Ethereum (ETH) Makes Upward Move, Faces Rejection at $230

10 February 2020 | Updated: 10 February 2020

Key Resistance Levels: $225, $250, $275
Key Support Levels: $150, $125, $100

ETH/USD Long-term Trend: Bullish
Yesterday, Ethereum was in an uptrend and it reached a high of $230. Immediately, the bulls were resisted and the price fell to the low of $216. Incidentally, if the bulls succeeded in breaking above the $230 resistance and the price is sustained, Ether would have been out of the downtrend zone. Meanwhile, the ETH has retraced to the support of $223.

On the upside, if the support at $223 holds, the coin will retests the $230 resistance. If successful and the momentum is sustained, ETH will resume its uptrend. On the downside, if the current support fails to hold, Ethereum may fall to the next support at $197. However, if the selling pressure persists the market will reach a low of $190.

ETH/USD - Daily Chart

Daily Chart Indicators Reading:
The Relative Strength Index (RSI) period 14 levels 83 indicates that Ethereum is in the overbought region. The RSI indicates that the coin is likely to fall. Ether is seriously overbought. The initial fall may not have been exhausted.

ETH/USD Medium-term bias: Bullish
On the 4 hour chart, Ethereum is in an uptrend. It reaches a high of $230. Later it fell to the low of $216 and pullback. The price is trading at $223 at the time of writing.

ETH/USD - 4 Hour Chart

4-hour Chart Indicators Reading
Ethereum is presently trading above 80% range of the daily stochastic. The stochastic bands are making U-turn pointing downward. The implication is that ETH is in the overbought region of the market. The upward move of the coin is doubtful as the coin is overbought. Ether is likely to fall because of the presence of sellers. In this region, buyers are longer effective.

General Outlook for ETH
Ethereum is showing strength in uptrend. The bulls are making frantic efforts to break the next major resistance at $235. Presently the coin has retraced to the support of $223. The market is fluctuating above the current support.

ETH Trade Signal
Instrument: ETHUSD
Order: Buy
Entry price: $223
Stop: $190
Target: $235

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ConsenSys Acquires Broker-Dealer Company to Help Tokenize Bonds

5 February 2020 | Updated: 5 February 2020

ConsenSys, a prominent blockchain-based company founded by the co-founder of Ethereum Joseph Lubin, has successfully acquired a US-based broker-dealer company, Heritage Financial Systems.

Heritage, a broker-dealer listed with the US SEC was acquired by ConsenSys’ broker-dealer subsidiary, ConsenSys Digital Securities. The information was publicized by ConsenSys’ financial subsidiary Codefi on the 4th of February.

New Acquisition to Strengthen ConsenSys’ Capacities
ConsenSys acquired Heritage to serve as reinforcement for its advisory and broker-dealer capacities which will help the blockchain giant in implementing blockchain technology in the issuance of tokenized bond offerings in the market.

Precisely, ConsenSys plans on applying blockchain technology to the process of deploying automatic bond payments through smart contracts as well as granting bond issuers the ability to track debts. Also, ConsenSys plans on developing tokenized mini-muni bonds through its Codefi subsidiary to give issuers the alternative of selling securities in lesser denominations.

ConsenSys Devoted to Expanding Its STO Expertise
ConsenSys Digital Securities, the broker-dealer subsidiary of the blockchain giant, was established in 2018. This entity helps develop services for issuers looking to release Security Token Offerings or tokens substantiated by real assets like bonds or REITs.

In March last year, ConsenSys Digital Securities collaborated with a prominent US-based STO-oriented enterprise, Satis Group. ConsenSys reported that both enterprises had more than $100 million in joint issuance experience. The collaboration highlighted ConsenSys’ devotion to unearthing the potentials of tokenized assets.

Based on records, STOs have witnessed increasing levels of adoption of recent, giving it a competing edge over Initial Public Offering. STOs and IPOs are methods used by businesses or start-ups to raise capital by making its shares or equity available for purchase to the public.

More and more businesses in the cryptocurrency sector have begun adopting STOs. Just tZERO recently declared its intention to launch a cryptocurrency broker-dealer service before the year runs out.

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Ethereum (ETH) in an Uptrend Move, Battles the Resistance at $197

3 February 2020 | Updated: 3 February 2020

Key Resistance Levels: $225, $250, $275
Key Support Levels: $150, $125,$100

ETH/USD Long-term Trend: Bullish

Today, Ethereum made a bullish run and the coin reached a high of $197. Before this time, the bulls have successfully broken the resistance levels of $173 and $186 but are yet to break the resistance at $197. It was presumed that if the bulls break the resistance at $197, the coin will rally above $220.
Nonetheless, the pair is falling after testing the resistance at $197. The downward move may continue to the low of either $186 or $180 and then the coin will rebound.

ETH/USD - Daily Chart

Daily Chart Indicators Reading:
As the coin was rising, Ether is trading in the overbought region of the daily stochastic. In the overbought region, Ether’s upward move will be hindered as buyers will not be on hand to push ETH upward. In the overbought region, sellers will emerge to push the coin  downward. At the moment, Ethereum is falling as a result of the overbought market condition.

ETH/USD Medium-term bias: Bullish
On the 4 hour chart, Ethereum is in an uptrend. A trend line is drawn showing the support level of price. Each time the market tests the trend line, the coin will bounce to the previous highs. On January 24, the last testing of the trend line resulted in a high of $197. The market is retracing after testing the resistance at $197.

ETH./USD - 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are trending upward indicating the uptrend. The 21-day SMA provides support for Ethereum. The Relative Strength Index (RSI) period 14 level 61 indicates that ETH is in the uptrend zone.

General Outlook for ETH
Ethereum has made a serious positive move in the last two weeks. The coin has one resistance to overcome before rallying above the $200 price level. The coin is currently falling after being resisted at $197 price level. The upward movement will resume as soon as the price finds support at the $186 or $173.

ETH Trade Signal
Instrument: ETHUSD
Order: Buy
Entry price: $190
Stop: $170
Target: $220

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Ethereum (ETH) Bounces amidst Aggressive Selling

15 January 2020 | Updated: 15 January 2020

Key Resistance Levels: $225, $250, $275
Key Support Levels: $150, $125,$100

ETH/USD Long-term Trend: Bullish
Ethereum also makes an impressive move as the coin jumped above the $160 price level in the last 24 hours. The market had been under bear control when it fell to a low of $120. After a period of consolidation above $120, the bulls break above the $140 price level.

Above the support of $140, the price consolidated for a week before the price rally above $160. Ethereum is now trading above the $160 support level. Ether is likely to reach a high of $190 if the support holds. Conversely, the selling pressure will resume if the bears break below $160.

ETH/USD - Daily Chart

Daily Chart Indicators Reading:
The EMAs are at the point of a bullish crossover as the 21-day SMA attempts to crossover 50-day SMA. Also, the Relative Strength Index (RSI) period 14 level 70 indicates that the coin has reached the overbought region of the market. This indicates that sellers may come in to push the price down.

ETH/USD Medium-term bias: Bullish
On the 4-hour chart, the bulls make an upward move to retest the previous high but were resisted at $135. The bulls made three attempts before overcoming the resistance at $135. The uptrend continued up till $145 when the coin was resisted again. After many attempts, a breakout occurred as the price reached a high of $170. Meanwhile, the market is retracing.

ETH/USD - 4 Hour Chart

4-hour Chart Indicators Reading
Ethereum reached the overbought region of the daily stochastic and dropped below the 80% range. This indicates that the coin is in bearish momentum. The price breaks the resistance line and above it indicating that the support is going to hold. However, if the price breaks below the resistance line, the selling pressure will resume.

General Outlook for ETH
Ethereum has taken a bold step as it makes a positive move to the upside. The coin reached a high of $170 but it is retracing to the low of $162. The upward move is likely to continue if the bulls sustain the price above $160. Traders should adjust their parameters, in case, the bears break below the support at $160.

ETH Trade Signal
Instrument: ETHUSD
Order: Buy
Entry price: $162
Stop: $140
Target: $200

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Ethereum (ETH) Rally Extends Into a Familiar Path of Support in Advance of $150 Level

7 January 2020 | Updated: 7 January 2020

ETHUSD Price Analysis – January 7

A thick zone of support levels should be noted in the former zone of price consolidation for the second cryptocurrency, which was established between November 23 – December 15 before the breakthrough occurred. Now it acts as a barrier at the level of $ 140-155.

Key Levels
Resistance Levels: $ 160, $ 155, $ 150
Support Levels: $ 140, $ 130, $ 125

ETHUSD Long term Trend: Bearish

ETHUSD is right now slanting on the level at $ 143.65 while it affirms not just the opposition ahead on the price level at $ 150, yet besides, 5 and 13 moving averages are overstretched.

Then, Ethereum has all-around contradicted the pattern in bitcoins in the last few sessions, albeit the present specialized circumstance makes things progressively confounded.

ETHUSD Short term Trend: Bullish

Although in a while ETH is experiencing a short-term uptrend, this may just be a correction, as medium-term and long-term trends are still bearish.

After the current price, the first key resistance level is at $ 150, the second at $ 155, and the third at $ 160. Below the current price, the first support level is $ 140, the second is $ 130, and the third is $ 125.

Instrument: ETHUSD
Order: Sell
Entry price: $ 145.25
Stop: $ 150
Target: $ 130

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The UK Might See Its First Crypto Bank in 2020

3 January 2020 | Updated: 3 January 2020

Mark Hipperson, the former Head of Technology for the Barclays group, has announced his intention to release an innovative digital banking scheme. The project, tagged Ziglu, is slated to be released in the first quarter of 2020.

According to reports, the concept of the project is an all-digital banking account that will enable its users to hold different currencies, both fiat, and crypto, in a singular account.

Ease of Use and Added Benefits
Coupled with the ability to hold different currencies in one place, the account will also allow its users to freely trade their funds on the platform. Foreign currencies will be available for purchase and sale at standard rates, and cryptocurrency will be tradable at standard prices based on multiple exchange rates.

Additionally, based on the info from Ziglu’s website, funds kept on the account can be spent on any part of the planet through a MasterCard debit card. Crypt, on the other hand, can be converted quickly at POS terminals.

Availability is Restricted to the UK for Now
Hipperson became Chief Executive Officer of Ziglu in September 2018, and the firm has filed to become a licensed issuer of electronic money with the UK’s Financial Conduct Authority.

Presently, a prototype account is in place for testing, however, its availability is restricted to only UK citizens for now. The management of Ziglu has reassured that soon enough, its services will be available to other countries.

Creating a Niche
Ziglu is not the first to offer multi-currency account services. In August 2019, Bitwala released an account that comes with a Bitcoin wallet. It recently just became Ethereum compatible.

It is also not the first to offer a crypto-based debit card. However, it will be a pioneer in offering a collection of several fiats, cryptocurrencies, along with the capacity to use any currency of choosing with a card as well as immediate conversion at any POS.

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Ethereum (ETH) Deepens into the Oversold Region as Buyers Emerge

19 December 2019 | Updated: 19 December 2019

Key Resistance Levels: $225, $250, $275
Key Support Levels: $150, $125,$100

ETH/USD Long-term Trend: Bearish
Finally, Ethereum tumbles to the oversold region after months of a sideways trend. Ethereum has one of the longest sideways trends. A market that is good for position traders. Earlier on the coin had been range-bound for four months between the levels of $160 and $200. This can be seen by the dotted trend line. On November 22, the bears breached the $160 support line.

The coin fell to the $140 support level and moved up to retest the $160 resistance level. This retest confirmed the resumption of the downtrend. Ethereum reached a low of $120 after the low of $140 was broken. The coin is still fluctuating above the $120, but the bears are still in control of price. A break below $120 will deepen into an oversold region.

ETH/USD - Daily Chart

Daily Chart Indicators Reading:
Ethereum is now in a bullish momentum as the coin trades above the 20% range of the daily stochastic. The pair is in a bearish crossover as the 12-day EMA acts as a resistance level.

ETH/USD Medium-term bias: Bearish
On the 4-hour chart, Ethereum had a bearish impulse that reached a low of $137 on November 25. The price made an upward correction and retested the $157 price level. ETH retraced to a low of $145 support. The coin moved up again and retested the $152 resistance. Today, ETH has fallen to the oversold region as buyers come up and defend the $120 support level. The coin is fluctuating above the $120 support level.

ETH/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The coin is now in a descending channel, the price tests the resistance and support lines. A break below the support line will depreciate the coin to a low of $110. Conversely, a break above the resistance line will push ETH to the high of $180.

General Outlook for ETH
Ethereum is in a downtrend. Ethereum is fluctuating above the $120 support level. The coin has rebounded but was resisted at the $133 price level. Nevertheless, a break above the first resistance will catapult ETH to a high of $152. Meanwhile, if the support cracks, Ethereum will deepen into the oversold region.

ETH Trade Signal
Instrument: ETH/USD
Order: Buy Limit
Entry price: $110
Stop: $90
Target: $180

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Ethereum (ETH) Price Analysis – ETH Rebound Again At $140 But Downtrend Remains Valid.

16 December 2019 | Updated: 16 December 2019

Ethereum, the second-largest cryptocurrency by market cap, has continued to show a sign of weakness over the past days following November 25 recovery from $133 to $159 on December 4. Against Bitcoin, Ethereum is following the same trend. However, a bullish move is likely to play as soon as the bulls step back in the market.

Ethereum (ETH) Price Analysis: 4H Chart – Bearish

Key resistance levels: $143, $146, $159
Key support levels: $140, $138, $133

Ethereum is following a short-term bearish scenario on the 4-hour time frame. Looking at the market sentiment, ETH value is likely to depreciate more if the price dips below $140 support that has been holding for a while now. The major target for the bears is $138 and $133 – the November low.

ETHUSD, 4H Chart – December 16

Adding to the potential decline, ETH is now trading slightly below the zero levels of the MACD to indicate that the sellers are still present. More so, the RSI is currently displaying a weak trend on the 4-hour chart indicator.

If the MACD and the RSI can turn back to the positive zone, the ETH price could increase to $143 and $146, meeting the channel’s upper boundary. A further rise could the buyers to see $159 once more. But as it stands now, the three weeks downward trend is still valid in the market. The only change to the current trend is if a bullish reversal occurs.

Ethereum (ETH) Price Analysis: Hourly Chart – Bearish

Ethereum bounced off $140 again after making a third attempt to break low. This was led by a small buying reaction which allowed ETH to now trade at $141. The recent price rejection is not enough to validate a bullish trend. In fact, the triangle pattern that is spotted on the hourly chart indicates an incoming sell-off with potential support at $138 and $136.

ETHUSD, Hourly Chart – December 16

Meanwhile, an upward trend is quite uncertain as there’s no sign of a positive move at the moment. Though, there’s a close buying range at $143. The technical RSI suggests a downward trend. Similarly, the MACD is currently in a negative zone. This suggests that Ethereum remains under strong bearish control for now as more price drop is likely to play out.

ETHEREUM SELL SIGNAL

Buy Entry: $143.5
TP: $140.3
SL: 145

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.

Introduction to Dai Stablecoin

15 December 2019 | Updated: 15 December 2019

Dai is a decentralized Stablecoin manufactured by MakerDAO. A Dai is on equal value with $1 and is purported to remain at that level (thanks to a basic strategy) until it goes out of circulation.

A lot of people are afraid of cryptocurrencies and do not regard them as a reliable mode of payment due to their erratic nature. However, Stablecoins like Dai offers a more secure and steady mode of payment.

What Exactly are Stablecoins?
Stablecoins are digital currencies that have their value tied to assets like fiat currencies, other cryptocurrencies, precious metals, or oil. The idea is to tie it to any less volatile asset. Some developers of Stablecoins even go as far as trying to create algorithms to give these assets a fixed value.

The aim behind Stablecoins is to develop a cryptocurrency instrument free of erratic behaviors.

Other than Dai, there are quite a lot of Stablecoins including Tether, Paxos Standard Token, USD Coin, and a host of others.

How Is Dai Created?
Dai is natively supported by Ether. Ether holders can develop Dai by using the MarkerDAO DApp.

All that is required is for the user to send Ether to a Collateralized Debt Position (CDP). In return, the user receives a quantity of Dai.

CDPs are smart contracts that are blockchain-based and govern the allocation and redemption of Dai.

Dai can be purchased on several exchanges including HitBTC, Coinhub, Atomars, Bitfinex, and many more.

Benefits Associated With Dai
Some of the benefits associated with Dai include:

1- One Dai token is equal to $1.

2- It operates autonomously and cannot be tampered with by a third party body.

3- Its operations cannot be halted by any government or regulatory body.

4- It does not require any middleman to facilitate its transactions.

5- It can be sent and received to or by anyone with an Ethereum wallet regardless of location.

Different Kinds of Stablecoins
There are four general kinds of Stablecoins in existence including:

1- Fiat-supported Stablecoins.

2- Cryptocurrency-supported Stablecoins.

3- Algorithmic non-supported.

4- Hybrid Stablecoins.

The Mechanism Behind Dai’s Value Maintenance
Dai uses an incentivized approach to ensure that its value is always equal to $1. Here’s how it works, whenever a Dai drops below the $1 level, users are incentivized or motivated to boost that price. The same thing happens when the value of a Dai goes above the $1 mark.

These fluctuations happen regularly and some traders make money by trading the swings.

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Ethereum (ETH) Price Analysis – ETH Bounces Back At $140, Can This Support Hold?

12 December 2019 | Updated: 12 December 2019

From $150 this week, Ethereum fell sharply to $139 after recording 8% loss. Following a small recovery, ETH is currently priced at $143 with a total market cap of $15.6 billion and a volume valuation of $7.5 billion. Ethereum is still trapped in a six months bearish trend and has continued to rally downward for that past five days now. Against Bitcoin, the bearish momentum has remained significant.

Ethereum (ETH) Price Analysis: Daily Chart – Bearish

Key resistance levels: $150, $159
Key support levels: $140, $133, $125

Ethereum is still captured in the six months descending channel on the daily time frame. The price of ETH is more likely to remain under the bear radar until a channel break-up occurs. As of now, Ethereum is forming a bearish pattern which might trigger a price drop to $133 soon, although $140 support is still holding. It would become severe if the bearish extension reaches $125.

ETHUSD, Daily Price Chart – December 12.

In the opposite direction, there’s a close resistance for the buyers at $150, although Ether may reach $159 if the buyers can regroup well. From a technical perspective, the sellers have an upper hand in this trade. From all indications, the price is currently weak on the technical indicators, suggesting that the bears may stay longer in the market than expected.

Ethereum (ETH) Price Analysis: Hourly Chart – Bearish

Since December 9, Ethereum has been trading on a downward range with a strong bearish setup on the hourly chart. The weakness in price is causing a lot of bearish scenario in the market. After touching $140 today, Ethereum has managed to recover back to a current price of $143. A possible rejection at $144 is likely to send ETH back to $140. A new weekly low may be created at $137 and $133 if the price drops beneath $140.

ETHUSD, Hourly Price Chart – December 12

On the other hand, Ethereum may resume bullish if the buyers can surpass the white descending trend line. We can expect buying pressure towards the $147, $150 and probably $152 resistance. As shown on the MACD, the ETH market is trying to recover from the negative zone. The RSI is currently facing the 50 levels. Breaking this level would confirm a short-term buy.

ETHEREUM BUY SIGNAL

Buy Entry: $142.5
TP: $149
SL: 139.5

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