Top cryptocurrencies like Bitcoin and Ethereum may still be up by over 100% from the March lows, but it’s been a rocky past week for this nascent market.
Prices haven’t crashed per se, but cryptocurrencies have begun to print technical signs on their charts indicating that more downside is likely. One analyst recently remarked that since Ethereum closed below a key support level, it is somewhat vulnerable to a “larger correction” that the approximately 15% drop from the highs already seen.
Ethereum Prepares for Technical Breakdown
According to a prominent crypto trader, yesterday Ethereum lost a key level of support that has held four separate times over the past three weeks, adding to the chances that a “larger correction” is coming.
Chart of Ethereum’s recent price action from Credible Crypto (@CredibleCrypto on Twitter). The chart shows that the leading cryptocurrency recently lost a level of support that has held four separate times over the past three weeks, not boding well for the bull case.
Adding to the loss of a support level, multiple analysts expect all altcoins to underperform Bitcoin.
Per previous reports from Bitcoinist, Josh Olszewicz, a crypto analyst at Brave New Coin, observed on May 15th that Bitcoin’s dominance chart printed a textbook signal of strength: a golden cross.
The arrival of the golden cross, the analyst postulated, is a sign that those awaiting an “altcoin season” may be rudely awakened. Previous golden crosses on Bitcoin’s dominance chart preceded massive rallies in Bitcoin against altcoins, suggesting the same is likely to happen again.
Chart from Josh Olszewicz (@CarpeNoctum on Twitter), a crypto analyst at Brave New Coin. The chart is of Bitcoin’s dominance printing a “golden cross” formation.
Bitcoin Rally Could Negate Bear Trend
While Ethereum may be preparing to see a “larger correction,” a rally in the Bitcoin price could negate such a trend as altcoins follow the market leader.
Fortunately for ETH holders, analysts say that Bitcoin’s technical outlook is stronger than that of all altcoins.
Mohit Sorout — a partner at crypto hedge fund Bitazu Capital — recently shared the schematic seen below, indicating that Bitcoin “loves to paint” this price action.
According to Sorout, Bitcoin followed this exact schematic twice last year, once prior to rallying from $5,000 to $7,000, and another time before rallying from $8,000 to the $14,000 yearly highs.
Chart from Mohit Sorout — a partner at crypto hedge fund Bitazu Capital. The chart shows a common pattern on Bitcoin’s chart that has historically preceded upside.
Considering Bitcoin’s price action over the past few days matches the left side of the schematic perfectly, a near-term rally towards ~$11,500 has been made that much more likely, Sorout’s chart indicates.
In terms of fundamentals, the House just passed a $3 trillion stimulus bill, adding to the trillions already spent. This doesn’t mean that the bill will pass in the Senate or will be signed off on by Donald Trump, but it indicates there may be much more fiscal spending later this year, adding strength to Bitcoin’s intrinsic value of scarcity.
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The Asian gaming giant pitched a 12-month plan to shareholders focused on accumulating Bitcoin, Ethereum, and other cryptocurrencies amid growing bullish sentiment in digital asset markets.
Ethereum, like all other major cryptocurrencies, saw an intense selloff yesterday that marked one its largest single day drops in percentage terms ever. This unprecedented movement came about alongside similar declines seen by Bitcoin and other cryptocurrencies.
By CCN: With bitcoin creeping within inches of $9,000 on Bitfinex a few days ago, it seems that all eyes are on the king of cryptocurrencies. While the digital coin looks bullish, we believe that it has topped off for now.
Gold Coast, Australia, Friday 22 June 2018 – As a clear sign of the greater adoption of cryptocurrencies by…
The post Merchant Sells Shares in a Land Development Company for Cryptocurrencies Bitcoin and Ethereum on Ecryptostore.com appeared first on Invest In Blockchain.
The Federal Reserve Bank of St. Louis will now be tracking the prices of four cryptocurrencies on their research database, according to a June 19 post on the bank’s website. The database, called the Federal Reserve Economic Data (FRED), will now include the prices of Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) from
Federal Reserve Bank of St. Louis has included prices of four top cryptocurrencies in its research database. The Feds announced the move on Tuesday, indicating that the Federal Reserve Economic Data (FRED) will now include price data of Bitcoin, Bitcoin Cash, Ethereum and Litecoin, provided by Coinbase.
The St. Louis division of the U. S. Federal Reserve Bank is now tracking the prices of four cryptocurrencies in its research database. According to an announcement on Tuesday, Federal Reserve Economic Data (FRED), an extensive database maintained by the central bank’s St.
Freedom of Press, on June 18th, tweeted that it will accept donations in five cryptocurrencies – Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and ZCash. It was founded for the purpose of protecting and defending the adversarial journalism and does so through crowdfunding, digital security, and internet advocacy.
South Korean cryptocurrency exchange, Bithumb lost over $30 million earlier today. The exchange has confirmed about the theft earlier this morning. It is believed to be a case of a cryptocurrency hack.
Over the past year, we’ve witnessed a significant increase in the popularity of the crypto industry. There are many reasons behind this – in particular, the surge in the price of cryptocurrencies like Bitcoin and Ethereum in late 2017 that somehow managed to get even the least tech-savvy of us excited. Fast forward to today, […]
TravelByBit, on June 18th, announced another merchant on board to accept payment in cryptocurrencies. By doing this, TravelByBit introduced a new industry among their list of merchants! Lugarno Pharmacy, a store near Sydney is now accepting cryptocurrencies – Bitcoin [BTC], Litecoin [LTC], Dash [DASH], and Ethereum [ETH] for medications. TravelByBit’s recent Tweet | Source: Twitter […]
The Freedom of the Press Foundation (FPF) now officially accepts donations made with cryptocurrencies, the non-profit announced Monday. The move is “a natural fit” for the organization, which aims to support journalists reporting on issues within governments, said executive director Trevor Timm.
Jeff Garzik first tuned the world into his latest venture in the fall of 2017. The Bloq co-founder unveiled Metronome (MET), a cryptocurrency he founded alongside Matthew Roszak, at the Las Vegas Money 20/20 conference in late October, and the project caught the attention of Bloomberg and Fortune at the time.
Coinbase, recently in one of their Twitter posts, mentioned that they would soon include Ethereum Classic [ETC]. Ethereum Classic ranks 18 among the many cryptocurrencies currently and has been in news lately for the many initiatives, one of them being their incubator program for startups.
Once again, in continuing our analysis of the Finder report, during which ten blockchain experts have made predictions for closing prices of a number of cryptocurrencies on the 31st of December 2018, based on predictions relating to the performance of the respective currencies between now and the end of the year.
FOMO Moments Current performing altcoins are EOS, Ethereum, Tron and Decred. Finally there has been some good news to lift crypto markets as the week comes to an end. The SEC’s decision not to consider Ethereum as a security has provided a long needed boost to cryptocurrencies.
All but two of the top 100 cryptocurrencies by market cap are back in green, as the markets respond to news that Ethereum is not a security under U.S. law
All but two of the top 100 cryptocurrencies by market cap are back in green, as the markets respond to news that Ethereum is not a security under U.S. law
In an informal statement made at Yahoo Finance’s All Market Summit: Crypto, William Hinman, the United States Securities and Exchange Commission (SEC)’s director of corporate finance, indicated that the regulatory agency has no plans to deem ether a security.
The 50% Fibonacci retracement will limit the earnings around $ 500, while the 61. 8% retracement is holding it at $ 483. The ETH / USD has formed a short-term bullish flag pattern, pending another upward break in the medium term.
Cryptocurrency exchange itBit says it has received approval from the New York State Department of Financial Services (NYDFS) to add four major cryptocurrencies to its trading and custody services. In addition to bitcoin, itBit will now offer custody, escrow and over-the-counter (OTC) trading services for bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and stellar lumens
Formerly Bitcoin (BTC)-only exchange itBit has received approval from the New York State Department of Financial Services (NYDFS) to add trading in four new cryptocurrencies, according to a press release shared with Cointelegraph June 14.
The Securities and Exchange Commission of Thailand (SEC) have recently published a new framework which highlights the countries changing stance on cryptocurrencies. Within this, the SEC have published information about fees and taxes, licensing and interestingly, a list of their seven approved cryptocurrencies.
Want to cash out Ethereum or other cryptocurrencies from an exchange instantly without paying ridiculous fees? ORCA can help you. The passage linking cryptocurrencies together regular finance is being laid.
Want to cash out Ethereum or other cryptocurrencies from an exchange instantly without paying ridiculous fees? ORCA can help you. The passage linking cryptocurrencies together regular finance is being laid.
Want to cash out Ethereum or other cryptocurrencies from an exchange instantly without paying ridiculous fees? ORCA can help you. The passage linking cryptocurrencies together regular finance is being laid.
Jonas Schnelli speaks about his work as a Bitcoin Core Developer, making Bitcoin more user-friendly, Bitcoin software development as an open source project, dealing with disagreements and criticism, Bitcoin Cash, Ethereum, hard forks, Bitcoin maximalism, time horizons for cryptocurrencies, why the slow progress of Bitcoin can be a good thing, why making Bitcoin more user
EOS (EOS) and Ripple (XRP) are both popular cryptocurrencies with a large following in the crypto community. Recently, when Coinbase announced that it was going to list Ethereum Classic (ETC) in the coming months, EOS (EOS) and Ripple (XRP) fans quickly took to Twitter and other social media platforms to express their disappointment over this decision.
A new hardware wallet has been launched by the South Korean financial tech firm Keypair. The company’s Keywallet Touch has an interesting design as it’s shaped like a credit card and utilizes NFC technology.
South Korean cryptocurrency exchange Coinrail reported a hack on its website during the early morning hours of June 10, 2018. The thieves allegedly made off with over $40 million worth of altcoins and assorted tokens.
Erik Voorhees, CEO of ShapeShift was interviewed today by Bloomberg. He spoke about the regulation of cryptocurrencies, the security in the crypto work and about ShapeShift. On asked about how he sees the crypto landscape building at the moment, he said he had been involved crypto since Bitcoin was $5 and back then it was the only […]
With the creation of Bitcoin and its blockchain, Satoshi Nakamoto introduced an entirely new practical application for cryptography, unearthing an unexplored area for computer science and technological development.
Venmo could be the ultimate cryptocurrency experience from a user-experience perspective. Any cryptocurrency that seeks to power the future of global transactions must ensure that it is supported by a payment system that is simple, user-friendly and free — like Venmo.
Although Bitcoin (BTC) managed to recover most of its losses over the weekend after tumbling as low as $78,258 on February 28, the premier cryptocurrency has created a massive new Chicago Mercantile Exchange (CME) gap, raising concerns that the digital asset may witness another pullback to the low $80,000 level. Bitcoin Not Out Of The […]
Ethereum (ETH) hit a new yearly low of $2,076 earlier today, further weakening sentiment around the second-largest cryptocurrency by market cap. If Ethereum falls below $2,000, it could trigger additional losses for investors.
The crypto market trended lower last week as US tariffs rocked the market, causing investors to flee to safe-haven assets like Gold. Crypto prices which recovered slightly on Monday and Tuesday continued trending downward as uncertainty looms.
Bitcoin fell 4. 72% over the weekend and another 3. 50% during Monday’s Asian session as tensions driven by Trump’s tariffs have investors derisking their positions. Over the weekend, China responded to Trump’s tariffs by indicating interest in imposing tariffs on US goods, while Canada imposed a 25% tariff on CA$155 billion worth of US goods.
2025 has not started on a strong note for Ethereum (ETH), as the second-largest digital asset by market cap continues to trade below its yearly open. Recent on-chain movements also suggest that crypto whales might be losing confidence in ETH’s potential to deliver outsized returns.
The crypto market trended lower last week, driven largely by risk-off sentiments on newly released Fed meeting notes and economic data The Fed expressed caution around inflation, especially as President-elect Donald Trump’s policies will kick in after his inauguration on January 20 Meanwhile, spot crypto exchange-traded funds (ETFs) logged outflows from Wednesday, January 8 Bitcoin […]
The post Weekly price analysis: prices decline on risk-off sentiments appeared first on CoinJournal.
Cryptos trended lower last week, driven largely by risk-off sentiments on newly released Fed meeting notes and economic data. The Fed expressed caution around inflation, especially as Trump’s policies will kick in after his inauguration on Jan.
