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TA: Ethereum Struggles Above $1,600, Why 100 SMA Is The Key

TA: Ethereum Struggles Above $1,600, Why 100 SMA Is The Key

Ethereum traded to a new monthly high at $1,655 before correcting lower against the US Dollar. ETH price is struggling to stay above $1,600, but it is likely to remain stable as long as above the 100 hourly SMA.

  • Ethereum extended its rise above the $1,600 and $1,625 resistance levels.
  • The price is now correcting below $1,600 and approaching the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,550 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could either decline heavily below $1,550 or it might start a fresh increase above $1,620.
  • Ethereum extended its recovery wave above the key $1,600 resistance level. ETH even broke the $1,625 resistance level and settled well above the 100 hourly simple moving average.

    It traded to a new monthly high near $1,655 before starting a downside correction. There was a break below the 23.6% Fib retracement level of the upward move from the $1,455 swing low to $1,655 high. Ether is now correcting below $1,600 and approaching the 100 hourly simple moving average.

    An immediate support is near the $1,555 level. It is close to the 50% Fib retracement level of the upward move from the $1,455 swing low to $1,655 high. There is also a major bullish trend line forming with support near $1,550 on the hourly chart of ETH/USD.

    Ethereum Price

    On the upside, the price is facing hurdles near $1,600 and $1,615. There is also a connecting bearish trend line forming with resistance near $1,610 on the same chart.

    If there is a clear break above $1,600 and the trend line resistance, there could be a steady increase. The next key resistance is near the $1,650 level, above which it could test $1,685.

    If Ethereum fails to continue higher above the $1,600 and $1,610 resistance levels, it could resume its decline. An initial support on the downside is near the $1,550 level and the trend line.

    The first major support is near the $1,540 zone and the 100 hourly SMA. A downside break below the $1,550 and $1,540 levels could open the doors for a move towards the $1,500 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.

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

    Major Support Level – $1,550

    Major Resistance Level – $1,610

    This post was originally published on www.newsbtc.com

    Source: www.cryptoalphanews.com

    Author: cm_team


    Ethereum, Bitcoin & Dogecoin – Asian Wrap 04 Mar

    Ethereum, Bitcoin & Dogecoin – Asian Wrap 04 Mar

    Ethereum bulls are in full swing whereas attacking the $1,600 degree, at present up 1.77% intraday close to $1,595, amid preliminary Thursday. In doing so, the altcoin extends restoration strikes from a one-month low, marked on Sunday. Bears may have a bumpy highway on their return. The value is establishing on the draw back and the main target shifts to the upside. Bulls can goal a bullish construction’s neckline from the day by day chart as follows.

    Bitcoin consumers can ignore the current uneven strikes round $51,000, at present close to $50,900, whereas wanting on the cryptocurrency pair’s capacity to remain past the important thing helps throughout early Thursday. The BTC/USD optimism may also take clues from the bullish MACD alerts to direct bulls in the direction of a contemporary excessive above $58,355.

    Dogecoin value has been buying and selling sideways for the previous two days and inside a downtrend since its new all-time excessive of $0.087 on February 7. Now, the favourite canine-cryptocurrency is prepared for a brand new leg up. The digital asset has been buying and selling sideways for the previous two days.

    Source: cryptonetnews.com


    Banksy Original Artwork Burned, Tokenized as NFT on Ethereum

    Banksy Original Artwork Burned, Tokenized as NFT on Ethereum

  • A group of NFT enthusiasts has created a token by burning an original piece of Banksy artwork.
  • The group obtained a copy of “Morons” and burned it in Brooklyn. It includes a certificate of authenticity, which will also be burned if unclaimed.
  • The NFT will go up for auction on SuperFarm.
  • Even if Banksy isn’t ready to join the NFT boom, one group is taking extreme measures to tokenize his work. 

    A group who describe themselves as “crypto enthusiasts” has burned and digitized an original piece of Banksy artwork. 

    According to a press release, the group, whose identities are currently unknown, met in Brooklyn, New York, to burn an original of Banksy’s “Morons.” The piece first came out as a screenprint in 2006, and it shows an auctioneer conducting a sale for a piece of artwork that reads, “I can’t believe you morons actually buy this shit.” 

    “Morons” was initially released in an edition of 100 in 2006. The prints were sold for $500 each. Banksy’s printer Picture of Walls re-edited “Morons” in three new colors in 2007; one sold for $84,494.79 (£60,480) in a Sotheby’s auction last year. 

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    The team behind the stunt shared two photos with Crypto Briefing: one of the piece itself and another of a certificate of authenticity. The certificate shows it’s edition 325 of 500, suggesting it was part of the Picture of Walls run. The group says that the certificate was provided by Pest Control, Banksy’s official authenticator. 

    The NFT buyer can claim the certificate within two weeks of the sale. After that, the group says, it will be burned like “Morons” itself was. 

    The tokenization of a burned piece of fine art is a first for the NFT space, which has been gathering a significant amount of tailwind this year. Various celebrities and musicians have adopted NFTs as they discover the technology. The popular digital artist Beeple has begun to cement his place alongside the traditional art world’s greats.

    His “Everydays: The First 5000 Days” piece is currently on sale at Christie’s; bidding is at $3.25 million at the time of writing. 

    Though the real Banksy has not yet made a known move onto the blockchain, his work has been a reference for some using NFTs to share their artwork. In February, an artist using the alias “Pest Supply” made a small fortune by releasing a collection of work that drew heavily from Banksy’s signature style.

    One piece featured an art canvas with the phrase “I can’t believe you morons actually buy this NFT shit,” in a clear reference to “Morons.”

    According to the press release, the item will be auctioned as a unique piece on SuperFarm, and a portion of the proceeds will be donated to charity. Updates on the NFT, including a stream of the burning, can be found on the group’s Twitter page. 

    Banksy is one of the world’s most famous artists, regarded as a pioneer in the street art world. He’s best known for his satirical socio-political commentary, which he typically depicts using a distinctive stenciling technique. 

    He’s been active since the 1990s and found international fame throughout the 2000s, leading many of his pieces to skyrocket in value. He’s also known for his audacious stunts. In 2018, he arranged for a painting of his iconic “Girl With Balloon” piece to pass through a shredder seconds after it had sold for $1,397,070 (£1 million) at a Sotheby’s auction. 

    He famously once said: 

    “The art world is the biggest joke going. It’s a rest home for the overprivileged, the pretentious, and the weak.”

    Despite Banksy’s enduring popularity, his true identity has never been revealed. 

    The group behind the burned Banksy NFT concluded their announcement by saying that they hope to “spur a new age in the world of art where artistic works can live on digitally forever.”

    Disclosure: At the time of writing, the author of this feature owned ETH, and a number of other cryptocurrencies. 

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    Source: cryptobriefing.com

    Author: by
    Chris Williams


    Amazon Managed Blockchain Now Has Ethereum Available On It

    Amazon Managed Blockchain Now Has Ethereum Available On It

    Amazon Web Service (AWS) has made a very interesting announcement today. From now on, Ethereum will be made available by way of Amazon Managed Blockchain. Through this, Amazon will provide the world with a new managed and scalable solution.

    It’s a safe assumption to make that Ethereum is the second-largest cryptocurrency out there, and certainly is so when looking at the market caps. Recently, Etheruem has gained a significant amount of support and recognition, with Amazon’s newfound support for it only piling on top of that. It seems that Bitcoin has, more or less, been taken in by the institutions, and now they’re looking for the other big fish in the crypto space to invest in.

    The announcement from AWS is a very big event for Ethereum in general. It will allow developers within Ethereum to have a better general time in the creation of automatic software upgrades, general application, and scaling solutions to meet demands.

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    Indeed, Amazon highlighted that customers of AWS will now be capable of providing Ethereum nodes within a matter of minutes and with great ease. From there, the users will easily be capable of connecting with the various public networks of Ethereum, either the test nets, like Ropsten or Rinkeby, or the main net itself.

    AWS was quick to praise its own new service, highlighting the many features it promised would be absolutely amazing. It highlighted how Ethereum users will now gain access to secure encryption and networking, be it at rest or at transport. Users will be able to access this network through any standard open-sourced Ethereum API, and AWS boasts reliable, quick syncs with the Ethereum blockchain at large. Furthermore, this new service also boasts elastic storage within the ledger storage.

    Another feature of Amazon Managed Blockchain is the monitoring of node health and the automatic replacement of unhealthy nodes. It automates the upgrading process for Ethereum and gives an overall availability increase when it comes to the infrastructure for customers.

    Users in the process of developing various solutions for the Ethereum network, be it fraud detection software, smart contract monitoring tools, or just general analytics products, will be able to benefit greatly as well. Amazon Managed Blockchain boasts to be widely available, highly scalable, as well as fully managed.

    Time will tell how successful a service this will be, but it’s clear that Amazon wants a piece of the Ethereum pie. Indeed, the mainstream players are all starting to take notice of various other forms of crypto besides Bitcoin, as the world’s greatest cryptocurrency managed to propel the rest into the mainstream’s eyes, as well.

    Source: insidebitcoins.com

    Author: FOLLOW ON


    TA: Ethereum Struggles Above $1,600, Why 100 SMA Is The Key

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