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Ethereum, Ethereum Classic Price Analysis: Clearing the Decks

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Ethereum Price
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In our analysis yesterday, we suggested that some coins were on a roller coaster while others were falling down an elevator shaft.

Based on what we saw last night, it would appear as though Ethereum price and Ethereum Classic price are both hurtling down that shaft in search of the basement floor. But keep an eye on this. That sort of dynamic can change in a heartbeat.

Ethereum (ETH)

Price Analysis

  • High: $284
  • Low: $250.84
  • 24-Hour Volume: $1.98B
  • 7-day Percent Change: -34.72%

Ethereum (ETH) has been a poster boy of underperformance, barely flinching to the upside during the cryptocurrency asset class-wide bounce during the month of July, and then rolling through a sloped support level without a blink after rubbing off a declining 50-day simple moving average.

That is led to a steady downward trend in ETH, which in turn led to a break of the coin’s April lows. Now, we are in search of more important lows, and last night’s action may be starting to probe the areas we want to see.

Most importantly, with the 14-day RSI measure already signaling massive oversold extremes, we have to look at the $275 level as potentially a key line in the sand for Ethereum (ETH).

Ethereum Classic (ETC)

Price Analysis

  • High: $11.9516
  • Low: $10.1156
  • 24-Hour Volume: $264.49M
  • 7-day Percent Change: -43.51%

Ethereum Classic (ETC) is an interesting case. It was only a week ago that everyone on the planet was touting this as the coin that would avoid this leg of the bear market.

But, as we discussed in some of our analysis, headline-driven rallies are not secure during bear market contexts. And that’s exactly what we saw with Ethereum Classic (ETC).

It was rallying a few days ago because the coin had been picked up by some major exchanges. But that’s exactly the kind of catalyst that can lead to a quick “suck them in and spit them out” kind of bear market rally, destined to roll over and wield severe pain for those sucked in at the highs.

Ethereum Classic (ETC) powered itself higher during that news-inspired craze, only to be rebuffed by resistance at a declining 200-day simple moving average in confluence with the $20 level.

At this point, all eyes are on the support between $9.50 and $10.00.

Happy Trading~

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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