Cold Water on Possible Cryptocurrency UptrendsJune 29, 2019
Ethereum 2.0 developers are working to bring in the balance between decentralization, scalability, and security in an attempt to improve the efficiency, thereby benefiting the community.
The ETH prices have tested the vital resistance level in a top-down pattern. The bullish trend is in control; however, the recent price decline has poured cold water on the possibility of upside on the price trends.
It is expected for the price of several cryptocurrencies to trends on the lower range in the forthcoming days. The technical indicators have to state that the trading volumes are increasing and the buyers are taking back their control.
Recently, investors have been buying Ethereum for a high premium through ETHE. This has also been the case with Bitcoin through GBTC.
“Someone bought this last Friday at $580 betting that Ethereum would rise, and they were right. Underlying Ethereum rose from 27.33 to 30.34, an 11% gain. The only problem was they paid a 2,022% premium & today, investors ‘only’ paid a 312% premium, resulting in a 78% loss thus far.”
Ethereum crashed from $363.54 down to $274.86. This is a bearish bloodbath in the global cryptocurrency market. The dust is slowly settling down. However, a new buying interest is expected to happen at $278, pushing the price back to $300.
Scams are being flushed out with fitting regulations. Investors are willing to channel their money into winning projects.
The White Paper of the Dukascopy Bank stated, “The main purpose of the introduction of [the stable coins] is to enhance the use in the blockchain of payment tokens issued by Dukascopy Bank.” Of note, Dukascopy bank is developing their own Ethereum’s stable coins.
If there should be a new increase in the price of BTC, it has to climb above $12,000. Ethereum should settle higher than $325. Sharp bearish moves were seen with Binance coin (BNB), Litecoin (LTC), Stellar (XLM), Ethereum (ETH), Ripple (XRP), Bitcoin cash (BCH), ADA, EOS, and TRX.
Bitcoin rallied up by 30%, and it has of late trimmed a majority of its gains. The price of Ethereum went up to as high as $364, and it went down below $300. The price of Ripple was at a double top at $0.4930, and it went down below $0.4200. The price of EOS broke at significant support are at $6.05.
After the downfall, Bitcoin has formed strong support at $10,400 and is moving forward. If it falls further down below $10,400 it is probably indicating a bearish zone.