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Ethereum News

Ethereum Price Analysis: ETH Declines Sharply After Binance Hack

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ethereum price analysis

Ethereum price analysis shows that the price of ETH declined fast after the Binance exchange hack that led to the loss of $40 million. ETH surpassed the key support level at $179.00 and tested the $170.00 area according to the latest cryptocurrency news.

The ethereum price traded at $191.83 on Bitfinex reaching a new 2019 high but it later declined after the exchange got hacked. The bearish trend line is now forming a resistance near the $181.00 as the 30-minute charts show. The price also remains supported on the downside near the $172 and $170 levels.

We have seen a strong increase in the ethereum price and bitcoin recently. ETH price surged way past the $185 level and as mentioned reached a new 2019 high on Bitfinex. Later, a downside correction happened below the $188 which got traction just after Binance lost 7,000 in BTC during the massive security breach.

By looking at the 30-minute charts of ETH/USD, the pair dropped dramatically below the $188 and $179 support levels. There was even a close down below the $179 support level and the 25 simple moving average. There was also an increase below the $172 and $170 support levels. A slight swing lower was formed at the $169 price range. The ETH price later managed to bounce back above the $172.

Currently, the ethereum price analysis shows that the altcoin is trading near the 50% Fib retracement level after the recent decline from the $183 high to $169 low. A resistance level near the $179 is forming. The 61.8% Fib retracement level of the recent decline to the 169.17 low is also coming near to the $179.00 level from the previous $183 high.

The coming altcoin news shows that there is a bearish trend line forming with a $181 resistance level. Therefore, the eth price should clear the previous $179 and $181 in order to have a fresh start and increase in price. In the short term, there could be some swing moves but the price will likely find a strong buying interest close to the $172.00 and the $170.00 levels.

Moreover, the ETH price will likely start a new, fresh, upward move towards $180 as long as it manages to trade above the $170 support area. Also, a close below the $170 might bring another wave of weakness towards the $156.00 level.

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Analysis

Ethereum Could Climb Above $200 According To Analysts

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ethereum could climb
The past week, Bitcoin and Ethereum were some of the cryptocurrencies that declined heavily below the $10,000 and $200 levels, respectively. And as Bitcoin is preparing to climb to $11,000, Ethereum could climb above $200 too, analysts predict. The latest cryptocurrency news show that the ETH/USD pair even broke the $190 support line recently, settling well below the 100 simple moving average (4 hours). There was also a push below the $185 support level and the price traded as low as $174. As of recently, it also started an upside correction and managed to recover above the $180 levels. Ethereum could climb above $200, mostly because of the break above the 23.6% Fib retracement level and the major decline from the $217 high to the $174 swing low. There are many resistances backing up this factor. The positioning on the upside is near the $192, $195 and $200 levels - and there is a crucial bearish trend line forming with resistance near $195 on the 4 hours chart of ETH/USD. The most important resistance, as the coming altcoin news show, is near the $200 and $202 levels which acted as the previous supports. Therefore, any successful break above the $195 resistance plus a follow through above $200 is needed for a fresh increase. The next key resistance, according to analysts, is near the $207 level and the 100 simple moving average of 4 hours. Conversely, if there is no upside break above $195 or $200, the price of ETH could resume its decline. However, analysts think that Ethereum could climb above $195 or $200 easily. The pessimistic side shows that if ETH breaks below $174, we can see a $162 price as well. All of this shows that the Ethereum price is currently consolidating below its key resistances such as the $192, $195 and $200. In order to start a strong recovery and an upward move, the price of ETH must settle above $200 in the next few days. The technical indicators on many best cryptocurrency news sites show the following:
  • 4 hours MACD – The MACD for ETH/USD is currently placed in the bullish zone, with neutral signs.
  • 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
The total cryptocurrency market cap right now is at $270 billion - a number that has been here for 2 or 3 days.
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Ethereum News

Six Changes Approved For The Next Ethereum Hard Fork

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Six Changes
The latest cryptocurrency news show that the Ethereum core developers finalized six changes that would be activated in Ethereum's next system wide upgrade named Istanbul. The code changes were agreed in the prior meetings - and Istanbul was shown to be executed in two parts. The first part will feature all six changes in the code - known as Ethereum improvement proposals (EIPs) - and is tentatively expected to execute on the ETH mainnet this October. The second one, which is scheduled for mainnet activation at some point in the first quarter of next year, will feature the EIPs that require further testing and deliberation from the core developers. These ones will include a proposed mining algorithm change called "ProgPoW." When announcing the two part structure of the Istanbul upgrade, the core developer Peter Szilagyi said the following on the Thursday call:
“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.
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Ethereum News

Ethereum Dumped 10% Overnight: Possible Reasons Why

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Ethereum Dumped
The night has brought a new dump on the markets - and this time the altcoin news show that Ethereum dumped 10% overnight, but no one seems to know the reasons for it yet. It all started with Bitcoin faced a sharp drop that sent it to lows of $9,500 after which it reversed. Ethereum, however, has been reeling down 10% to a major support level at $185 and the latest drop may have been perpetuated by a Chinese Ponzi scheme which scammed a total of 800,000 ETH from unsuspecting investors, as the news showed. Now that Ethereum dumped 10%, its current price is $183 and it is hard for the cryptocurrency to rise again to $200. In fact, the drop was from $200 in less than 24 hours, which makes ETH vulnerable at this point. Also, the leg down comes about as the entire cryptocurrency market faces a massive sell-off. The latest cryptocurrency news show that a lot of altcoins have dumped 10% or more - with EOS and Tron among the losers yesterday. The reasons for this are still unknown. However, we know that Bitcoin is a major catalyst to both gains and losses - which is probably why Ethereum dumped 10% overnight. The good news are that Bitcoin has since recovered and is trading very close to the key psychological price level of $10,000. In spite of the recovery, most of the altcoins are still trading at or just above their 24-hour lows as the coming altcoin news show. Ethereum dumped 10% but is now posting a minor recovery from the bottom of $176 which it touched overnight. According to Dovey Wan who is a founding partner at Primitive Crypto, the  (Chinese Ponzi) scam and their wallet holdings currently have 70,000 Bitcoin and 800,000 Ethereum, which may be ultimately dumped onto the fragile markets.
“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.
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Ethereum News

Pullback For Ethereum-Bears Eyeing $190 Support

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pullback for ethereum
Pullback for ethereum started over the weekend as the second largest cryptocurrency broke out of a consolidation period completing an asymmetrical triangle favoring the bulls. However, since then it began a pullback breaking the short-term support and now the bears are eyeing the $190 support as we are reading in the latest altcoin news reports. On the 1-hour charts for ETH/USD, the price action is clearly visibly progressing after the breakout. The price levels tested the $240 resistance and failed to gain over the last few days which resulted in rejection causing a huge pullback for ethereum and breaking the short-term support at $217. The price levels have since continued to drop and it seems like they will re-test the visible range low at $189. It is also important to note that the volume remains relatively low on the pull-back and will now have to see a huge increase in selling momentum in order to cause a crash over the $189 support making it very likely that there could be a bounce-back as the market price tests the key support level. On the 8-hour charts, the support is standing at $189 and originates from being the local top throughout the middle of April right before the price levels broke out and tested the $282 resistance level. The RSI has still yet to come to the oversold zone but it appears that it is getting near that trajectory. It is also likely that the RSI will be fully oversold which could be a good enough reason to consider re-entering the level. The volume appears to be flatlining in comparison to volumes that we have seen throughout April, May, and June. The Point of Control is now at $168 and will represent the next key support level in order to look out for the $189 breaks. The 15SMMA and 50MA can be seen crossing down over each other and this could signal a bigger downside. In the latest cryptocurrency news, we saw that the Bitcoin Sentiment is very much bullish since the price levels are reaching to $2,000 since the beginning of the month. On the charts, you can clearly see a bullish pattern forming which could mean that the bulls have been in control over the price action over the past few days.
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