Blockchain

Ethereum price prediction: ETH towards $1000, analyst

TL;DR Breakdown Ethereum price prediction expects a drop to $1000. Strong resistance currently lies at the $1160 mark. Strong support currently lies at the $1100 mark. The queen of cryptocurrencies follows the king, as it normally does, and the bullish pressure was not as strong as expected by analysts. Ethereum’s movements were sharper with near-identical […]

Published

2 months ago

January 16, 2021

Republished by Plato

TL;DR Breakdown

Ethereum price prediction expects a drop to $1000.
Strong resistance currently lies at the $1160 mark.
Strong support currently lies at the $1100 mark.

The queen of cryptocurrencies follows the king, as it normally does, and the bullish pressure was not as strong as expected by analysts. Ethereum’s movements were sharper with near-identical daily price movements than that of the king’s and hence had greater volatility. In the past 24-hours, the queen peaked at $1,255 but eventually went down to the low at $1,070. Finding stability in the $1,160-$1,170 range, at the time of writing, Ethereum is trading hands for $1,171 apiece.

Out of the total 28, technical indicators the majority are signaling towards buy, with nine at neutral position and only three buy signals. Eight of the oscillators are neutral, two are at buy position, and one at sell. 14 of the moving averages are signaling buy whereas one indication is at neutral and two at sell.

Ethereum price prediction: What to expect?

In his Ethereum price prediction, Analyst Crypto Guru is expecting ETH to hit the $2000 price level but more likely to drop down towards $1000 before turning bullish. Guru has identified an ascending triangle in the price action of Ethereum. Per the analyst, Ethereum dived towards the 0.382 Fibonacci level, which lies at the price level of $1,010. The analyst believes that Ethereum’s price action is fading even though it pulled itself back up from the 0.382 Fibonacci level. The cryptocurrency is at a crucial stage at the moment.

Its upcoming price action will determine the trajectory it takes for the foreseeable future. The analyst suggests that if Ethereum fails to break the $1150 resistance levels, it will likely be heading back to the 0.382 Fibonacci level where Ethereum will also find the support of exponential moving average (EMA) 89 at around $1,000.

Per the analyst, the hopeful target of $2,000 will only be achieved if the cryptocurrency breaks out from the ascending triangle to the upside. The first indication of this break out will be Ethereum closing above the $1,150 mark. After which, the analyst’s first price target will be at $1,450. In the long-run, the analyst predicts a price value of $5,000 to $20,000 to be achieved by Ethereum in the next few years.

The reach towards the $2,000 price level is also confirmed by analyst Harison HBN who has identified a key support line in his Ethereum price prediction. The steep ascending support line is pushing the cryptocurrency towards an optimistic price level of $2,000. Per the analyst, Ethereum is close to touching the all-time high of $1,400, which is also near the 0.786 Fibonacci resistance level. Once it crosses that level, it will become more likely for the cryptocurrency to smash resistance levels and reach $2,000.

Analyst Trade Station is not as hopeful for the cryptocurrency in their Ethereum price prediction. Station believes that the current consolidation of Ethereum is as good as it’s going to get. Based on the historic trends observed during the 2018 bull-run, Ethereum seems to be heading for strong corrections, in the near future. Per the analyst, Ethereum price was moving at the same level it is now, in the 2018 bull run. The cryptocurrency consolidated in the $900 region before it crashed hard in 2018. The analyst believes that Ethereum touching the $900 price level could be an indication of the upcoming corrections.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Related Topics:blockchain Crypto cryptocurrencies Cryptocurrency cryptocurrency trading ETH Ethereum Ethereum News Investments Research trading

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Blockchain

Ethereum EIP-1559 Targeting Gas Fee Challenges to be Implemented in July

Published

3 hours ago

March 7, 2021

Republished by Plato

The contentious Ethereum Improvement Proposal (EIP) 1559, will be included in its codebase in July this year. This became clear during the All Core Developers call today.

EIP 1559: What Does it Mean for Fees?

Ethereum’s Improvement Proposal 1559 is aimed at improving the overall Ethereum’s user experience when it comes to transaction fees.

Typically, a user would have to send a gas fee to a miner for their transaction to be included in a block. What EIP-1559 proposes, however, is to send that gas fee to the network itself. Called basefee, this is a sort of a “burn” and there would only be an optional tip that’s paid to the miners. The burnt fee would be set algorithmically, supposedly improving the UX.

The proposal was originally submitted by Eric Conner and its summary provides an overall outlook at what it attempts to achieve:

A transaction pricing mechanism that includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion.

During today’s All Core Developers call, it was decided that it will be included in the so-called London hard fork coming this July.

Some Miners Disagree

Despite the potential improvements on the entire network that could come with EIP-1559, some of the largest Ethereum mining pools have openly displayed division on where they stand.

F2Pool, the third-largest ETH mining pool with over 10% hashrate share, shared a post, in which it supported the initiative, claiming that it would ultimately have a positive impact.

The publication says that “the general community along with core developers are siding with evolving Ethereum to include EIP-1559. It is important to side with the users and core contributors.”

F2Pool’s statement also argued that the potential EIP-1559 implementation could be factored in ETH’s price, which is more than 100% from the start of the year.

In contrast, though, the largest mining pool with nearly 25% share of the hashrate, Sparkpool, didn’t feel the same way about the integration as it could reduce the profits. They took it to Twitter to emphatically assert that the mining pool “opposes EIP-1559.”

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Source: https://cryptopotato.com/ethereum-eip-1559-targeting-gas-fee-challenges-to-be-implemented-in-july/

Blockchain

Uniswap, Crypto.com Coin, Compound Price Analysis: 07 March

Published

3 hours ago

March 7, 2021

Republished by Plato

Uniswap broke out past the $29.3 level of resistance, while Crypto.com Coin was in a phase of consolidation. Compound bounced off the $450 level of support to touch $500 but could see a pullback to $470.

Uniswap [UNI]

Uniswap, Crypto.com Coin, Compound Price Analysis: 07 March

Source: UNI/USDT on TradingView

UNI broke out and went past the $29 area of resistance, where the 23.6% retracement level and the $27.3 level of resistance lay. The upward move had extraordinary volume as UNI touched $31.54 but some selling pressure was seen in the subsequent trading session.

The Doji candle represented short-term exhaustion from the bulls, and the breakout could see UNI pullback to test the $29.3 level to confirm its flip from resistance to support.

The MACD showed strong bullish momentum behind UNI. Bearish divergence on the hourly chart between momentum (MACD) and the price could be seen in the coming hours, which would likely see UNI pullback to $29.4. This can be used to enter long positions, with a stop-loss just at $28.7.

Crypto.com Coin [CRO]

Source: CRO/USDT on TradingView

The Bollinger bands showed that CRO was in a phase of consolidation at and around its 38.2% retracement level at $0.152. The RSI moved back above neutral 50 to indicate that momentum was swaying towards the bulls’ side.

The defense of the 50% retracement level at $0.127 and the immediate bounce-off was a show of strength from bulls – the $0.146-$0.152 region can be used to accumulate CRO in expectation of another move upwards. The $0.173 and $0.189 levels are levels of resistance to watch.

Compound [COMP]

Source: COMP/USDT on TradingView

Compound saw a strong bounce-off at the $450 mark which represents a 23.6% retracement for COMP’s move from $205 to $573. At the time of writing, COMP faced some resistance at the $500 area.

Moreover, the Awesome Oscillator on the hourly chart displayed a bearish twin peak set up and gave a sell signal. This development, followed by the AO registering bearish bars on its histogram, is likely to see the price dip to $470. Bulls would need to show some strength at $470, or bears can drive the prices lower to $450 once more.

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Source: https://ambcrypto.com/uniswap-crypto-com-coin-compound-price-analysis-07-march

Blockchain

Pakistan: Arrests made in Bitcoin extortion case

Published

4 hours ago

March 7, 2021

Republished by Plato

The world of finance has never been able to protect itself from the fraudulent activities going around in the world. The cryptocurrency market, which itself is a growing space has also had its fair share of such fraudulent activity being associated with it. However, unlike traditional finance, regulators have been enforced stringent measures when it comes to tackling such offenses.

A recent case has been reported in Pakistan, where the police have arrested several people part of the country’s first extortion case via crypto. According to reports, the police arrested the owner of an outhouse where the complainants, two foreign nationals, were held hostage along with two other suspects.

One of the suspects was identified as Rana Irfan Mahmood and a case has been registered against him and an unidentified accomplice. The hostages were Swiss national Maria Spari and German citizen Stephen [last name remains unknown] who were kidnapped by three men in police uniform along with another person.

After threatening the hostages with a fake drug smuggling case, the victims paid 6,300 euros in cash and made an online transfer of 1.8 Bitcoin which was close to $9k. The suspects made a fake video demanding an additional Rs 300 million [$1.91 million].

According to SSP Investigation Abdul Ghaffar Qaisrani, the police have managed to recover the amount paid to the facilitator apart from the Bitcoin. The crypto has already been transferred to another account and the team was taking assistance from the intelligence agencies to recover it.

Although the regulators in Pakistan have been taking note of Bitcoin and crypto, illicit activities have been a growing concern in the region. In November 2020, the Central bank clarified that it was not banning crypto, contrary to the prevailing fear within many in the crypto-community.

In fact, Pakistan’s Securities and Exchange Commission [SEC] published a paper on the regulation of cryptocurrency trading platforms. This paper outlined the regulatory approach to crypto and included recommendations given by the Financial Action Task Force [FATF], as well as regulations presented by Malaysia, Hong Kong, and the U.S.

However, the police in the country have warned users and the government about the rising cases of ransom and extortion related to crypto. Bitcoin has been at the center of these cases and such fraud activities will only instill fear with the lack of regulation among crypto users in the region.

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