An overnight decline seen by the aggregated crypto market appears to have bolstered the possibility that Ethereum is forming a potent head and shoulders (H&S) pattern
This comes as analysts note that they foresee its recent highs to mark a local top
It is important to note that there is one upcoming event that could be a catalyst for further bullishness
One trader believes this event will help ETH establish a mid-term uptrend in the weeks or months ahead
Ethereum was showing some notable signs of strength yesterday as it began moving back towards its local highs.
This strength was short-lived, however, as sellers quickly stepped up and catalyzed a harsh rejection that ultimately led it to decline slightly.
It is important to note that it is showing some signs of technical strength as it outperforms Bitcoin, but it is unlikely that it will be able to dodge a selloff if BTC declines in the near-term.
Analysts are noting that the existence of a head and shoulders pattern does suggest that Ethereum will see some near-term downside in the days and weeks ahead.
Other traders are noting that although this may mean that a local top has formed, the imminent launch of ETH 2.0 could invalidate this weakness and spark an uptrend.
Ethereum Forms Potent Reversal Pattern
At the time of writing, Ethereum is trading up marginally at its current price of $243.
This marks a slight decline from daily highs of $247, but a rebound from lows of $240. These levels could be emblematic of the upper and lower boundaries of a newly formed trading range.
As Bitcoinist reported yesterday, one analyst recently pointed to the potential formation of a bearish head and shoulders pattern as a reason why he believes the crypto could be positioned to see some near-term weakness.
Today, the same analyst explained that this pattern now looks even more clear than it did yesterday, which could mean a breakdown is imminent.
“ETH diamond/H&S looks even more compelling now,” he noted.
Image Courtesy of Josh Olszewicz
ETH 2.0 Launch Could Invalidate Short-Term Weakness
Ethereum is expected to begin transitioning away from proof-of-work and towards a proof-of-stake consensus model with the launch of ETH 2.0.
This blockchain update is expected to increase the cryptocurrency’s scalability while also boosting its token economics via the new PoS model that encourages users to stake their ETH.
Analysts do believe that the ETH 2.0 test net launch – which is anticipated to occur at some point in Q3 of this year – will give the cryptocurrency’s price a boost due to the hype surrounding it.
One analyst spoke about how this could impact Ethereum’s price, explaining that he anticipates a dip in the week ahead before the crypto begins climbing higher due to ETH 2.0 anticipation.
“I want to say ETH is locally topped out but not macro topped out. Dip incoming in the next week or so and then we are going higher next month with [Ethereum 2.0].
Featured image from Shutterstock. origin »
Bitcoin's third halving was one of the much-discussed and most exciting crypto events in 2020; it took place on May 11, 2020. Even the worldwide lockdown could not stop the King coin's halving event.
In light of the COVID-19 outbreak, one of the leading blockchain events hosted by CoinsBank has decided to postpone the CoinsGang Weekend 2020. The organizers’ main concern is to guarantee the healtThe post COINSBANK BRAND NEW GLOBAL EVENT "COINSGANG WEEKEND" POSTPONED TO 25-28 SEPTEMBER DUE TO COVID-19 appeared first on AMBCrypto.
Only a few days to go! One of the digital industry’s major event is nearly here: Digitalweek. online – Global innovation, Investment, and Technology Conference. Despite social distancing measures, we are still interconnected and able to share our resources and knowledge.
Bitcoin's third halving was one of the initial chapters in the ever-evolving crypto space. Despite being in its early stages, the halving event has shed more light on the evolution of the BTC network The post Bitcoin hash rate continues to fall; will miners return with "profit incentives"? appeared first on AMBCrypto.
After Bitcoin’s hashrate hit a high of 103 exahashes per second on May 11, one day prior to the halving event, the latter saw hash rates fall significantly to just 87 exahashes per second, a level not seen in recent times.
Since the block reward halving on Monday, the Bitcoin market has entered somewhat of a lull, with the asset trading in the high-$8,000s with little volatility ever since the event. This price action — or lack thereof — has brought the cryptocurrency into “no man’s land,” according to one popular crypto trader pointing to the chart below.
Geoff Keighley promises one of gaming's more important summer moments during tomorrow's Summer Game Fest special event showcase.
The post Summer Game Fest Tease Proves Geoff Keighley Means Business appeared first on CCN.com
On Monday, the Bitcoin block reward halving finally came to pass. It was an exciting event celebrated by tens of thousands of cryptocurrency investors, with thousands packing into celebratory live streams, tens of thousands liking halving tweets, and hundreds of thousands hearing about Bitcoin via the news. The halving was so popular that at one...
Jacob Kostecki, the organizer behind the ‘Massive Adoption’ crypto conference, is at the receiving end of a class-action lawsuit from over 2,000 people. The lawsuit has been levied due to those who bought a tickets to one of his events, but never got a refund, even when the event was canceled by Kostecki himself. The […]
Bitcoin’s halving is less than one week away. The crypto asset is trading at the top of a multi-year chart formation. And tonight is the Full Flower Moon. Is the stage set for a major halving-fueled Bitcoin breakout during tonight’s full moon? Stars Align For Major Cryptocurrency Breakout Bitcoin price is currently trading at over...
Bitcoin has broken above $9,500 and is fast approaching $10K. This is a critical level and one that most investors expect to be reached before next week’s halving. While the event is largely viewed as a bullish one, special circumstances this year have cast a shadow of a doubt if it will play out as […]
Bitcoin halving is approaching, and it is less than a few days away, now. Considering that this will easily be the largest crypto-related event this year, and one of the largest ones in Bitcoin’s history, a lot of changes are expected to follow.
One of the longest standing narratives is that Bitcoin is a “safe haven asset” or “store of value,” an asset that should outperform equities and bonds when there is a recession, geopolitical tension, or otherwise abnormal events taking place that would not be defined as “good.
Bitcoin is certainly setting up for one of its biggest rallies. As the Bitcoin halving approaches, investors expect Bitcoin to reach ATHs. Many in the crypto community expect that Bitcoin will hit highs of $10K before the event takes place.
Bitcoin’s recent price rise is attributed to the much-awaited halving event on May 12, but one metric suggests a sell-off is due if past samples are considered. Metric close to previous levels but not “holy grail” On-chain analytics provider Skew noted Bitcoin’s implied volatility indicator neared previous “sell-off” zones — specific instances where certain levels […]
The post Ahead of halving, volatility metric shows Bitcoin is near recent “sell-off” levels appeared first on CryptoSlate.
Bitcoin is increasing its worldwide adoption by decreasing its volatility, and though Bitcoin has a history of going up in price after halving events, it has never encountered an economic crisis like the one that is happening now catalyzed by the COVID-19 pandemic, so it is uncertain whether this time its prices will follow past […]
Cardano has been touted as one of the most ambitious blockchains and crypto projects in the industry, and many characters have come forward to pout out that fact. The latest event involved one twitter user by the handle name “red pin” who applauded Cardano (ADA) for its steadfast energy in fostering the development of the […]
April 20 marked an unprecedented event for the oil price, whose futures at one point traded at negative prices. While the price has rebounded since, opening at $20 the next day, the 99. 99% daily decrease cannot be ignored and could have an effect on the market at large.
Could financial markets end up tanking when the economy reopens? Although it seems counterintuitive, one analyst believes it just may happen. Financial markets have been steadily rallying, but many have been skeptical that this bullish momentum will continue.
Coinspeaker Coinsbank Brand New Global Event ‘Coinsgang Weekend’ Postponed To 25-28 September Due To COVID-19In light of the COVID-19 outbreak, one of the leading blockchain events hosted by CoinsBank has decided to postpone the CoinsGang Weekend 2020.
CoinCorner, one of the UK’s oldest Bitcoin exchanges, has seen a growing number of people entering the Bitcoin market in the run-up to the halving in May. A halving (sometimes also called “halvening”) is an event where the Bitcoin mining reward is halved, meaning miners receive half the amount of Bitcoins for verifying transactions.
The spread of Coronavirus or COVID-19 has been an unprecedented event, one that escalated from 1 to 1.5 million cases and from China’s Wuhan to across the globe, in just over a few months. And as thThe post Trading with Coronavirus: Crypto may be down, but not out appeared first on AMBCrypto.
One of the key features of cryptocurrencies like Bitcoin that are based on a blockchain has to do with its immutable nature. Bitcoin's proof of work network model, while not the best scalable solutionThe post After Bitcoin's halving event will its network security model require tweaking? appeared first on AMBCrypto.
The block reward halving for BTC is 32 days away and crypto businesses and mining operations are steadily preparing for the event. Today, Bitcoin’s hashrate is hovering just above 100 exahash per second (EH/s) and one year after the 2016 halving, the digital asset’s price and hashrate climbed over 240%.
On April 5, Crypto Asia Summit, the largest virtual crypto summit of 2020 announced Binance CEO Changpeng Zhao (CZ) will headline as one of the live online speakers. The event is aimed to help the cryThe post Binance CEO Changpeng Zhao Joins Virtual Crypto Summit Championing Social Distancing appeared first on AMBCrypto.
Bitcoin is fast approaching the much-awaited halving event, but its main forks will start first. BCH will reduce its block reward today, while BSV will do this later this week. BCH, BSV Price Hit 1-Month High The Bitcoin community is preparing for one of the most important events that takes place once every three or four years – the halving.
Although bullish momentum is high, one analyst is saying miner capitulations are creating a strong divergence and hidden sell signal. There have been ongoing discussions around how miners will respond to the coming halving event.
In May, —no one knows exactly what day— the BTC community will witness its third “Halving”. This event will reduce the amount of bitcoin that goes into circulation every 10 minutes from 12.
The Ethereum Community Conference (EthCC) held in Paris on March 3-5 turned out to be a hot spot for COVID-19 transmission. Eighteen of a supposed one thousand attendees have now tested positive, with many more results pending.
The past year was a pretty good one for IOTA. Until last month, when the nascent crypto asset project was impacted by a significant hack event that brought the network to its knees. Can it recover?
What do you get when you combine the number one most trusted man in cryptocurrency, a private jet, and a free online webinar event? Well that would be Teeka Tiwari's 5 Coins to $5 Million: The Final 5 Jetinar of course.
Bitcoin’s price action over the past couple of weeks has made it incredibly unclear as to whether or not the uptrend it has seen throughout 2020 is more than just a fleeting attempt to rally. Now, BTC’s ongoing bout of sideways trading comes just a couple of months before what one analyst is describing as its “most significant event” – the halving.
Some rather awkward footage of a recent Bitcoin conference has surfaced. The clip shows a recently fallen-from-grace Bitcoin OG called out on stage for shilling an altcoin at the BTC-only event. One of the earliest public proponents of Bitcoin recently became every self-respecting BTC maximalist’s public enemy number one.
ByBit is one of the newcomers that is gunning for the king of the crypto leveraged trading: BitMex. Hence this BitMex vs ByBit comparison. These are exchanges that aim for the same target group of traders, offer similar features and direct duel where we set the platforms to go toe-to-toe was an inevitable event.
With the Bitcoin halving rapidly approaching, the multi-billion-dollar question is just how the historic event will impact BTC price. One popular price prediction model has a post-halving price in the range of $55,000 to $400,000.
Bitcoin’s mining rewards halving event has long been looked towards as a bullish fundamental event that would catalyze a massive BTC uptrend due to the resulting inflation reduction. In spite of this, one prominent angel investor is now noting that the supply reduction resulting from this event will be “tiny,” and that it is highly... The post appeared first on NewsBTC.
Coinspeaker Chain2020 Hong Kong Blockchain Event Prepares for Over 10,000 ParticipantsOne of the largest gatherings of tech and blockchain enthusiasts will be in Hong Kong for one of the biggest education-based conferences to be held this year.
January 3rd will see Bitcoin turn 11 years old. To celebrate the innovative potential of the network on its birthday, one of its oldest proponents has created an annual event known as Proof of Keys.
Blockchain Life 2020 is the biggest event on the blockchain, cryptocurrencies, and mining in Russia and Europe and one of the largest events in the world. The forum welcomes more than 5000 participantThe post 5th International Forum Blockchain Life 2020 Takes Place on April 22-23 in Moscow appeared first on AMBCrypto.
Blockchain Life 2020 is the biggest event on blockchain, cryptocurrencies and mining in Russia and Europe and one of the largest events in the world. The forum welcomes more than 5000 participants this spring at an innovative venue — Music Media Dome.
Spending Bitcoin (BTC) may be easy, but mainstream users are avoiding it. There may be one reason – the recent interest of the taxman in digital coins. Bitcoin Income May Create Taxable Event Not only US citizens, but also internationals, see the usage of BTC as creating a taxable event.
EVENT OVERVIEW 3rd Edition World Blockchain STO Summit will be one of the most important summits in Asia, dedicated to innovative technologies, bringing together the biggest names, and the brightest minds who are actively shaping the industry.
Each year, the annual Ripple-hosted Swell conference causes a strong XRP price pump leading up to the event, but the asset typically corrects in a post-event sell-off back to normal price ranges. This year, the pump was underwhelming, and according to one crypto analyst, has amounted to nothing more than a bearish retest that was.
The Bitcoin price is approaching a significant support area. Based on prior movement, a decrease below it could take into uncharted territory. The Bitcoin price often repeats its movement patterns based on its prior history.
A quant has revealed how Ethereum (ETH) saw a death cross in this indicator shortly before bearish momentum took the asset in full force. Ethereum Formed A Death Cross In Funding Rates Earlier In a CryptoQuant Quicktake post, an analyst has shared a chart for the Funding Rates of Ethereum.
Ethereum is facing mounting pressure after weeks of relentless selling and underwhelming price action. Since January, bulls have failed to regain control, and ETH has continued to bleed value in a market increasingly dominated by fear and uncertainty.
Ethereum is once again under heavy selling pressure after losing the critical $2,000 level — a psychological and technical zone that bulls have struggled to defend in recent weeks. With price action turning increasingly bearish, investor sentiment is weakening, and analysts are warning that a deeper correction may be on the horizon.
The Ethereum price will be happy to see March come to a close after posting one of its worst first-quarter performances ever. According to CoinGlass data, the price of ETH is down by nearly 50% in the last three months.
Following a period of intense price consolidation, the Ethereum (ETH) market experienced an eventful trading week that featured a damning rejection at the $2,100 price level which has emerged as a major resistance zone in recent times.
Ethereum has experienced a crucial surge above the $2,000 mark, a key level that bulls have struggled to reclaim since March 10. This breakout brings renewed optimism, as analysts believe a stronghold above this level could trigger a rally toward higher prices.
According to an X post by crypto analyst CryptoGoos, Ethereum (ETH) may be nearing the end of a bear trap. The analyst predicts that the cryptocurrency could surge past its recent range high of $4,000, potentially eyeing a new all-time high (ATH) of $10,000.
