Kategorie: Ethereum News

• Ethereum rose to $1,300 on Monday.

• Ethereum co-founder Buterin has advised crypto enthusiasts to focus on tech than the price.

• ETH’s recovery could face a test at the 50-day MA.

Ethereum price (ETH/USD) tapped $1,300 briefly on Monday as bulls looked to win the war at $1,250 support. As of press time, the cryptocurrency had slid a little and was trading at $1,290. The price movement could generate some bullish interest amid a prolonged crypto winter. But just how important is Ethereum price in telling about the novel crypto project? Perhaps not that important, according to Ethereum co-founder Vitalik Buterin.

According to Buterin, investors should look at the tech rather than the price factors for Ethereum. Buterin’s comment comes amid investors’ dissatisfaction with the price of ETH and crypto in general. One popular crypto investor, “CoinMamba,” who attracted Buterin’s comment, hinted that he is “kinda exhausted.’ The investor hinted that he wanted to try out something else.

Any crypto native would understand or sympathise with the “CoinMamba” predicament. Had you bought Ethereum at its all-time high of $4,800, you would be holding 72% less value. Worse also, if you bought the Ethereum dip anticipating a swift recovery, you will still be hopeful.

Apparently, cryptocurrencies were not primarily invented for speculation. That’s the message that Buterin wanted to pass across. You should, too, and see the bigger picture. The good news still is that the bad days won’t last forever, and you can return big in ETH when the market rebounds. But is Monday’s price action a precursor of what is to come?

ETH recovers above the 20-day MA, and $1,250 support

ETH/USD Chart by TradingView

ETH has recovered above the $1,250 support and 20-day MA. Gauging from past price action, the token has risen any time it recovered above the 20-day MA. The MACD indicator shows improving momentum, although it is below the neutral zone.

Should you buy ETH?

The latest recoveries are positive for Ethereum. However, the cryptocurrency trades below the 50-day MA. If further upsides are to be confirmed, ETH has to break the barrier. Consider buying ETH on recovery above the crucial moving average. The next level would be around $1,450.

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.

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OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

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The post Ethereum back to $1,300. Vitalik Buterin advises the community on a key issue appeared first on CoinJournal.

• Ethereum token has gained by 11% in a week

• The token eyes $1,250 as recovery takes shape

• We need further confirmations/breakout before buying ETH

Ethereum price (ETH/USD) bulls are relentless despite a prolonged crypto winter. A gain of 11% in the last one week has taken the token to $1,205. The price level is close to the support zone of $1,250. Does this indicate ETH has initiated a bullish reversal?

Far from it – ETH is not yet bullish, but recent recovery boosts chances of it recapturing the $1,250 level. It should be remembered that analysts have been calling for a below $1,000 ETH price to another bottom price. However, Bloomberg senior macro strategist Mike McGlone expects Ethereum to hold up above $1,000. In his view, $1,000 is pretty solid support for ETH. He still warns that the FTX implosion impacts will linger longer before any bullish movement.

ETH price movement and outlook amid slight recoveries

Ethereum printed a low of $1,080 earlier this month after the FTX collapse. Bulls have kept the level intact, despite repeatedly losing the war at $1,250. ETH retested the November bottom and is on recovery towards the resistance again. Investors will eye a potential breakout at the key level to ascertain if higher prices are possible.

ETH/USD Chart by TradingView

The technical indicators show an improved price outlook for Ethereum. A bullish MACD crossover was initiated as the price recovered, although it remains in the bear zone. 

The RSI reading has shifted from the oversold region. However, it remains below the midpoint, indicating that sellers still have the upper hand on the cryptocurrency.

Should you buy ETH?

A price recovery to $1,250 is imminent for the Ethereum token. However, if considering buying ETH, you should wait until a breakout is confirmed above $1,250. A breakout would set up the cryptocurrency for the next potential resistance at $1,450 and $1,650.

On the flip side, if buyers fail to break above $1,250, ETH will remain under the control of bears. A price return to $1,000 is on the horizon or even lower.

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.

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OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETH with OKX today Disclaimer

The post Ethereum is gearing for a recovery above $1,250. Here is the price action appeared first on CoinJournal.

• Ethereum price pulled back on Monday.

• DeFi, gaming, and NFTs activity have dropped sharply.

• It also dropped because of the ongoing China protests.

Ethereum price came under intense pressure on Monday as global risks pushed asset prices lower. ETH/USD plunged to 1,170, which was the lowest level since November 23rd. It is a few points above this month’s low of 1,075. Other coins like BTC, XRP, MOB, COCOS, and FLUX also plunged.

FTX crisis continues

ETH price has been in a downward spiral in the past few days as concerns about the FTX crash. You can read more about the crisis here. Since the collapse, the fear of contagion has pushed most cryptocurrency prices lower.

The crisis continued during the weekend. In the United States, regulators are asking questions about Genesis, a leading player in the crypto lending business. The company is notable since it is owned by Digital Currency Group, one of the biggest crypto conglomerates in the world. DCG has already hired restructuring advisors as it faces significant going concern risks.

Meanwhile, according to the Financial Times, most audit companies are treating crypto clients as high-risk. As such, they are treating them to more invasive audits as the industry remains on the brisk.

Ethereum price has been in a downward trend as key industries like DeFi and NFT come under pressure. Its total value locked (TVL) in the DeFi industry has dropped from over $150 billion to about $38.3 billion. 

Further, data shows that the volume of Ethereum NFTs has been in a downward trend. In November, the number of unique buyers dropped to 151,352 from 172,284. The total volume of Ethereum NFTs has dropped from an all-time high of $3.99 billion in January to $364 billion in November.

Other key sectors in Ethereum’s ecosystem like gaming and payments have seen their volume and activity decline sharply.

Ethereum price also crashed as investors reacted to the ongoing protests in China. These protests have led most stocks and commodities to plummet.

Ethereum price forecast

                    ETH/USD chart by TradingView

So, is it safe to buy Ethereum dip? The four-hour chart shows that the ETH price has been in a strong bearish trend in the past few days. It has moved below the descending trendline shown in yellow. The coin has also moved below the 25-day moving average while the Relative Strength Index (RSI) has been falling.

The coin will likely continue falling as sellers target the lower side of the triangle pattern at $1,100. A move above the resistance point at $1,200 will invalidate the bearish view. 

The post Ethereum price prediction as crypto risks continue appeared first on CoinJournal.

Ethereum price remained under intense pressure on Wednesday as the crypto industry dealt with the FTX fallout. ETH was trading at $1,216, which was lower than this week’s high of $1,290. The price is about 13% above the lowest level this month.

Is ETH bottoming

The biggest cryptocurrency news this month has been the fallout of FTX, the second-biggest exchange in the world. Its collapse was the biggest one since 2014 when Mt.Gox went out of business, leading to millions in losses.

Ethereum and other cryptocurrencies have seen their prices crash amid rising contagion risks. Historically, the prices of most assets tend to decline when a major associated asset collapses. For example, banking stocks crashed hard in 2009 after the collapse of Lehman Brothers.

Ethereum price pulled back as demand for cryptocurrencies has waned. The number of people investing in cryptocurrencies has crashed while outflows from exchanges have grown.

The same is true with other associated industries. For example, the total value locked in Ethereum’s DeFi network has dropped from more than $150 billion in 2021 to about $40 billion. Most lending and decentralized exchanges have seen significant outflows.

The same is true for the Non-Fungible Token (NFT) industry. Recent data shows that the volume of transactions in the industry has declined. Some analysts believe that the bubble in NFTs is bursting as many investors struggle to exit.

Still, there is a silver lining in FTX’s crash. First, because of its magnitude of the clash, there will be new regulations to weed out the bad apples in the crypto industry. This is in line with how the US responded to the collapse of Lehman Brothers. 

Second, for Ethereum, it could lead to more demand for decentralized exchanges (DEX). Analysts believe that DEXes like Uniswap and dYdX are safer than their centralized peers.

Ethereum price prediction

The chart below shows that the ETH price has been in a strong bearish trend in the past few days. Along the way, the coin has formed a bearish pennant pattern that is shown in black. Historically, a bearish pennant pattern is usually a bearish sign. It has also moved slightly below the 25-day and 50-day moving averages. 

Therefore, there is a likelihood that Ethereum price will soon have a bearish breakout as sellers target the key support at $1,100.

How to buy Ethereum

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.

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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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The post Ethereum price prediction as a bearish pennant forms appeared first on CoinJournal.

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.

Buy ETH with eToro today Disclaimer

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.

Buy ETH with Skilling today Disclaimer

 

The post Why ex-Goldman strategist thinks Ethereum already bottomed out. A technical outlook appeared first on CoinJournal.