The price of Ethereum is viral in the coming altcoin news for surpassing the $300 mark today and hitting ten-month highs. The world’s second largest cryptocurrency by market capitalization managed to climb above the psychological hurdle at 01:10 UTC, extending its gains. As Ethereum clocks a new all time high at $317, we can confidently say that that is a level that was last seen in August 2018.
As we are writing, ETH is changing hands at $304 and rising by 9.7% in the past 24 hours. The yearly gains as Ethereum clocks a new high, are at 129% which is a solid increase as the Bitcoin and altcoin news website CoinMarketCap shows.
Right now, Ethereum looks like it more than just doubled this year. Its price is currently set at $317, which is a new high and more than 270% gains on the low that ETH saw at $82 in December last year. The price, however, is still 78% down from the record highs of $1,431 registered in January 2018.
Furthermore, the cryptocurrency managed to retrace a 16% of the sell-off from $1,431 to $82. As Ethereum clocks new highs, the latest cryptocurrency news also feature Bitcoin (BTC) and its retracement of more than 40% of the bear market slide, currently trading at a 15 month high of $10,800.
As we look forward, it seems like Ethereum highs are coming and are more visible on the horizon. The ongoing rally while Ethereum clocks $318 and the technical charts are all biased bullish.
Right now, the 50- and 100-candle price averages on the three day chart produced a bullish crossover for the first time in two years. It is worth noting that the prices had rallied by more than 900% in three months following the confirmation of the bull cross in May 2017.
So, if history guides us, we can see that Ethereum is set to challenge the April 2018 low of $364 in the next couple of months. A break higher than this would expose its resistance at $401. Supporting the bullish case are many analysts who thing that the ETH volumes are rising – both in terms of price as well as in terms of them on decentralized applications (Dapps). As Diar reported in April, there were record highs in this number.
ETH Nosedives 15%, Crypto Market Value Drops To $28 Billion
“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.
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“We didn’t offer a good onboarding experience. Crypto as a user base is still early, and we didn’t make it easy enough for users without crypto or a wallet to get started," the statement said.Some of the other areas of concern he noted included not being decentralized, not being regulated and perhaps trying to offer too many options as a broad scale predictions marketplace.
“… ultimately we failed to find a good fit between what we were building and the market as it exists today. … But today the community of users is small, and we think there are higher impact products and services we can build for the immediate future," Fletcher-Hill wrote in the altcoin news.
Ether Is Consolidating The Losses Against Bitcoin
Ethereum’s Biggest Threat Could Be Binance According To Analysts
“They’ve asked for big listing fees. They influence which coins win and lose by deciding which trading pairs they have – so it’s weird to criticize that one decision (the delisting) without looking at all their others.”As noted in the latest cryptocurrency news, Buterin is one of the very few people to criticize exchange listing fees but Binance was not named directly. He added:
“We can really take away this stupid king making power that these centralized exchanges have where they have this ability to just decide which tokens become big by deciding to list them and then charging these crazy $10 million to $15 million listing fees. The more we can get away from that world and into something which actually satisfies the blockchain values of openness and transparency the better.”
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