Connect with us

Blockchain

Ethereum Struggles to Break the $1,150 Resistance, Uptrend Resumption Is Likely

Presently, Ethereum bulls are attempting to break the $1,150 resistance. A breakout at the resistance will propel the crypto to resume the upside momentum.

Republished by Plato

Published

on

Jan 14, 2021 at 14:38 // News

Ethereum bulls are attempting to break the $1,150 resistance

Presently, Ethereum bulls are attempting to break the $1,150 resistance. A breakout at the resistance will propel the crypto to resume the upside momentum.

Perhaps, the current resistance at $1,300 would be broken. Nevertheless, the previous attempt at the $1,150 resistance was met with a bearish consequence. Ether retraced to $1,000 support and resumed a fresh uptrend. 

In the second attempt, buyers are at the point of breaking the current resistance to pave way for a fresh uptrend. In the current bull market, Ethereum and Bitcoin have something in common. At the time of writing, Bitcoin is attempting to reclaim the psychological price level of $40,000. In the same vein, if the bulls break the resistance at $1,150, Ether will retest the $1,300 high. Also, a breakout at $1,300 will catapult the coin to rally above the $1,700 price level. Meanwhile, the coin is trading at $1.164 at the time of writing.

Ethereum indicator analysis

The altcoin is below the 80% range of the daily stochastic. This indicates that the coin earlier had bearish momentum. Presently, the stochastic bands are making a U-turn signalling the resumption of bullish momentum. The price retraced to the support above 21-day SMA which indicates the possibility of an upward move.

ETH - Coinidol (1).png

Key Resistance Zones: $1200, $1,300, $1,400

Key Support Zones: $800, $700, $600

What is the next direction for Ethereum? 

As Ether breaks the minor resistance at $1, 150, there is a possibility of a further upward move. On January 10 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement indicates that ETH will rise to level 1.618 Fibonacci extension. That is, Ether will reach a high of $1,726.55 

ETH - Coinidol 2 chart (1).png

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

Source: https://coinidol.com/ethereum-struggles-break-resistance/

Blockchain

India’s Crypto Ban Uncertain as Finance Minister Touts a Window for Experiments

Republished by Plato

Published

on

India’s Finance Minister told CNBC that the country’s reserve bank is not shutting out cryptocurrencies entirely. She said that while the Reserve Bank of India will decide which unofficial cryptocurrencies will be used and regulated, there will be “a window for experiments” in the industry.

New Lease Of Life For Bitcoin In India

India’s minister of finance, Nirmala Sitharaman, spoke briefly on the country’s standpoint on digital assets in a CNBC virtual townhall. She said that several negotiations are being held with the Reserve Bank of India regarding an impending ban.

A lower parliament in India raised a bill to ban all private cryptocurrencies in January. It said that the move was to facilitate the development of the country’s CBDC, which the RBI will issue and regulate. This did not go down well with cryptocurrency enthusiasts and industry stakeholders in the country. In response, they started an online campaign tagged #IndiaWantsBitcoin to get the RBI to reconsider its stance.

Sitharaman’s remarks suggest that the campaign was quite impactful. She said:

“A lot of negotiations and discussions are happening around the cryptocurrency with the Reserve Bank of India. RBI will be taking a call on what kind of unofficial cryptocurrency will have to be planned and how it has to be regulated. However we want to make sure that there is a window available for all kinds of experiments which will have to take place in the crypto world. There will be a very calibrated position taken. A lot of mixed messages are coming from across the world. World is moving fast with technology, we cannot pretend that we don’t want it.”

Sitting On The Fence

India is renowned for its controversial stance on bitcoin after several “back and forth” regulations. The government had initially banned cryptocurrencies in 2018 after warning investors. The halt was later overturned by the Supreme court. The apex court described the ban as “unconstitutional.”

ADVERTISEMENT

India’s lower parliament received backlash from the global crypto community for what seemed like a ridiculous exception to its proposed cryptocurrency ban. It said it will “allow for certain exceptions to promote the underlying technology of cryptocurrency and its uses.” Regulatory bodies in the country had severally pushed the motion to advance blockchain technology adoption while banning cryptocurrencies.

Its non-committal approach has raised question marks regarding the country’s future in the digital asset space.

Digital Rupee Still In The Picture

Although Sitharaman did not discuss the progress of the digital rupee, the second most populous nation may take a cue from its neighbors, China.

China has continued trials of its digital yuan and has distributed millions of dollars in the digital currency to its citizens.

India’s Reserve bank governor, Shaktikanta Das, said last month that although there is no set date for the launch, the digital rupee was “receiving full attention.”

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://cryptopotato.com/indias-crypto-ban-uncertain-as-finance-minister-touts-a-window-for-experiments/

Continue Reading

Blockchain

Cardano Price Analysis: 07 March

Republished by Plato

Published

on

The cryptocurrency market has been constantly forming crusts and troughs as it strives towards stability. Cardano’s market witnessed a similar trend wherein the price surged towards the end of February but has been correcting since.

At the time of writing, Cardano was trading at $1.13 with a market capitalization of $35.68 billion.

Cardano six-hour chart

Source: ADAUSD on TradingView

The above chart noted that the current market movement had formed a descending triangle and the price was sloping lower. The price has been supported at $1.06 as the trend becomes bearish.

This downwards trending price has been indicating a further drop making its way into the ADA market.

Reasoning

After witnessing increased volatility in the recent past, the ADA market is now seeing the volatility reduce. However, it has not yet shrunk to a level where a price swing was not possible. Since the descending triangle was a bearish trend, a price drop could make the market more volatile.

The signal line and the 50 moving average were also moving above the price candles and were acting as a point of resistance. Meanwhile, market momentum has turned negative due to the rising selling pressure in the market.

Despite the shift in momentum, the Relative Strength Index has remained close to the equilibrium zone. This could be a sign for the consolidation of the price at the current level but as bearishness increases, the consolidation phase may lead to the price breaking down.

Crucial levels

Entry-level: $1.07
Stop-level: $1.17
Take profit: $0.91
Risk to Reward: 1.53

Conclusion

The current ADA market has been seeing the price drop to its $1.06 support. As the price tests the support, the indicators have been highlighting an incoming fall. This fall could push the digital asset under the support and could bring the value under $1.


Sign Up For Our Newsletter


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://ambcrypto.com/cardano-price-analysis-07-march

Continue Reading

Blockchain

HODLing early leads to relationship troubles? Redditors share their stories

Republished by Plato

Published

on

Crypto investments have reportedly been a source of strife in relationships, sometimes leading to breakups and even divorce. 

According to a Reddit post from February 2015, a then 28-year-old woman using a throwaway account claimed that she was incredibly upset at her husband, who had not stopped purchasing Bitcoin (BTC) since 2013 without consulting her. She estimated that he had bought more than $22,000 in the crypto asset in the two years prior to the post, when the price reached a high of more than $1,000 but also dipped under $200.

“I kept telling him to sell as the price was rising and he promised me a big year in 2014,” she said. “The price kept falling and he continued to buy more. He makes more money than I do but we are building a future together and we have a shared bank account. He kept telling me this was for our kids’ college fund, to buy a house, etc.”

In the early days of Bitcoin and crypto when digital currencies were often used as a running joke for late night talk shows and comedians, many considered investing in the technology financially immature at the very least. Some people still do, even with the BTC price at more than $50,000 again.

The Redditor referred to her husband as “brainwashed,” saying he was “robbing [her] of happiness” and ruining her job by bringing up Bitcoin at her marketing events.

“After a recent price crash, he actually bought more using our vacation fund that I have been saving away for and planning. All gone, in Bitcoin never to be seen again.”

It’s unclear whether the couple stayed together following the response from the post, or if the husband sold some or all of the Bitcoin to ameliorate his wife’s financial concerns. The user compared her spouse to a drug addict and considered “staying in a hotel for a few weeks” to think about whether divorce was an option.

However, with the benefit of hindsight, the husband’s early investment could have easily paid off in the millions of dollars. Even assuming he purchased BTC after the price surge to $1,000 in November 2013, the 22 coins would now be worth more than $1 million.

Because the story was posted on the r/relationships subreddit rather than a pro-crypto group like r/Bitcoin or r/cryptocurrency, many of the Redditors encouraged the user to separate her finances and consider divorce proceedings. Few crypto enthusiasts jumped on the thread to comment, but one predicted that the BTC would one day be “worth fortunes” and recommended the husband continue to HODL.

Another story from a Redditor following the 2017 bull run — which brought in many newbies to the crypto space — claimed that his girlfriend was considering breaking up with him following “a huge investment in cryptocurrencies.” However, digital currencies seem to have played less of a role in his story, as the user said he crashed a car while driving drunk and was pressuring his significant other to leave her job.

Though many crypto traders know the price of Bitcoin and other digital currencies will likely continue to be volatile, the adoption and investment from major companies have helped push the technology closer to the mainstream, and made it seemingly more responsible for investors to get in on the action earlier rather than later. Already Shark Tank star Kevin O’Leary has claimed to have increased his stake in Bitcoin while asset management firm Third Point CEO Dan Loeb recently said he had been doing a “deep dive into crypto.”

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://cointelegraph.com/news/hodling-early-leads-to-relationship-troubles-redditors-share-their-stories

Continue Reading
Blockchain4 days ago

Amplifying Her Voice

Blockchain5 days ago

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

Blockchain3 days ago

How to Protect Yourself from the Cryptojacking Threat

Blockchain5 days ago

Libra Coin – A New Digital Currency Developed by FACEBOOK

Blockchain5 days ago

Blockchain in Sports Betting

Blockchain4 days ago

Will Netflix soon buy bitcoin?

Blockchain5 days ago

DeFi token CRV spikes after reports PayPal acquired unrelated custody firm Curv

Blockchain3 days ago

BitGo To Introduce Crypto Custodial Services To New York Clients

Blockchain3 days ago

Experts divided on BTC predictions: Bullish or super bullish?

Blockchain5 days ago

DEX aggregator 1inch integrates Bitquery’s API-powered crypto trading data

Blockchain3 days ago

Bitcoin “Cheat Sheet” Calls For Next Leg Up To $77K

Blockchain2 days ago

Mark Cuban’s Dallas Mavericks to Accept Dogecoin Payments

Blockchain3 days ago

Analyst tells Tesla to dump Bitcoin for buybacks as shares plunge alongside MSTR’s

Blockchain3 days ago

Thailand’s largest movie theater chain accepts Bitcoin

Blockchain4 days ago

3 key Ethereum price metrics show pro traders are aiming for $2K ETH

Blockchain3 days ago

Ethereum gas fees drop as daily DEX and DeFi volumes decline

Blockchain3 days ago

TA: Bitcoin Price Back Below 100 SMA, Why BTC Could Retest $45K

Blockchain2 days ago

Decentralized Companies Are the New Norm and It’s the DAO Revolution That’s Making It Possible

Blockchain3 days ago

XRP Price Analysis: 04 March

Blockchain4 days ago

Bitcoin HODL Waves Suggest Bull Run Has Barely Started

Trending