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Price Analysis for Ethereum and EOS: What Does the Future HODL?

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Ethereum
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The current rankings for Ethereum and EOS are 2nd and 5th according to CoinMarketCap. Ethereum individual price is suffering a 6.67% low and currently being exchanged at $437 approximately whereas EOS is stuck at 8.85% low being traded at $6.95 at the time of writing.

Global crypto markets have been going through a hard time since world economists predicted harsh government regulations knocking out BTC once and for all. This has influenced top 5 altcoins in the crypto space, including Ethereum and EOS which are both suffering from a bearish trend at the time of writing.

Ethereum Analysis

Chart courtesy of tradingview.com

The key highlights from Ethereum analysis are as follows;

  • ETH can’t seem to move away from the inevitable bearish trends surrounding it. The support area against US Dollar is placed close to $425 for now and experts believe if the present situation persists we might observe a heavier decline in ETH market prices.
  • As for the Ethereum price resistance, yesterday charts for ETH show that there had been some heavy losses. Ethereum attempted to go above $500 mark but Bancor hack dealt a heavy blow on Bitcoin recovery and also weakened Ethereum’s momentum.
  • It’s evident that Ethereum is gaining a downtrend traction which would soon be testing Fibonacci extension levels.  Current high is close to $438 and while current low is hovering around $435.76. The hourly MACD is placed in the sell region as the daily MACD indicators show a strong sell sentiment traversing all over the market. The RSI has reached 40 and it is expected to shoot up to 60 should the markets manage to acquire a 1-2% uptrend today.

EOS Analysis

Chart courtesy of tradingview.com

EOS is still under transition to its mainnet and is being scrutinized for its vulnerable security and centralized approach to fixing its flaws. Its key highlights are as follows;

  • The daily high for EOS is around $7.47 whereas the daily low at the time of writing is $6.85. Yesterday EOS markets opened at approximately $8.22 and closed at $7.44 after suffering heavy losses because Bancor reported exploitation of $12.5 million worth of BNT.
  • The relative strength index for EOS has reached to 36 and the MACD is stuck under sell region for the past few hours. The reason for EOS having been hit so hard is due to BlockOne’s passing negative statements which has been confirming their centralized behavior for quite some time. Traders are waiting for EOS to fail opportunities of breakout and hit $4.
  • The current EOS market trends have proven itself beneficial to the dApp developers who mean to take advantage of the low prices and utilize the blockchain to their advantage. As per the charts, it is easy to tell that the relative strength index is going down to suggest a stronger sell zone as the MACD is also placed in the slightly strong sell region.

Final Thoughts

A faint but positive surrounding the markets have confirmed that Bitcoin adoption as a payment method would be boosted within the next decade according to mainstream media. But it will take time for the ETH and EOS markets to recover from the current situations.

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

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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gambling dApps
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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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crypto trading loss
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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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