Crashing Sentiment Surrounding Ethereum Points to an Imminent Move Higher in 2020!

Ethereum’s price action has been rather lackluster as of late, which has been the unfortunate result of its close correlation to…

Ethereum’s price action has been rather lackluster as of late, which has been the unfortunate result of its close correlation to Bitcoin.

This correlation has suppressed its strength and caused it to see a prolonged bout of sideways trading, but it may soon help lead the cryptocurrency higher as analysts look towards it seeing further upside in the days and weeks ahead.

It still remains below a few key levels that may act as hurdles for it, including $360 as well as the region between $380 and $400.

 

Until these levels are firmly broken above, and ETH finds stability above $400, it may struggle to garner a decisive uptrend.

One analytics firm is now noting that sentiment surrounding the cryptocurrency is incredibly low, however, which may actually act as a counter-indicator for Ethereum’s near-term outlook.

The firm notes that declines in interest and sentiment as extreme as the one being seen now typically suggest an upside movement is looming on the horizon.

Ethereum Continues Consolidating as Likelihood of Upside Grows 

At the time of writing, Ethereum is trading sideways at its current price of $353. This is slightly above where it has been trading at throughout the past few days and weeks, with it pushing higher today in tandem with Bitcoin.

This slight upwards momentum comes as the stock market begins stabilizing, which is allowing the entire crypto market to see some momentum.

If ETH continues tracking Bitcoin, then further upside could be imminent in the days and weeks ahead.

Analytics Firm: ETH Social Volume Points to Imminent Upside 

While speaking about where Ethereum may trend in the days and weeks ahead, one analytics firm explained that investors growing disinterested in the cryptocurrency is actually a bullish development.

They note that periods of extremely low sentiment are typically followed by sharp upwards movements. As such, Ethereum could soon confirm its recent lows as a long-term bottom and begin ascending higher.

“The social volume of #Ethereum is nearing 6-month low levels across social discourse platforms as traders look elsewhere for volatility to trade. However, assets like ETH typically see the biggest buy opportunities when crowds are disinterested,” they explained while pointing to the below chart.

Image Courtesy of Santiment.

Where Ethereum trends in the days and weeks ahead will likely continue depending largely on Bitcoin.

Any further BTC turbulence could strike a serious blow to ETH, leading it back down towards its recent lows of $315.

Featured image from Unsplash. Pricing data from TradingView.

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Cardano DeFi Development is in Full Swing in 2020!

The market dip has hit DeFi tokens particularly hard. @cryptopigmedia noted that the biggest loser to date is Curve Finance, whose…

The market dip has hit DeFi tokens particularly hard. @cryptopigmedia noted that the biggest loser to date is Curve Finance, whose CRV token has dropped 93% since its peak.

“DeFi darling” Yearn Finance hasn’t faired much better, with the YFI token losing 61% from its $44,183 high.

Despite that, and the subsequent fall in yields, Nicolás Arqueros, CTO at EMURGO, believes this is a temporary setback. Drawing on the example of the tech bubble at the turn of the century, he sees DeFi recovering.

“most of the technologies, sometimes they can start like… they can be too hot and turn into a bubble. But, for example, we have the bubble in the 2000s with all the tech companies, and we saw that Amazon was a bubble at that point. Yes, at that point it was a bubble, but now the value and the price in the stock market even higher.”

With that in mind, EMURGO is continuing unphased in its development of DeFi on the Cardano chain.

Cardano Looking to Improve on Ethereum

Ethereum, as the biggest provider of DeFi services, is the platform every blockchain wants to emulate.

But Arqueros states that EMURGO has examined what Ethereum does and built a smart contract framework which he believes is superior.

UTXOs refers to a transaction output that can be used as input in a new transaction. Under this model, the UTXO defines where each blockchain transaction starts and finishes. This contrasts with the account/balance model employed by Ethereum.

Arqueros expands on how the UTXO model will run on Cardano by saying:

“we’re avoiding most of the unncessary operations on the chain. For example, you no longer have to interact with that many smart contracts. Instead what you can do is verify that information was signed by some specific private key after the usage of its public key.”

He also mentions that scalability is much easier to achieve on Cardano, due to the parallel UTXO architecture employed. The upshot of this is cheaper and faster transactions.

“UTXO is like a better way to play nice with other technologies that we see as required for a blockchain to scale up.”

Not only that, but during the interview, Arqueros also spoke of cheaper on-ramping into stablecoins, developing a network of oracle providers, and perhaps most pertinently, encouraging decentralized exchanges.

“[on decentralized exchanges] definately we want to have a few on Cardano, and we multiple organizations working on multiple proposals… you can expect to see most of the same applications that you see on Ethereum and other blockchains.”

Given the frustrations of using the Ethereum blockchain, some projects are looking to port over to Cardano. SingularityNET was the first big name to action a move away from Ethereum.

But the question is, will developments at Cardano see a mass exodus from Ethereum?

Arqueros said that Cardano has been in contact with a number of developers looking to port over. However, he remained tight-lipped on specific names.

Cardano ADA daily chart YTD with volume. (Source: tradingview.com)

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Cryptocurrency Price Predictions of top 5 Coins Weekly- 5th Oct to 10th Oct

Cryptocurrency price predictions, BuyUcoin present Weekly top 5 coins Technical Analysis and understanding of statistical patterns to find prospects for trading with historical data, prices and volumes. BuyUcoin Technical Analyst experts monitor market fluctuations, trading signal trends, and other analytical methods to measure the strength and weakness of an asset.

Technical analysis can apply historical trading data such as weekly based price forecasting of upcoming 5 based cryptocurrencies.

you can find below these top 5 forecasts for cryptocurrency prices and the technical analysis report.

  1. Ethereum (ETC)
  2. Bitcoin (BTC)
  3. Ripple (XRP)
  4. Litecoin (LTC)
  5. Bitcoin Cash (BCH)

With BuyUcoin you will get…

Lets Start…

Bitcoin (BTC) Cryptocurrency Price Predictions Weekly

“If we see the chart on the higher time frame there is a higher low pattern forming which gives us the idea that BTC cryptocurrency price predictions will rise to the upside region of 11600$ and all the way to 12100$ one last time before coming back to the 9000$ region”. Still sticking to the given biased and we should see the movement come through this week.

Ethereum (ETH) Weekly Technical Analysis

If we do ethereum cryptocurrency price predictions, Eth did manage to reject the 350$ region last night and now it is now acting as the support, as aligned with the BTC analysis ETH will also see the pullback to around 450-470$ region one last time before coming back to the 280’s region.

Litecoin (LTC) Weekly Technical Analysis

LTC has not done any major movements in terms of % gains as compared with the other cryptocurrency price predictions.

LTC is still holding the 45$ region support floor and we will not likely see the break of this region anytime soon.

Expecting LTC upside movement till 79$ region which is also a long term resistance which needs to be retested at least one time before coming back to the downside regions.

Ripple (XRP) Weekly Technical Analysis

“XRP 40 cents regions are still on the cards and we will definitely be going to see that region very soon, we are just seeing a short term downside push to the 23 cents regions which we should use as a good buying opportunity and fill our XRP bags.

Not hoping to see further downside momentum on this pair, XRP should start its upside movement in the coming days.

 Stay tuned and HODL”

Nothing has changed for the XRP as well; last week was one of the boring times in the market where we didn’t see any major movement neither to the upside nor to the downside.

Bitcoin Cash (BCH) Weekly Technical Analysis

BCH is still holding long term support which is located at around 200$ region, we are not seeing it break this level anytime soon.

I am bullish on BCH for the short term and will likely see a bounce back to the 330$ region resistance.

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Ethereum Price Action Suggests A Firm Case For Drop Towards $310

Ethereum topped near the $370 resistance and declined sharply against the US Dollar. ETH price is showing bearish signs below $355…

Ethereum topped near the $370 resistance and declined sharply against the US Dollar. ETH price is showing bearish signs below $355 and it might continue to move down.

  • ETH price started a fresh decline after it failed to clear $370-$375 against the US Dollar.
  • The price is now trading below the $355 support and the 100 simple moving average (4-hours).
  • There was a break below a major ascending channel with support near $355 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but upsides might be capped near $355 or the 100 SMA (H4).

Ethereum Price Breaks Key Support

This past week, Ethereum surpassed the $355 and $360 resistance level against the US Dollar. However, ETH price failed to gain bullish momentum above the $370 and $375 resistance levels.

A high was formed near $372 and ether price started a sharp decline. It broke the $355 support level and the 100 simple moving average (4-hours) to move into a negative zone. There was also a break below a major ascending channel with support near $355 on the 4-hours chart of ETH/USD.

The price tested the $335 support zone, where the bulls took a strong stand. Recently, there was an upside correction above the $340 level. Ether traded above the 23.6% Fib retracement level of the downward move from the $372 high to $335 swing low.

Ethereum price settles below $355. Source: TradingView.com

On the upside, there are many important hurdles for the bulls starting with $353. It is close to the 50% Fib retracement level of the downward move from the $372 high to $335 swing low.

The main resistance is near the $355 level and the 100 simple moving average (4-hours), above which the price might start a steady upward move towards $370 or even $380 in the coming days.

More Downsides in Ether (ETH)?

If Ethereum fails to clear the $355 resistance zone, it might start a fresh decline. An initial support on the downside is near the $340 level.

The first major support is near the $335 level. If ether fails to stay above the $334 support, there is a risk of a sharp decline towards the next major support at $315 or $310. Any further losses could the price towards the $300 support.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly moving into the bullish zone.

4 hours RSI – The RSI for ETH/USD is now well below the 50 level.

Major Support Level – $335

Major Resistance Level – $355

Bitcoin Closes Below 100 SMA, Indicators Suggest Larger Decline To $10K

Bitcoin failed to surpass the $11,000 resistance and started a fresh decline against the US Dollar. BTC is now well below…

Bitcoin failed to surpass the $11,000 resistance and started a fresh decline against the US Dollar. BTC is now well below the 100 SMA (H4) and it could decline further towards $10,000.

  • Bitcoin failed once again to clear the $10,950 and $11,000 resistance levels.
  • The price is now trading well below $10,750 and the 100 simple moving average (4-hours).
  • There is a key connecting bullish trend line forming with support near $10,330 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct higher, but upsides are likely to remain capped below $10,800 and the 100 SMA (H4).

Bitcoin Turns Red

This past week, bitcoin made another attempt to surpass the $10,950 and $11,000 resistance levels against the US Dollar. However, the bulls failed to gain strength, resulting in a sharp decline from the $10,940 swing high.

The price broke many important supports near $10,800 and $10,750 to move into a short-term bearish zone. There was also a break below the 50% Fib retracement level of the upward move from the $10,138 swing low to $10,950 high.

Bitcoin is now trading well below $10,750 and the 100 simple moving average (4-hours). The first major support on the downside is near the $10,350 zone. There is also a key connecting bullish trend line forming with support near $10,330 on the 4-hours chart of the BTC/USD pair.

Bitcoin price dives below $10,800. Source: TradingView.com

The trend line is close to the 76.4% Fib retracement level of the upward move from the $10,138 swing low to $10,950 high. If there is a downside break below the trend line support and $10,300, there is a risk of more losses.

The next major support is near the $10,130 level, below which the bears might even aim a larger decline below the $10,000 support level in the near term.

Upsides to be Capped in BTC?

If bitcoin starts an upside correction, it could face sellers near $10,700. The first major resistance is still near the $10,800 level and the 100 simple moving average (4-hours).

The main resistance is still near the $10,950 and $11,000 levels. A close above the $11,000 resistance is must for a sustained upward move in the coming days.

Technical indicators

4 hours MACD – The MACD for BTC/USD is showing negative signs in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Level – $10,350

Major Resistance Level – $10,800