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Technical Price Analysis | Ethereum (ETH) and Ripple (XRP)



Last week, Ethereum (ETH) showed some near-term recovery against the US dollar with the ETH/USD pair forming a support base above $200 before showing signs of upside correction. On the other hand, Ripple (XRP) did not perform well last week with prices falling by over 7%, but in Monday’s session, the coin has been rather stable.

Ethereum Price Analysis

For the better part of the week, ETH was trading above the $208 and $216 resistance levels. Additionally, the coin saw a break above the Fib retracement level of 23.1% for the downward movement to a $192 low from the $279 high. Equally, XRP had a break above the main bearish trend line with its resistance nearing $212.

The ETH/USD pair managed to trade above the $200 level but could not go beyond the 100 simple moving averages. Strong resistance was established for Ethereum at the $228 level, which eventually prevented more gains. Rejections were witnessed at the $227 level prior to the price dropping below $220.

Ripple (XRP) Price Analysis

Relative to previous XRP/USD trade plans, each drop presents a buying chance for aggressive investors. However, the condition applies only when the price trend is above $0.30, which is the Q1 2019 support level as well as a crucial reaction point in the first half of 2019. Otherwise, if there is a dip below the mark, all buys should target $0.41.

>> Bitcoin Price: What the Technical Chart Indicates About BTC’s Movement

Since there is limited enthusiasm regarding the coin, conservative traders should wait until there is a break below $0.29 or above $0.41. In the latter case, XRP is expected to surge to $0.48–0.52 and eventually $0.68, thus attracting bulls in a trend continuation stage.

If bears take control, then high trading volumes are expected below the $0.30 meltdown, which will surpass the 50 million reported on July 10. Equally high participation, as well as rejection and support of lower lows at $0.30, will confirm the primary trend for Ripple that defines the bar of the buyers of September last year.

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Ethereum (ETH) Shows Severe Selling Pressure Amid Bearish Sentiments



The cryptocurrency market is on a downward trend after Bitcoin failed to establish support at the $11,000 level, plunging instead to around 10% to the $10,000 region. Ethereum has equally felt the heat, plunging 32% in what was the largest percentage loss ever in a single day, and on Monday it was trading at $206.08.

Ethereum Plunges as a Result of Selling Pressure

As selling pressure continues to build, Ethereum continues to plunge, and it is expected to drop even lower in the near future. Ethereum has significantly dropped from its daily high of around $270, and the pressure that the coin is experiencing is an extension of the pressure that was experienced late last month when it surged to $350 before plummeting to $280 as a result of selling pressure.

The recent downward trend has taken ETH’s market capitalization to around $23.42 billion, which is a significant drop of around 8.5% of the total market cap of the crypto market. The highest market cap of Ethereum was around $135.58 billion. In the last 24 hours, Ethereum has, on average, traded between $206.08 and $226.66.

>> Bitcoin Tumbles Below $10K Mark as Crypto Market Turns Bearish

Cryptocurrency Market Dropping

Other cryptocurrencies are also on the downward trend on the index. Bitcoin, for instance, has dropped 14.3% on the day to trade at $9,943.4 while XRP has lost 12.33% to drop to $0.29561. The recent selling pressure has been a result of the inability of Bitcoin to sustain a support level at $11,000 after it surged in recent weeks. However, Ethereum does not have a considerable support level until it goes below the $230 region.

Nevertheless, it is expected that the near-term price action of Ethereum will largely depend on how Bitcoin performs. As the day drags on, it is expected that Ethereum will continue to drop, which would ultimately lead to a significant drop in the short term.

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Binance to Support Upgraded Ethereum Network Muir Glacier



When it comes to the crypto space, it should be noted that much of the progress that has been seen is primarily due to the existence of crypto exchanges, and perhaps the most influential among those is Binance. In a new development, the exchange has announced that Ethereum withdrawals and deposits are going to be suspended in order to complete an upgrade on the ETH network.

Key Details

The Ethereum network recently announced that there is going to be a Muir Glacier upgrade, and owing to that, Binance will update accordingly. The announcement was made in a blog post today.

That being said, it should be noted that those who are going to trade the ETH token have nothing to worry about as the upgrade is not going to affect normal trading activities in any way. However, Binance has not revealed when deposits and withdrawals are going to be reopened.

The exchange has stated that it will be back to normal if the exchange believes that the network is in a stable state. In the blog post in question, the exchange has asked its users to leave sufficient time so that any deposits can be processed.

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In the blog post, the exchange further added, “We will handle all technical requirements involved for all users holding ETH in their Binance accounts.” These are interesting times for the Ethereum network since the upgrade comes close on the heels of another seminal event less than a month ago.

Less than a month ago, the network had its Istanbul hard fork, and the effects of the new network upgrade are also going to be closely watched by market participants. It has been revealed that the Muir Glacier upgrade has become necessary due to the Istanbul hard fork. That being said, crypto traders on Binance will be able to continue trading despite the slight disruption.

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Ethereum (ETH) Struggles to Hold $300 Mark



Ethereum (ETH) is the second biggest cryptocurrency in the world in terms of market cap, and during the course of the Bitcoin rally, it has had its ups and down as well. Bitcoin has seen wild price swings this year; its price has risen over 220% since January. Well, Ethereum has also witnessed crazy price movements.

Wild Moves

Ethereum has seen plenty of action in the past month, when it hit a monthly low of $226 and a high of $360. Right now, it is trading at $294.

Talking about resistance level, ETH is at $296.10. Some believe that we will see it rise to $300, which is the next resistance level.

ETH is currently holding support at $285.9. Once it is cleared, the sell-off may be extended to $278, which is the lowest level of July 2. The next barrier comes at $271.6, which is the lowest level of July 3.

Fundamental Change

There is some good news for Ethereum holders, which has to do with a fundamental change to the entire ecosystem. According to reports, the Ethereum network is apparently going to switch to a staking consensus system from the current proof of work one, and although it has had its share of brickbats from critics, this is going to be the start of the next generation of the cryptocurrency, as it were.

>> When will Chine Legalize Bitcoin Again? The Impacts on the Market

To reduce the whole thing to much simpler language, this is a natural progression of the Ethereum project and one that has been wanted by the developers for quite some time. It is believed that there had been some form of agreement among developers that Ethereum 2.0 was going to go live around this time, and it seems that it is going ahead on schedule.

The network switch will also help the blockchain in managing more transactions with far more ease, and in this regard, it is important to note that the transaction value managed to cross the one million thresholds back on June 28. This is a significant development, and it remains to be seen what effect it will have on Ethereum’s price.

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