Connect with us

Blockchain

TA: Ethereum Struggles Above $1,600, Why 100 SMA Is The Key

Republished by Plato

Published

on

Ethereum traded to a new monthly high at $1,655 before correcting lower against the US Dollar. ETH price is struggling to stay above $1,600, but it is likely to remain stable as long as above the 100 hourly SMA.

  • Ethereum extended its rise above the $1,600 and $1,625 resistance levels.
  • The price is now correcting below $1,600 and approaching the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,550 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could either decline heavily below $1,550 or it might start a fresh increase above $1,620.

Ethereum Price Remains Supported

Ethereum extended its recovery wave above the key $1,600 resistance level. ETH even broke the $1,625 resistance level and settled well above the 100 hourly simple moving average.

It traded to a new monthly high near $1,655 before starting a downside correction. There was a break below the 23.6% Fib retracement level of the upward move from the $1,455 swing low to $1,655 high. Ether is now correcting below $1,600 and approaching the 100 hourly simple moving average.

An immediate support is near the $1,555 level. It is close to the 50% Fib retracement level of the upward move from the $1,455 swing low to $1,655 high. There is also a major bullish trend line forming with support near $1,550 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the price is facing hurdles near $1,600 and $1,615. There is also a connecting bearish trend line forming with resistance near $1,610 on the same chart.

If there is a clear break above $1,600 and the trend line resistance, there could be a steady increase. The next key resistance is near the $1,650 level, above which it could test $1,685.

Fresh Drop in ETH?

If Ethereum fails to continue higher above the $1,600 and $1,610 resistance levels, it could resume its decline. An initial support on the downside is near the $1,550 level and the trend line.

The first major support is near the $1,540 zone and the 100 hourly SMA. A downside break below the $1,550 and $1,540 levels could open the doors for a move towards the $1,500 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now approaching the 50 level.

Major Support Level – $1,550

Major Resistance Level – $1,610

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.newsbtc.com/analysis/eth/ethereum-struggles-above-1600/

Blockchain

Grayscale Adds $1 Billion in Bitcoin, Nears $50 Billion in Total AUM

Republished by Plato

Published

on

Investment giant Grayscale recently added another $1 billion worth of Bitcoin in almost 24 hours. Now, the firm nears the $50 billion mark with $46.1 billion in total assets under management (AUM)

AUM Growing

As reported by CryptoPotato recently, the investment firm increased its total AUM by more than $3 billion, shortly after expanding its crypto-trust offerings by adding five new tokens for their eligible accredited investors. 

The Grayscale Bitcoin Trust (GBTC) accounts for $38.1 billion (82.64%) of Grayscale’s total AUM, while the Ethereum Trust (ETHE) accounts for $6.6 billion (14.26%). The remaining trusts, including Bitcoin Cash and Litecoin, account for the rest.

Notably, tokens such as Filecoin, Livepeer, Basic Attention token, MANA, and LINK saw a surge in price after Grayscale announced adding them into the list of offered trusts. The company expanded its total number of trusts to 14 after CEO Michael Sonnenshein explained they see many clients seeking exposure to more crypto assets.


ADVERTISEMENT

Grayscale Confirms Its Intentions to Launch a BTC ETF

Grayscale has confirmed its plans to convert its most popular investment product, the GBTC, into a Bitcoin Exchange-traded fund —after posting several ETF-related job positions on its careers page. Although, the firm does not consider that the current regulation weather in the United States is suitable for such a fund.

Unlike other investment giants that have filed for an ETF using S-1 forms, Grayscale will remain committed to converting GBTC into an ETF as the US’s regulatory environment gets clearer.

Founded in 2013, Grayscale has become the most prominent digital asset manager for accredited investors seeking exposure to bitcoin and other crypto assets. The institutional demand for BTC accelerated at the beginning of this year, according to Sonnenshein, adding that demand is nowhere near decreasing.

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 POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/grayscale-adds-1-billion-in-bitcoin-nears-50-billion-in-total-aum/

Continue Reading

Blockchain

Why ADA could run hotter than Bitcoin and make 10x gains

Republished by Plato

Published

on

After breaking in the crypto top 10 by market cap and with 3.597% gains over the past year, Cardano (ADA) seems to be laying low. At the time of writing, ADA trades at $1,24 with 1.7% profits in the daily chart and 6.4% in the weekly chart.

Cardano ADA ADAUSDT
ADA moving sideways in the 24-hour chart. Source: ADAUSDT Tradingview

Cardano’s native token and its platform are moving towards a major milestone. Targeting a Q3 entry into DeFi with Hard Fork Combinator Alonzo.

Bullish investors are betting on ADA’s further appreciation. Analyst Justin Bennett claims this token next rally will happen by the end of April. Around this time IOG should be stress-testing its smart contracts platform, Plutus.

A day ago, Bennet said to be building a “sizeable” ADA position and set support at $1.10 to $1.30. Over the next month’s, according to the analyst, ADA could go as high as $10.

On the Cardano’s native token recent price action, the analyst said it moving sideways is an indication of a “fair game”, a sign that ADA’s price is not overvalued. Bennet added:

ADA moving sideways for 6 weeks tells me the market doesn’t believe it’s overvalued at all. I don’t buy markets that are going vertical. I buy markets that went vertical recently and have since gone sideways for over a month. That’s a recipe for the next leg higher.

By the end of the month, ADA could target $2, as indicated by the chart below, and then could go for a higher price at $3 in the coming months.

Cardano ADA ADAUSDT
Source: Justin Bennett

In the 2017 bull run, ADA peaked at $1,18 therefore Bennet claims it could a 10x from its current price. Comparing ADA to Bitcoin, the analyst said the latter has “never done less than” a 10x profit in a bullish cycle. He added:

We know alts run hotter than Bitcoin. Translation: $10 $ADA is conservative, and $20 – $30 wouldn’t surprise me.

Smart contracts capabilities closing in on Cardano

Cardano’s next protocol upgrade is set to make it “the leading smart contract platform”, according to Olga Hryniuk from IOG. Outlining Alonzon’s roadmap and launch, Hryniuk wrote:

Throughout March and April, the IO Global team has been gradually combining the Alonzo rules with the Cardano node and ledger code (…). We expect the Alonzo upgrade (hard fork) to happen in late summer, and we will announce a firm date in April’s Cardano360 show.

In the crypto space, many believe Ethereum’s high fees are pushing users towards cheaper options. Cardano’s platform promises this with higher security for its smart contracts and EVM compatibility.

If Ethereum’s competitors, like Binance » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>Coin (BNB), performance is any indication of where ADA could go, then investors should pay attention to BNB’s rally.

With a 70.6% increase in just one month, BNB seems pegged to smash all resistance and keep scoring all-time highs. It remains to be seen if ADA will follow and take a place amongst DeFi giants.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/why-ada-could-run-hotter-than-bitcoin-and-make-a-10x-gains/

Continue Reading

Blockchain

Litecoin Price Analysis: 11 April

Republished by Plato

Published

on

The Litecoin market has been seeing significant growth in price since the beginning of the year. At the time of writing, LTC was returning 93% year-to-date to its investors.

LTC was being traded at $257.39 with a market capitalization of $17.22 billion. The digital asset just saw a bullish breakout, however, will it be able to maintain this high value going forward in the market?

Litecoin 1-day chart

Source: LTCUSD on TradingView

The Litecoin price was building higher within an ascending channel and witnessed a strong surge as the price broke out of the channel. LTC saw the price surge from $163 to $258 within 16 days and turned the prevalent bearishness into a bullish market.

However, LTC has been closely trading to the resistance at $258 and if it rejects this price level, the value may trade lower.

Reasoning

The surge in the value of the digital asset has resulted in increased volatility in the market. The divergence of Bollinger Bands has been an indicator of the rise in volatility, while, the signal line moved under the candlesticks. The signal line will be acting as a support if the price pushes lower.

Meanwhile, the relative strength index was noting that the digital asset was close to becoming overbought as its value hit 68. The market has been witnessing selling pressure evolve at this stage and if it escalates, the RSI will be pushed towards the equilibrium zone.

While the market switches trends, the momentum has remained high owing to the recent surge. The bullish momentum could help the asset to maintain its high value, but the rise in selling pressure could result in a correction.

Crucial level

Entry-level: $240.99
Take Profit: $191.84
Stop-level: $268.88
Risk to Reward: 1.76

Conclusion

The current Litecoin market has been fairly bullish. However, a rising sell-off could push the price of the digital asset lower under $200. With 50 moving average and the signal line extending support close to $200, the price may not drop beyond this point.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/litecoin-price-analysis-11-april

Continue Reading
Blockchain4 days ago

Decentralized oracle solution Umbrella Network adds Huobi as validator node

Blockchain3 days ago

XRP Price Analysis: 08 April

Blockchain3 days ago

$48B Asset Manager Millennium Management Dabbles With Bitcoin

Blockchain3 days ago

Binance Smart Chain Daily Transactions 200% More Than Ethereum’s

Blockchain3 days ago

Digital yuan campaign planned for contested island in the South China Sea

Blockchain3 days ago

America’s Second-Oldest Bank State Street to Enable Crypto Trading on its Platform

Blockchain3 days ago

Polkadot Price Analysis: 08 April

Blockchain4 days ago

Why JP Morgan’s CEO calls Bitcoin regulation a “serious issue”

Blockchain4 days ago

Tesla’s landlord accepts crypto; will Elon Musk pay rent in Bitcoin?

Blockchain3 days ago

Bitcoin exchanges just saw massive Tether stablecoin deposits

Blockchain4 days ago

Bitcoin Miners Hit Jackpot as Hash Rate Peaks Again

Blockchain3 days ago

Phemex Launches OTC Trading, Enables Crypto Purchase with Bank Transfers

Blockchain4 days ago

Crypto sentiment falls even as Bloomberg tips Bitcoin will hit $400K

Blockchain4 days ago

Miners are hoarding Bitcoin from record daily earnings

Blockchain4 days ago

Revolutionizing the crypto-market in India with CryptoBiz exchange

Blockchain3 days ago

Man Gets 12 Years in Prison After Trying to Buy Lethal Chemical Weapon With Bitcoin

Blockchain3 days ago

Cardano’s Anti-Counterfeit Solution Sees First Successful Implemetation

Blockchain4 days ago

Tendermint acquires B-Harvest, creator of Cosmos-based Gravity DEX

Blockchain4 days ago

Ontology’s cross chain DeFi lending platform Wing is now live on Ethereum

Blockchain3 days ago

Ether price takes on Bitcoin — What’s behind the sharp rise in demand?

Trending