In the latest Ethereum news, we are seeing the currency dip below the $170 mark which is far from what the projections were about it over the past week – but still an optimistic target for Ethereum and its future, according to analysts.
Currently, Ethereum (ETH) is trading at $228 and with that is relatively stable above the $200 margin. In regards to that movement, a couple of analysts have said that the sub-$170 movements were ‘the bottom’ for the second largest cryptocurrency by market cap – which rebounded from $166 to $230 and even went as high as $255 over the past week.
As analysts claim, the rapid growth of the ICO market in mid-2017 led many people to speculate that the price drop of ETH was triggered by the sell-off of Ethereum holdings by blockchain projects, which raised millions of dollars through public token sales.
One cryptocurrency research group named Diar, released a weekly report in which it outlined that ICOs still hold more than 38% of the amount raised during their token sales. Currently, analysts speculate that if ICOs decide to liquidate their (remaining) ETH holdings, the price of Ethereum may decline further from the low support level.
1/ There is a big misconception that ICO companies have liquidated most of their ETH holdings. In today’s issue of Diar, we looked at all the publicly available ICO treasuries and analyzed the numbers. https://t.co/EryLsW9Ouj pic.twitter.com/j2DYajcwzQ
— Larry Cermak (@lawmaster) September 10, 2018
A subsidiary of the major cryptocurrency exchange BitMEX also released a study which was titled “Ethereum holdings in the ICO treasury accounts” in which it listed the holdings of ICOs and the estimated balance sheets of major blockchain projects.
As the BitMEX team wrote in the paper:
“We conclude that the ICO treasury accounts have a much lower level of exposure to the price of Ethereum than many may have thought.”
At the end of the day, Ethereum is in a bad position considering its steep fall from $780 to $200 (74%) from April to September. However, the recent corrective rally may be promising and optimistic enough for it to establish at least half of its all-time high by the end of this year.
BNB Coin Analysis: Altcoin Remains In Uptrend Despite Recent Decline
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
Bitcoin 2019 Price Run Was Driven By Real Transaction Growth: Analyst
Bitcoin Is Vulnerable, Mayor Buying Zone Is Below $6,800: Analyst
“$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400. 6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level.”https://twitter.com/krugermacro/status/1136286134403764225 A new retracement to the 50 day moving average is pretty much exactly at $6,800. Since Bitcoin is vulnerable, this will likely serve as a buying zone, Kruger added:
“I see the 6800-6200 area as a gigantic buying area. I do not know if price will drop there. I know what I’ll do if price drops there.”Another fellow trader named Josh Rager commented that Bitcoin is condensing regarding its price range - which may lead to another volatile move very soon. The crypto trader 'Moon Overlord' also stands on the side saying that Bitcoin is vulnerable. He echoed his sentiment adding a chart which depicts the previous big corrections, stating:
“If you think #bitcoin is in a bull market and are looking to buy the dip, look to the previous run for templates. The largest dip was barely -40%, most are in the -30%’s. A -30/-40 % dip from here coincidentally lines up with the strongest support in the high 5000’s low 6000’s.”https://twitter.com/MoonOverlord/status/1136250450615947265 It seems like Bitcoin is also gaining a negative traction in the latest altcoin news. As we can see, many altcoins are in the red and following the moves of BTC.
Join us on Facebook
- BNB Coin Analysis: Altcoin Remains In Uptrend Despite Recent Decline
- Meet Libra: Deep Technical Analysis Of Facebook’s Cryptocurrency
- Crypto Stamp Collectibles Now Available On The ETH Blockchain
- Bitcoin Claims A New 2019 High, Other Altcoins Left In The Dust
- Tech Giants Opt for Ethereum: Why ETH is Still Behind BTC
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Ethereum News3 days ago
Ethereum Will Skyrocket By 70% Against BTC: Analyst Prediction
Bitcoin News4 days ago
Bitcoin Tax Evasion Will Be Criminally Punishable: IRS Warns
Altcoin News2 days ago
Hottest Cryptocurrency Is Up 330% This Year (And It’s Not Bitcoin)
Bitcoin News4 days ago
Weiss Ratings Upgrades Bitcoin From B- To B: Report
Altcoin News5 days ago
Bitcoin Wraps Around $8,200: Consolidation Could Happen Soon
Altcoin News3 days ago
Crypterium Launches A Global Crypto Payments Card
Altcoin News3 days ago
US Residents To Lose Access To Some Altcoins: Report
Altcoin News4 days ago
Bitcoin’s Worth Goes Beyond $8,500, Most Of The Altcoins See Loses