The coming altcoin news show that the price of Ether is consolidating after declining heavily below the key $300 support area against the US dollar. The price of Ethereum traded close to the $260 support level but is currently consolidating the losses and making a new push towards the $280 mark.
It all started yesterday, when the altcoin news showed that Ethereum, Ripple and other major altcoins fell against the US dollar after the massive drop in Bitcoin was made. ETH/USD declined heavily below the key $300 support area and even broke the $285 support. Right now, Ether is consolidating but the price before this consolidation period traded close to the $262 level and bled a lot.
Many best cryptocurrency news sites show that traders are concerned about the performance of Ethereum (ETH). The fact that Ether is consolidating is backing up their beliefs. The bad news is that there is a short term bearish trend line forming with resistance near $274 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent decline from $290 to $262 swing low is also acting as a major resistance.
The latest cryptocurrency news show that the price of Ether is consolidating but also forming a support base above $275. If it manages to clear the trend line, the next stop for the bulls could be near the $280 and $282 zone. The $61.8 Fibonacci retracement level of the recent decline from the $290 high to the $262 swing low is also likely to act as a major resistance. In order to initiate a fresh increase, however, ETH must settle above the $285 resistance.
In that manner, if there is no upside break above $275 and $280 while Ether is consolidating, the price could continue its losses. The initial support is right now set near the $262 level below which the price will likely break the $260 support level. In such case, the next major support will be set near the $250 level.
When looking at the chart, the Ethereum price seems to be improving and consolidating losses above $262. There are signals of potential correction higher which is why ETH is very likely to face resistance near the $280 or $285 level in the near term.
Alex Kruger Believes Bitcoin Price Will Reach $50,000 By 2021
‘’Bigger picture, the upside is IMO considerably larger than the downside. Think $BTC will eventually break through $20K, in 2020 or 2021, and once it does, it should trade $30K, $40K and $50K fast. Must be long for when that happens, and enjoy the ride as others FOMO in.’’Currently, the price of the number one crypto assets is under resistance in the region above the $10,000 level and has settled in a range between $9,000 and $12,000. Kruger also noted the possibility of bitcoin dropping to $8,500 which is the midway point of the current performances for the year. Some other commentators stated that one of the reasons for the bitcoin retracement could be the CME futures gap. For Alex Kruger, filing the CME gaps is not a mere pointing to the absence of significant support or resistance as such price levels. The focus on the unfilled gapes just takes away from the never-ending trading activities occurring in the spot market. However, if bitcoin goes below the $9,000 price point, there is a chance of a huge fall to the $8,500 price mark. According to Kruger however, any further downward slide should be taken as a ‘’gift’’ or a buying opportunity which will help traders prepare for a fast upward movement beyond the current 2019 highs. While the signs all point for a bullish long-term for Bitcoin, Kruger believes that there are some strong headwinds for BTC. The profitability for miners is still high as long as the price of the number one asset remains positive. It will not be weird for miners to simply HODL not just for profits but revenue to be plugged in to cover the rest of the nodes as explained in the altcoin news previously.
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
What Drives BTC Below $10k This Summer: Analysis
Bitcoin Cash Is A ‘Wounded Animal’ Right Now: Analysts
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here,” he said on Twitter.https://twitter.com/CryptoDonAlt/status/1160645331262070790 Nearly all of the altcoin pairs have a potential, however, since the Bitcoin dominance is still so high, Bitcoin Cash is among the altcoins with the most potential, BCH can register gains and on a shorter time frame will apparently test resistance, as a prominent CNBC trader with a handle 'Big Cheds' noted. https://twitter.com/BigCheds/status/1160681244436381696 All in all, Bitcoin Cash is in our latest cryptocurrency news. Even though it is one of those controversial digital assets that often draws a lot of attention, it is also one of the main altcoins which deserves a place in the spotlight.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain," as described by the RT Anchor Max Keiser.https://twitter.com/maxkeiser/status/1160712205849059328
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