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TA: Ethereum Steadies Above $1,150: Why ETH Could Outperform BTC

Republished by Plato

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Ethereum is holding a major support near $1,150 against the US Dollar. ETH price is consolidating and it is likely setting up for a major upside break above $1,250

  • Ethereum is facing a couple of major hurdles near $1,245 and $1,250.
  • The price is likely to remain well bid above $1,150 and near the 100 hourly simple moving average.
  • There is a key contracting triangle forming with support near $1,195 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to outperform bitcoin unless there is a clear break below the $1,150 support zone.

Ethereum Price Holding Key Support

In the past 2-3 sessions, Ethereum made two attempts to gain strength above $1,250 and $1,280. ETH price failed to settle above $1,250, formed a high near $1,270, and recently started a fresh decline.

There was a break below the $1,225 and $1,220 support levels. Ether price even spiked below the $1,200 level and tested the 100 hourly simple moving average. A low is formed near $1,184 and it is currently consolidating near the $1,195 level.

It seems like there is a key contracting triangle forming with support near $1,195 on the hourly chart of ETH/USD. An initial resistance on the upside is near the $1,225 level. It is close to the 50% Fib retracement level of the recent decline from the $1,270 high to $1,184 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,250 level. It coincides with the 76.4% Fib retracement level of the recent decline from the $1,270 high to $1,184 low. If ether price breaks the $1,250 resistance and the triangle upper trend line, there are chances of a strong increase.

The next major resistance is near the $1,280 level. A close above $1,280 will most likely open the doors for a strong rally above $1,300 and $1,350.

Dips Supported in ETH?

If ethereum corrects lower below the triangle trend line and $1,192, it could find a strong support near the $1,150 level (a multi-touch zone).

A downside break and close below the $1,150 support level may possibly spark a strong decline towards $1,100. Having said that, ether is looking stable above $1,150, while bitcoin is showing bearish signs below $35,500 and $36,000.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is still below the 50 level.

Major Support Level – $1,150

Major Resistance Level – $1,250

Source: https://www.newsbtc.com/analysis/eth/ethereum-eth-could-outperform-btc/

Blockchain

Bitcoin Price Hit 11-Week Low: BTC Retesting The Lowest Weekly Close Since February

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In early Sunday trading, BTC prices had fallen to their lowest levels for over 11 weeks, hitting $46,700 before a minor recovery.

The last time Bitcoin dropped to these levels was at the end of February during the second major correction of this ongoing rally. A rebound off that bottom sent prices above $60K for the first time in the two weeks that followed.

Later today, Bitcoin is going to close another weekly candle. In case the candle closes at those levels, this will become the worst weekly close since February 22nd, when BTC ended the week at $45,240, according to Bitstamp. Two weeks ago the weekly candle closed at $49,200, which the current lowest week close since February.

Second ‘Lower Low’ For Bitcoin

This time around, things feel slightly different and the bearish sentiment is returning to crypto-asset markets. Since its all-time high of $65K on April 14, Bitcoin has made a lower high and has now formed a second lower low on the daily chart, which is indicative of a larger downtrend developing.

Analyst ‘CryptoFibonacci’ has been eyeing the weekly chart which also suggests the bulls could be running out of steam.


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The move appears to have been driven by Elon Musk again with a tweet about Bitcoin’s energy consumption on May 13. Bitcoin’s fear and greed index has dropped to 20 – ‘extreme fear’ – its lowest level since the March 2020 market crash. At the time of press, BTC was trading at just under $48,000, down 4% over the past 24 hours.

Market Cap Shrinks by $150B

As usual, the move has initiated a selloff for the majority of other cryptocurrencies resulting in around $150 billion exiting the markets over the past day or so.

The total market cap has declined to $2.3 trillion after an all-time high of $2.5 trillion on May 12. Things are still high on the long term view but losses could accelerate rapidly if the bearish sentiment increases.

Not all crypto assets are correcting this weekend, and some have been building on recent gains to push even higher – although they are few in number.

Those weekend warriors include Cardano which has added 4.8% on the day to trade at $2.27 according to Coingecko. ADA hit an all-time high on Saturday, May 15 reaching $2.36, a gain of 54% over the past 30 days.

Ripple’s XRP is also seeing a resurgence with a 13% pump on the day to flip Cardano for the fourth spot. XRP is currently trading at $1.58 with a market cap of $73 billion. The only other two cryptocurrencies in the green at the time of writing are Stellar and Solana, gaining 3.7% and 12% respectively.

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Source: https://cryptopotato.com/bitcoin-falls-to-11-week-low-as-150-billion-exits-crypto-markets/

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Blockchain

North Dakota City to Accept Cryptocurrencies for Utility Bill Payments

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Williston, a city in North Dakota, plans to accept cryptocurrencies for utility bills online payments, becoming the first in the state to adopt crypto assets.

According to City Finance Director Hercules Cummings, the city has partnered with BitPay, one of the largest bitcoin payment service providers in the U.S. Payments will be converted from crypto to fiat in real-time.

Paying Bills with Crypto

The city council would first monitor how citizens respond to crypto payments. Utility bill payments are the only bills available to be paid with crypto.

However, if volume and interest are significant, the city will expand the options by allowing landfills, permits, and licenses to be paid with crypto. 

Individuals willing to do so only have to visit the official website of the city of Williston, enter their account information to receive an emailed BitPay invoice, and choose their digital wallet and the crypto in which they want to pay.


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Citizens can benefit from cost savings when using crypto as well. Exchanges only charge 1% for every transaction, unlike other payment services, which can charge up to 3%.

North Dakota Embracing Technological Change

Cummings outlined that his city is only responding to a growing trend and technological changes. He added that cryptocurrencies represent innovation for the city’s finance department and a significant step to take the lead in the state and nationwide.

“We are pioneers in the state. This is just one of many, many things that’s going to be rolling out of the finance department. We’ve got a lot of exciting things to unveil later on to be the first of many. Our goal is to be industry leaders, not industry laggers.” Said Cummings.

Williston is the third government entity in the U.S. to embrace cryptocurrencies as adoption takes a fast pace in the country. Wyoming is one of those states, which registered Ripple as an entity and has several crypto-friendly laws.

Featured image courtesy of US News.

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Source: https://cryptopotato.com/north-dakota-city-to-accept-cryptocurrencies-for-utility-bill-payments/

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Blockchain

Bitcoin Mining Company Vows to be Carbon Neutral Following Tesla’s Recent Statement

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It goes without saying that Tesla took center stage last week when the company announced it would no longer support bitcoin payments for its electric vehicles.

The message seems to have resonated, as Greenidge Generation Bitcoin Mining has vowed to be carbon neutral in 2021 and beyond.

Carbon Neutral Bitcoin Mining

After announcing plans to expand its Bitcoin mining operations last month, Greenidge is now looking to go entirely carbon neutral this year and in the future.

The company is committed to the cause, and it plans to invest in US-based renewable energy projects.

According to a recent press release, the company will also take part in the Regional Greenhouse Gas Initiative, which is a market-based program where participants sell CO2 allowances through auctions and invest the proceeds in renewable energy and energy efficiency.


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Speaking on the matter was Jeffrey Kirt, the CEO of the company, who said:

“Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses. By taking the bold and unique step of making or cryptocurrency mining fully carbon neutral immediately – as opposed to some distant date in the future – Greenidge is once again leading in environmental efforts.”

Musk’s Message Resonates

Greenidge’s announcement comes days after the leading electric vehicle manufacturer, Tesla, revealed that it would no longer support bitcoin payments. As a reason for its decision, the company cited environmental concerns related to bitcoin mining.

Elon Musk, the company’s CEO, confirmed and reiterated that he is bullish on crypto but so long as it doesn’t have a negative environmental impact.

The company also said that it’s looking for ‘greener’ alternatives to Bitcoin so that it can continue accepting crypto payments. This led to many speculations about which cryptocurrency it would choose. Shortly after, Musk said that he’s working closely with Dogecoin developers to improve transaction efficiency, causing many to believe that the meme-inspired coin might be Tesla’s choice.

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Source: https://cryptopotato.com/bitcoin-mining-company-vows-to-be-carbon-neutral-following-teslas-recent-statement/

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