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Ethereum Is In Steep Downtrend And Technicals Suggest Crucial Breakout Pattern

Ethereum is down over $150 from the $490 swing high against the US Dollar. ETH price could continue to move down if it breaks the key $300 support zone. ETH price is back in a bearish zone below the $400 and $350 support levels against the US Dollar. It traded to a new multi-week low […]

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Ethereum is down over $150 from the $490 swing high against the US Dollar. ETH price could continue to move down if it breaks the key $300 support zone.

  • ETH price is back in a bearish zone below the $400 and $350 support levels against the US Dollar.
  • It traded to a new multi-week low at $309 and settled below the 100 simple moving average (4-hours).
  • There is a crucial bearish trend line forming with resistance near $340 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower if there is a close below the $300 support in the near term.

Ethereum Price Turns Red

In the past few sessions, there was a strong decline in Ethereum below $400 against the US Dollar. ETH price even broke the $350 support level and it dragged bitcoin lower below $10,200.

The decline was such that ether price even broke the $320 support and settled well below the 100 simple moving average (4-hours). It traded close to the $300 support and a new multi-week low is formed near the $309 level.

The price is currently consolidating losses and trading above $320. It seems to be facing hurdles near the 23.6% Fib retracement level of the downward move from the $400 swing high to $309 low. The first major resistance on the upside is near the $340 level.

Ethereum

Ethereum price trades below $320. Source: TradingView.com

There is also a crucial bearish trend line forming with resistance near $340 on the 4-hours chart of ETH/USD. The next major resistance is near the $350 level, followed by the 50% Fib retracement level of the downward move from the $400 swing high to $309 low at $355.

To move into a positive zone, ether must climb above the $340 resistance and then gain pace above the $355 resistance zone in the coming sessions.

More Downsides in Ether (ETH)?

If Ethereum fails to clear the $440 resistance zone, it might continue to move down. An initial support is near the $410 level or the $309 low.

The next major support is near the $300 level. A successful daily close below the $300 handle could start another slide and the price might dive towards the $260 level in the near term.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is gaining pace in the bearish zone.

4 hours RSI – The RSI for ETH/USD is now well below the 40 level.

Major Support Level – $300

Major Resistance Level – $355

Source: https://www.newsbtc.com/2020/09/06/ethereum-is-in-steep-downtrend/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-is-in-steep-downtrend

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Blockchain and crypto will challenge current finance, Nigeria VP says

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Nigeria’s vice president, Yemi Osinbajo, delivered a speech at an economic summit on Friday in which he spoke positively of crypto and blockchain. 

“There is no question that blockchain technology generally, and cryptocurrencies in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine,” Osinbajo said on Friday during the Central Bank of Nigeria, or CBN, Bankers’ Committee Economic Summit. “We need to be prepared for that seismic shift, and it may come sooner than later,” he said.

The Nigerian vice president also noted the broadness of the crypto industry, mentioning decentralized finance, or DeFi, in the mix. “Decentralized finance, using smart contracts to create financial instruments, in place of central financial intermediaries, such as banks or brokerages, is set to challenge traditional finance,” he said. 

Osinbajo’s speech, which included a number of other points, is posted on his YouTube channel. The Nigerian vice president also tweeted out a video clip highlighting of some of his crypto comments from his talk.

“The point I’m making, is that some of the exciting developments we see call for prudence and care in adopting them and these have been very well-articulated by our regulatory authorities,” he said, adding:

“But we must act with knowledge and not with fear. We must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effects, or any of the possible, even criminal, acts that may arise in consequence of adopting or taking any of these options.”

The comments come in contrast to recent developments in Nigeria. Earlier in February, Nigeria forbade banking interactions with crypto exchanges, as per a ruling from its central bank. The CBN’s governor also called crypto assets illegitimate. Bitcoin recently traded at a significant premium in the region.

Source: https://cointelegraph.com/news/blockchain-and-crypto-will-challenge-current-finance-nigeria-vp-says

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‘Bitcoin could reach $1 million or $1, and may do both of those’

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While many analysts predict that either Bitcoin could increase to a million or fall to a dollar, a popular businessman and investor based in the US thinks that the asset could do both!

In a recent interview with Joe Kernen at CNBC’s Squawk Box, Internet analyst Henry Blodget of the dot com era fame said: 

Bitcoin could go to $1 million… it could also go to $1. And in fact it may do both of those

In addition, Blodget, who also served as the head of the global Internet research team at Merrill Lynch, is unconvinced about the asset’s value proposition. He claimed that Bitcoin as an inflationary hedge and the narrative surrounding its value as ‘digital gold’ were “stories”. He further added: 

But the stories that we tell about why relative to the value of gold or other currencies, they’re ludicrous.

In his opinion, Bitcoin can trade just about anywhere because it does not have any fundamental backing. He said that unlike traditional stocks, “which usually does have some relationship ultimately to a fundamental,” of a company, “Bitcoin doesn’t, so that means it can trade anywhere.”

The entrepreneur thinks that crypto exchange Gemini’s CEO Tyler Winklevoss could eventually be “exactly right,” in his forecast that the asset could surge to a million. However, Blodget said:

If people were to decide that for the next couple of hundred years Bitcoin is where you park your money when you take it out of the fiat system, OK, it’s possible.

Interestingly, while crypto Twitter and Bitcoin enthusiasts, in particular, called out the analyst’s criticism, they commended the interviewer’s counter-argument. CNBC’s Joe Kernen seemed to even “speak the language” of the crypto space as one twitter user named @HodlBells noted:  


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Source: https://ambcrypto.com/bitcoin-could-reach-1-million-or-1-and-may-do-both-of-those

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Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

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NetCents, a cryptocurrency payments company, today announced it has signed an agreement with Vesto.io to pave the way for DeFi access in the NetCents platform.

Vesto, is a San Francisco-based company that has created a platform allowing users to choose from multiple DeFi protocols in a virtual supermarket. NetCents (with regulatory approval) intends on enabling a portal to the Vesto infrastructure from the NetCents wallet in order to facilitate user’s adoption of DeFi investing in an efficient and easy-to-understand interface.

“We have seen the DeFi space explode over the past year, but for it to reach the next level – the tools and the process has to be attainable by the novice crypto investor. We will be adding a layer of simplification to the process so that individuals can have their savings actually working for them without the complexity of the current platforms. Individuals have the right to lend their money at market-based rates instead of getting 1% interest on their savings that the commercial banks are offering.”
– Clayton Moore, NetCents Founder & CEO

LOI

The Letter of Intent  (LOI) contemplates a Joint Venture between parties and an option for NetCents to invest in Vesto and hold a significant ownership stake in the company at a future date.

Management of NetCents also informed investors that many of the concepts embraced by these DeFi platforms have not been vetted by the many authorities that regulate financial products. NetCents intends to work together with regulators to navigate this landscape and resolve it with a compliant product.

For Example: Fintech businesses seeking to bring a novel product or service to the market can seek regulatory relief through regulatory sandboxes such as the Ontario Securities Commission’s LaunchPad or the British Columbia Securities Commission’s SandBox.

Furthermore, businesses that distribute, trade, or advise in crypto assets that are securities are required to comply with securities laws (in particular, registration and prospectus requirements), which can be onerous. There are many exemptions for specific types of distributions, trades, and other activities and NetCents intends to research these exemptions rigorously. These exemptions, at a high level, may limit the types of investors that can participate or the investment amounts, or may require the preparation of disclosures to investors and filing of a disclosure document.

Source: https://www.cryptoninjas.net/2021/02/27/crypto-platform-netcents-to-offer-users-access-to-defi-protocols-thru-vesto/

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