin’s price retracement simply dropped it to support too.
If ETHUSD prices fall below $1293, then you would have prices breaking down below the channel support line AND breaking below previous support near $1420.
A breakdown below $1293, though not expected, would be a huge red flag and call into question if the uptrend is still in force.
Bottom line, look for new all-time highs while holding above $1293.
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Author: Jeremy Wagner
Bitcoin and Ethereum slow down as transaction values and fees plunge 70% – securebitcoinnews
Bitcoin (BTC) and Ether (ETH) appear to be experiencing something of a slowdown, as on-chain data shows a dramatic decrease in the U.S dollar value of coins being sent across both blockchains in the past week. At the same time, transaction fees for both chains have receded from recent highs, or in Ethereum’s case, an all-time high.
Data from Bitinfocharts shows $46.68 billion worth of BTC was sent across the Bitcoin blockchain on Feb. 25. For some context, that’s around 5% of the total Bitcoin market cap, which stands at $925 billion at time of writing.
By three days later, on Feb. 28, the U.S. dollar value of Bitcoin being sent had fallen to $15.38 billion — a 66% drop off. At the same time, the average transaction fee for Bitcoin users fell by 53% — from $31.47 to $14.63. For context, the highest average fees ever recorded for Bitcoin came in December 2017 when BTC fees exceeded $55, marking the end of the coin’s bull run for that period.
Over on Ethereum, the slowdown was equally pronounced. In the four days between Feb. 23–27, the total value of coins sent across the Ethereum blockchain fell 65% from $11.1 billion to $3.84 billion.
Meanwhile, average Ethereum transaction fees, which had soared to an all-time high of $38.21 by Feb. 23, dropped 70% down to $11.21.
The average fee statistic can often be misleading, as it is heavily weighted by the mass of large transactions that incur super-high fees. The typical Ethereum user may be more interested in the median transaction fee value, which also fell 72% down to $5.23. For context, the recommended fee for making a “rapid” Ethereum transaction is currently around $2.80 according to GasNow.org.
Such a sizable slowdown in activity on both blockchains could be interpreted by some as a sign that the current bull run is grinding to a halt. Yet a glance at the recent history of both chains shows that such pullbacks are not uncommon.
In January, the dollar value of Bitcoin transactions fell 72% over a two-week period, before picking back up again to soar even higher in February. Likewise, the average Bitcoin transaction fee dropped 58% in the same time period. The same general pattern was observed on Ethereum.
With this in mind, it is in all likelihood too early to assume that the current slowdown is indicative of the end of the crypto bull run, at least based on these metrics alone. Indeed, in the seven days since these metrics bottomed out, they have since begun to rise once more, as the ebb and flow of the cryptocurrency market continues.