Since the beginning of the year, Ethereum has managed to gain about 4.9 percent in terms of price appreciation. As one of the roster cryptocurrencies on CoinMarketCap, ETH has maintained a rather stable price amidst a volatile and bearish trend in the market. Perhaps the biggest contributor to its almost stable performance in the market is the fact that it provides a platform for other decentralized applications on its Blockchain network.
However, the past few weeks have been anything but good to the second largest cryptocurrency with a market capitalization of over $45 billion. According to data from CoinDesk, ETH has lost over $50 in the last 12 hours and is now changing hands at sub $500.
Recently, the coin had maintained a resistance level at the $545 to 548 marks, subsequently making an attempt to go past the $545 mark. As a result of a bearish market reaction by buyers, the price moved to a low of $530. In fact, the past weeks have highlighted an extremely Bullish trend that saw the coin drop further down below $500.
Last week, market analysts predicted that it would hold its position above the $500 support zone. However, ETH declined further to the disappointment of many holders of the coin. After failing to hold its support levels at the $455 to $450 range, Ether’s decline was pretty much extended to levels as low as $426.47 on Sunday. After that, the bottom support levels immediately sparked a reverse in price giving the coin a gain of $42. Currently, ETH is trading at $460 but still reporting a decline by approximately 60 percent considering its all-time high of $1326 in January this year.
Ethereum is not the only one
The entire market has been in the red zone the past few days. However, there are some signs of a recovery with Bitcoin currently trading at $6,313 after declining below the $6,000 mark at $5,880 on Sunday. EOS, Ripple, Litecoin, Cardano and basically most of the top ten coins in the market were similarly affected by the sharp decline over the weekend; however, they all seem to be recovering.
Is it yet time to panic sell?
According to market analysts, a swift recovery is on its way considering the long overdue price consolidation that suggests a reverse to the bear trend. Furthermore, long-term indicators show that ETH has reached an oversold zone meaning that the current Ethereum price is a consolidation of its bearish MACD and RSI. As a result, the only way for ETH is up. While considering your position, this current decline can actually be the perfect time to buy.
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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.
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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
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…