ETH nosedives by 15 percent while the entire value of the crypto market dropped by $28 billion so in the coming altcoin news we take a closer look at the price movements of the crypto assets.
Litecoin and Ethereum also dropped in the range of 11 to 15 percent during the night. The analysts believe that the correction was mainly made due to the technical move with the 200 percent year-to-date gain of Bitcoin since the beginning of the year. The market looks like it entered an oversold area so can it recover?
The market analyst Alex Kruger stated on July 12 that while the long term trend of bitcoin is still bullish, the drop in the price of the number one cryptocurrency below $11,300 which serves as a key support level could lead to a drop below $10,000:
“Mid/long term bullish; Short term bullish above 11500/11600, bearish below 11300; R: 11800, 12000, 12300, 12500; Key level above for bears to defend is 12300; if price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760.’’
Kruger cited that the remark of the U.S. President Donald Trump on bitcoin dismissing the cryptocurrency as an asset class, has potential short term bear signals:
“Many have interpreted Powell’s testimonies & Trump’s bitcoin remarks as short term bearish. The long-term impact could be seen as either bullish (awareness) or bearish (increased regulatory tail risk). Coupled with a lower high, the balance has shifted slightly to the downside.’’
Despite the downside movement of the number one cryptocurrency and the rest of the cryptocurrency market was technical and many executives considered the first remark on bitcoin by the US President as a positive indicator. The regarded trader Cred stated that the $10,900 to $11,000 range is a very important support level and he stated:
“$10,900-$11,100 has been support. A strong daily close through that level would be good evidence that sellers are in control. Losing $10,500 would support that idea. Weekly chart looks heavy with price being accepted below $11,700 area. Bullish bias only above major S/R.’’
As noted in the latest cryptocurrency news, other technical analysts Josh Rager explained how eth nosedives and how the bears made a comeback in the past week citing a $10,500 as an important level for bitcoin.
Ethereum Blockchain Is Almost Full: Vitalik Buterin On Scalability
“Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining [...]”By improving the issue of scalability it would only bring down the costs by a factor of more than 100 as Buterin claimed. While the security is to some extent sacrificed by moves like these ones, the compromise would be fairly modest in his words. Beyond scalability improvements and other advances in a technical sense, Buterin noted that the challenge still remains of transforming blockchain technology into something that people will use on a day to day basis. When he was talking whether the ethereum blockchain is almost full he also argued that the future of cryptocurrencies and crypto, in general, is pluralist and revealed that he is very open to the idea of hybrid solutions that involve both Ethereum and bitcoin as the two most used and most popular cryptocurrencies. Buterin clarified his stance in response to a proposal to implement the Bitcoin Lightning network as an interface for his Ethereum contracts and to also enable instant payments in Bitcoin while in the same time still triggering a series of events on his own cryptocurrency or any other chain. Back in July as it was reported in some of the best cryptocurrency news sites, Buterin proposed using the Bitcoin Cash blockchain as a temporary scalability solution for the ethereum network but this still hasn’t implemented.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
Six Changes Approved For The Next Ethereum Hard Fork
“We split Istanbul into two. One of them we can actually ship within weeks. [The other contains] two really big EIPs that would be nice to have but require some stuff that cannot be done within the two- or three-week timespan.”As many altcoin news sites shared, Istanbul Part 1 will be the eighth hard fork to be activated on the $22 billion blockchain network. As such, it is expected to boost the chain interoperability with the privacy coin Zcash and with that help secure the broader network against any replay attacks, among other efficiency improvements. Developers behind major Ethereum clients such as Geth and Parity have one week to integrate the six changes, integrating the newly affirmed list of EIPs into their software as well as preparing to implement the full code on a live Ethereum network. The Ethereum Foundation community manager Hudson Jameson spoke about the importance of the testnet release and the six changes in the code. He was featured on many best cryptocurrency news sites for stating:
“The security and stability of the network are primary concerns when it comes to doing hard fork on mainnet so the testnet release is a vital step in making sure that mainnet release go smoothly.”The release summed up that the core developers are excited to get the Ropsten testnet hard fork - and that everything will be working correctly.
Ethereum Dumped 10% Overnight: Possible Reasons Why
“JUST IN: as per sir @loomdart‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH. I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells,” she noted.https://twitter.com/DoveyWan/status/1161686134314848256 It still remains unclear why Ethereum dumped 10% overnight - and if this massive mount contributed to yesterday's drop. However, a panic sell-off could be triggered very soon, perpetuated by any movement in the scammer's wallets.
Join us on Facebook
- Bank Of England Governor Says Crypto Could Displace The US Dollar
- Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
- Bitmain’s Hashrate To Increase By 50% With 600,000 New Mining Chips
- U.S. Government Rules Out BTC As Drug Funding Mechanism
- BitPay Under Fire After Rejecting BTC Donation For The Amazon Rainforest
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Anthony Pompliano Says G7 Only Needed 10 Years To Discuss Bitcoin
Blockchain News5 days ago
Coinbase Confessed To Have Put Traders’ Funds At Risk
Blockchain News4 days ago
E-Commerce Giant Rakuten Launched Its Own Crypto Exchange
Bitcoin News3 days ago
Bitcoin Gets Blacklisted By US Treasury Due To Money Laundering Suspicions
Blockchain News5 days ago
Telegram Open Network Will Finally Launch On October 31st
Blockchain News3 days ago
World Bank Raised $33.8 Million Via Blockchain Bonds
Bitcoin News4 days ago
Hong Kong Demonstrations Strengthen Bitcoin’s Safe-Haven Status
Bitcoin News3 days ago
Bitcoin Lost $700 In Minutes, Failing To Break Through $11,000