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Ethereum News

Ethereum Enters A Descending Triangle As Analysts Expect Further Losses

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Ethereum enters a descending triangle since it was facing a significant influx of selling pressure in the last 24-hours which was partially been driven by the Bitcoin selloff earlier today as we are about to see in the latest ethereum news.

Bitcoin was trading below $8,000 and the analyst now expects that ETH is caught in a wide descending triangle that could send the crypto plummeting significantly lower in the short-term and the analysts believe that ETH will hit $170 as its next target. Ethereum is trading down by more than 5 percent at its current price of $175 which marks a huge drop from its recent highs of over $190 that was set last week when the ETH price surged towards $200 before incurring a massive influx of selling pressure.

It is important to note that Etheruem’s bearishness as of late has been the result of Bitcoin’s inability to find a decent stability within the lower $8,000 region as the bears were able to force BTC below the previous levels and towards the long-established support $7,800 and the lack of bullish momentum may spike some trouble in the near term. It still remains unclear whether or not the altcoins will be able to break from Bitcoin’s influence and it is probable that they will trend lower unless there was an event that sparks a fresh influx of capital into the markets. This bearish technical formation that Ethereum is currently caught may show to the possibility that could spike further losses that are imminent for the cryptocurrency as Ethereum enters the descending triangle similar to the one Bitcoin was caught in a few months prior to the drop below $10,000.

The popular crypto analyst on Twitter- the Cryptomist explained that more than 40 thousand followers about this formation explaining that she believes that ETH will target $170 next:

 “$ETH: Descending triangle, similar set up to what btc was yesterday before the drop (see yesterday bitcoin post). We may have one more resistance touch before drop too $170.’’

If Bitcoin finds massive support around its current price levels and if it goes even higher, it is highly likely that the major altcoins such as Ethereum will continue to trend lower until the markets are able to incur a decisive uptrend.

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Bitcoin News

LocalCryptos Adds Support For Bitcoin (BTC) And Ether (ETH)

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One of the largest competitors of the P2P Bitcoin (BTC) exchange LocalBitcoins has taken more of its market share as the Finnish company seeks regulatory compliance. The latest cryptocurrency news show that LocalCryptos adds support for Bitcoin as well as Ethereum.In what the company described as a pivotal step of adding support for both cryptocurrencies, LocalCryptos (formerly LocalEthereum) announced the following in a blog post:
“The platform is a one-stop shop for fiat-to-crypto ramps worldwide, beginning with BTC and ETH." Later on, the blog post describes this as a “large milestone.”
After LocalCryptos adds support for BTC and ETH, the company said that in the future even more cryptocurrencies will join its offering.
“LocalCryptos will list some of the most popular Ethereum-based tokens over time. We’ll develop a new smart contract to handle ERC20s, and, in the more distant future, ERC721s,” the exchange said.
Meanwhile, what's interesting is that this move comes roughly a week after LocalBitcoins announced its registration with regulators in the home country of Finland. This is part of a multi-year scheme to formalize its compliance - we can now see that LocalBitcoins is now an official virtual currency provider in the eyes of the Finnish Financial Supervisory Authority or FIN-FSA.Executives have so far phased out a lot of ways of trading on LocalBitcoins without revealing the identity of the trader. Cash trades are now banned and ID submission is obligatory. By contrast, LocalCryptos adds support for BTC and ETH and stays away from such requirements, operating as a non-custodial resource under which no financial liability is taken.Furthermore, the setup will allow the platform to retain features which LocalBitcoin does not have. When cash trades disappeared, LocalCryptos made the most of the decision and saw that it is a major PR opportunity on social media.There are other operators in the space which also saw a surge in popularity during the change which occurred in June this year.Meanwhile, the latest Bitcoin and Ethereum news show that both of the cryptocurrencies are vulnerable in today's trading. Ethereum (ETH) is trading at a price of $177 in a dump of 4.10% while Bitcoin (BTC) has lost 4.52% and is now below $8,200.
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Ethereum News

Joseph Lubin: “ETH And BTC Did Not Face Regulations Like Projects Now”

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joseph lubin:
The co-founder of Ethereum Joseph Lubin is in the latest cryptonews updates, talking about regulation and how the two leading cryptocurrencies did not have to comply with regulation. In an interview with the industry news outlet Forkast published on November 18, he noted that the amount of regulation is now stronger than before.During the interview which was held at the Hong Kong FinTech Week, Joseph Lubin noted that the new projects need to comply with regulations. He further explained the impact of the application of security law to the cryptocurrency space.Joseph Lubin also noted that in order to attract investors, any project has to promise that its token will increase in terms of price. Furthermore, seeing that the appreciation is usually obtained through the work of developers, by definition, that an asset is being sold as a security.
“And so securities law is then implicated and now you can’t sell a utility token as it’s not a utility token, it’s a tokenized security. You can’t sell it broadly and equitably,” he said.
Overall, Lubin highlighted that Ethereum had a first-mover advantage. More precisely, he suggested that the developers behind ETH had the opportunity to sell their cryptocurrency without complying with the securities regulation because it operated in a largely regulated industry.The competing projects, on the other hand, cannot simply claim that what they are selling is a utility token which is why they avoid registering it as a security.Lubin was in the news before this for stating that Ethereum needs to improve in all segments, explaining that ETH 1.0 was just a starting point - and developers were aware that it would not be scalable.Known for being in the news all the time, Lubin noted that because of regulation, it is possible “but very, very difficult for even a technically very strong project to challenge the early head start and the massive network effect that the Ethereum project has.”Meanwhile, today's market cap is at $234 billion and the 24 hour volume is at $60 billion which is very low compared to other days. The Bitcoin dominance rate has fallen too and is at 65.9%. Ethereum is trading at around $185 for a couple of days in a row now. 
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Bitcoin News

Markets Are Recovering But Bitcoin Is Still Near $8,500: Analysis

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This Monday morning, we can see that the cryptocurrency markets are recovering but there are still reds all over and Bitcoin is with a slow momentum near $8,500. The latest cryptocurrency news also show that the weekend was not much positive for BTC as the leading cryptocurrency, as it was dragged even lower than the expected resistance area.For the better part of the day yesterday, the largest cryptocurrency has been trading within a tight range between $8,500 and $8,600 while slowly finding its way in the $8,700 price mark in the recent couple of hours.As markets are recovering, Bitcoin is trading at a price of $8,555 and a 0.36% decline compared to the morning's levels. The cryptocurrency was slowly finding its way towards the $8,700 price mark - but did not manage to do that as its main mission over the weekend.On Friday, the Bitcoin updates showed that BTC attempted to break the $9,000 price level but was swiftly rejected and brought back to lower levels below $8,600 - where it remained throughout the entire weekend.According to the analyst Michael van de Poppe, markets are recovering and the overall bullish sentiment could soon come back. However, he would like to "see a tick up to like $8,800 to confirm a slight trend reversal (like scenario),” as he said, adding:
“If not, this slow bleed could accelerate to $8,200 as the next level. Sentiment; fear. Obviously.”
The Ethereum news also show that ETH is sitting close to $184 per coin and shedded a couple of dollars overnight. The number one altcoin continues to trade in along with BTC and sync in with its price, showing upward price behaviour leading to the current trading position. The momentum for Ethereum at the moment, however, is better than the one for Bitcoin.XRP, which is the third largest coin by market capitalization, has also lost ground in the past couple of days. Still, it joined the trend of minor recovery and posted gains of 0.45% at press time. XRP right now sits at around $0.262 per coin.While the markets are recovering, most of the top 20 coins are showing little to no gains at all. Cardano (ADA) is taking the lead with a 4% growth on the day and a new price of $0.04. Tezos (XTZ) managed to rise by 5% and is now at $1.22. 
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Ethereum News

Ethereum Closes In On Fresh New Resistance Level: Analysis

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Ethereum closes in on the fresh new resistance levels and the price action has been mirroring one of Bitcoin’s recent times which made it getting close to stronger levels of selling pressure in spite of ETH’s multiple recent attempts to break above the resistance level at $190. Let's read more in the ETH news today.The selling pressure dragged the price of ETH down to the lower $180 region while it is also causing it to form a new resistance level directly above the current price which could send it even further on the downside in the near-term. Ethereum closes in on the $183 trading level and it’s trading up over 2% which marks a slight increase from the recent lows of the lower $180 price level that it was set yesterday.Ethereum’s ability to show strong bond after the brief drop below the $180 signals that this is actually strong short-term support level that could hold it there as long as Bitcoin does not incur any strong selling pressure in the near-term. The price action was similar to the one of Bitcoin over the past couple of days and Bitcoin is consolidating around the $8,500 which seems to be its current support level that the bulls are keen on defending. The ability of the altcoin to stabilize in the lower $180 region, comes as it faces the increasing on-chain volume which increased by more than 30 percent in the past 24-hours. As per TokenAnalyst, a popular analytics group we can read that:
 “24H #ETH Network Stats: Price: $181.76 (-1.9%) $ETH On-Chain Volume: $324M (+32.3%) Active Senders: 209K (-6.1%) Active Recipients: 94K (-0.4%).
Another popular crypto analyst in Twitter, HornHairs, explained in the latest tweet that the altcoin is now pushing up against the fresh supply region that could force the altcoin to drop back to the previous support around $180:
 “$ETH short idea. 2H SFP in the making at a fresh level of supply. This level also lines up with the monthly open. Targeting the most recent swing low for now.’’
In the near-term, it seems like BTC is holding steady if ETG is yet to see the upside and it is slowly closing down with the correlation with the BTC could prove to be a hugely bearish thing if the support level exists around $8,500 that begins to disappear as bears ramp up their pressure.
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