Inmitten des anhaltenden Dramas um die Kryptobörse FTX und die fallenden Kurse bekommt Bitcoin durch positive Inflationsdaten einen spürbaren Schub.
Why ex-Goldman strategist thinks Ethereum already bottomed out. A technical outlook
An Ethereum (ETH/USD) bull run is around the corner, according to former Goldman Sachs strategist Raoul Pal. According to Pal, Ethereum likely bottomed out in June. He says that once liquidity gets in the market, the price will pump, with the analyst expecting ETH to outperform BTC.
When quizzed about the recent collapse of the crypto exchange FTX, the ex-Goldman guru says such times precede big price moves. He believes “the lows of despair are pervasive, as everyone loses their minds.” In his view, the Ethereum network keeps growing, which should be interpreted as a bullish catalyst.
The comments may not be received in the same quarters, going by popular crypto analyst Benjamin Cowen’s views. According to Cowen, ETH will likely hit $600. He refers to the 2018 drawdown of about 95% for ETH. In his view, if history repeats itself and ETH falls just 87%, it will be at $600 already. The analyst says the price is when ETH’s logarithmic regression band fits its “non-bubble data.”
Apparently, ETH trades at $1,289 as of press time. The level is slightly above key support of $1,230. Recently, the cryptocurrency traded near the June lows at $1,080. Should we see a further recovery?
ETH is recovering from support after the recent drop
Source – TradingView
On the daily chart, ETH is pushing from an oversold price below $1,100. The RSI reading has moved higher but remains below the midpoint. It shows there are still more sellers for ETH at the crucial support.
Will ETH proceed lower or higher?
Aside from the controversies of ETH’s bottom price, the token has shown resilience when crypto sentiment is right. ETH has always defended the June lows, underlining that investors see the price as attractive. That gives the cryptocurrency a real chance of recovering from the level.
On the flip side, the macro concerns continue to linger. We have seen tokens hitting new lows in the year after the FTX fiasco. In our view, a journey to below the June lows for ETH will be pegged to the macro developments. Positive sentiment will allow ETH price to stay elevated from the June lows.
Where to buy ETH
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Skilling
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
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Ripple’s XRP rallies 10% after another win. Is the token now bullish?
Ripple token (XRP) continues to send clear signals. It is ready for takeoff once it is confirmed that XRP is not a security, as alleged by the US SEC. On Tuesday, the token surged by 10%, becoming the top gainer among its peers. The gains come after positive cryptocurrency news.
According to the November 14 announcement, Ripple has been granted motions to file amicus briefs in the case with SEC. The amici status allows individuals and other interested parties to be included to assist in the proceeding. Coinbase could be the first “friend of the court” to file the amici briefs. The US crypto exchange has supported Ripple’s argument that XRP should not be classified as a security. The exchange and other firms are expected to file by November 18.
The development is positive for Ripple since amici briefs have been a source of contention for a while. It will shed more light on the case and allow Ripple to build a stronger argument against the regulator. In particular, Coinbase has been vocal against SEC’s rulemaking targeting the crypto industry.
The court’s go-ahead brings a new perspective, dealing a blow to the regulator. SEC has so far been losing the battle against Ripple. If you are seeking to buy XRP in light of the developments, you need to look at the technical bits.
XRP hit a resistance level as price pumps
Source – TradingView
Technically, XRP trades at a key resistance zone. The momentum is weak, considering that the token is recovering from the recent slump. The MACD indicator remains in the bear zone. The level around $0.38 should be watched.
When to buy XRP?
The development around Ripple’s case with SEC is positive for XRP. The price could build on the news to continue rising. A bullish momentum will be confirmed if XRP clears the area around $0.38-$0.40.
On the flip side, bears could outwit the bulls at the current resistance level and force a correction back to $0.30. Both outcomes are likely given the mixed crypto outlook. So, buy after confirmation of the upside.
Where to buy XRP
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Capital.com
Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
Buy XRP with Capital.com today
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Karibisches Land St. Kitts und Nevis: Bitcoin Cash ab März 2023 gesetzliches Zahlungsmittel?
Der Premierminister des Landes sagt, die Regierung erwäge, Bitcoin Cash als gesetzliches Zahlungsmittel zu akzeptieren.
eToro’s properties make it a reliable FTX alternative
FTX collapsed last week, and that has left many investors scrambling for alternatives. eToro provides a reliable alternative for people looking to use secure trading platforms.
FTX, one of the leading crypto exchanges in the world, collapsed last week. By the end of the week, the exchange had filed for bankruptcy.
The cryptocurrency exchange was reportedly using customer funds for its business purposes. With the collapse of the FTX exchange, many investors are looking for alternatives where their funds and assets can be secure.
Why eToro is a reliable FTX alternative
eToro has been in the financial space since 2007, before the emergence of Bitcoin. The company is known for providing investors access to a wide range of financial markets, including forex and stocks.
User funds are safe on eToro thanks to some of its features. For starters, eToro is a regulated, multi-asset broker that has been in business since 2007. The brokerage platform is regulated all over the world, by some of the leading regulators, including the FCA, CySEC, ASIC, and more.
FTX’s balance sheet showed that the exchange was diverting some customer funds to its sister company, Alameda Research.
eToro assures its customers that this is not the case when they trade with them. The brokerage platform’s underlying business remains healthy and profitable, and its balance sheet is strong.
FTX’s downfall began after its FTT token lost more than 90% of its value within a few days. The company’s holdings drastically reduced during that period.
eToro doesn’t engage in crypto lending
eToro said it has never issued its own token and does not engage in crypto lending. The lack of an eToro token means that customers don’t have to worry about the token’s price dipping. eToro also doesn’t engage in cryptocurrency lending, unlike FTX.
Finally, eToro assured its users that their funds and assets are segregated and reconciled on a daily basis to ensure safety and liquidity and comply with its regulatory obligations.
eToro is a leading brokerage company that allows people to invest in a wide range of financial assets, including cryptocurrencies, stocks, and more.
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