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Ethereum Price Analysis: Ripe For The Picking With Room For Additional Upside
While overall market conditions remain strained and in their prolonged downtrend, we’re beginning to witness a bit of life across the board after numerous names, particularly Altcoins, appear to have technically ‘washed-out’ on 8/14 and have since put in a nice bounce into higher ground.
In addition, while the Altcoins were plumbing lower depths earlier this week (Tuesday), Bitcoin (BTC) did not break below the 6K level and perhaps more importantly, did not approach more meaningful support located at the 5750-5780 zone.
Furthermore, while things took a nasty turn over the past two (2) weeks, we can’t help but notice that Short Interest in Bitcoin remains elevated and at extremely high levels despite present short-term oversold conditions. Thus, present conditions coupled with elevated open Short Interest may just be the spark that ignites the fuse for a potential short squeeze in BTC that may overflow throughout the entire tape/landscape.
With Bitcoin presently trading in the 6500 area, we suspect that BTC has the potential for further upside and may find itself working its way back into the 6900 level (and perhaps a tad higher 7200-7300), which just so happens to coincide with its 20 and 50 day moving averages, as well as present potential short-term resistance and not to mention, the former neckline level from its inverted head-and-shoulders pattern developed throughout the June-July period, which was ultimately ‘taken-out’ and sparked the counter-trend rally that we had been anticipating as well as directing our readers attention to such a potential scenario.
Thus, while we suspect BTC has further room to run before encountering potential resistance at the 6900 figure, we also want to direct readers attention to what may be in the cards for the Ethereum price (ETH) moving forward via the Chart below:
As we can observe from the daily chart above, ETH remains in its downtrend trading below all of its important moving averages (20/50/200 SMA), which continues to suggest an unfavorable technical posture.
However, we can also witness that on Tuesday 8/14, ETH put in a nasty bar, touching down just beneath the 250 level (249.93) on meaningful volume, which from our perch, may have signaled short-term capitulation and as a result, has since started to find its legs underneath itself and has begun the process of moving in a northern trajectory.
Thus, while the technical picture from a longer-term outlook remains suspect as well as unfavorable, the short-term prognosis is starting to display some healing with regards to both price and direction.
Moving forward, both investors/traders may want to utilize the following levels for further clues/evidence with respect to direction and to perhaps take advantage of what may be setting up as a nice short-term thrust in ETH.
If at any time in the days ahead, ETH can go ‘top-side’ of the 333 level, we suspect that such development, should it materialize, may just set the stage for an advance into the 365-380 zone (and perhaps higher), representing a quick 20-30% move with the 275-280 area providing short-term support.
Nonetheless, for those investors/traders seeking a quick scalp/move in ETH, we believe that present conditions are ripe for the picking with room for additional upside.
As always, risk management is a priority. Therefore, be sure to adhere to your Stops and not overstay your welcome as longer-term conditions remain tenuous.
iBC
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
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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