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.
Ethereum Network Development: The $30 Million Investment In Detail
"Over the last 12 months the Ethereum community — a global collection of developers, entrepreneurs, researchers, and passionate users — has made tremendous progress. Every week, new applications built on Ethereum launch to mainnet, scalability solutions come online, and ETH 2.0 moves closer to key milestones. Ethereum remains the de-facto platform for decentralized applications, and is used every day to secure billions of dollars in digital assets," the post noted.Speaking of, Plasma is the project that was first proposed by Vitalik Buterin and Joseph Poon in 2017 - as a scaling solution for the network employing autonomous smart contracts. The project is in the latest cryptocurrency news again as part of the Ethereum network development. It is described as a solution that would enable “the blockchain to be able to represent a significant amount of decentralized financial applications worldwide,“ according to the white paper The $30 million budget reserved for the ETH network and its development was first announced by the Ethereum Foudation at the ConsenSys' Ethereal Summit on May 10. The executive director Aya Miyaguchi was in the coming altcoin news then for stating that the foundation intends to bring academic involvement to Ethereum - which will attract the top-tier researchers and developers (and grants) to the academic teams and organizations. As we previously reported on our crypto news site, the "rerelease" of the community website for Ethereum Foundation was announced at the end of April. The Ethereum network development sits on top of this update, which purports to be a repository filled with community-created Ethereum content including documentation and tutorials for using Ethereum tools.
Cryptopia Hackers Are Moving The Funds In At Least Four Wallets
“Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders. […] Given the complexities involved we expect the investigation to take months rather than weeks.”As the new analysis by CoinFirm notes, the hackers are moving the cash into separate wallets including the two CoinDesk which found that were directly connected to Huobi. “The Cryptopia hacker moved 30,790 ETH (~$7.67M) from the last red address to the yellow one which is a new address of the hacker as of May 20, 2019 at 01:43:57 AM +UTC. The yellow address still has got 29,770 ETH,” said CoinFirm’s Grant Blaisdell in a statement that went viral in the coming altcoin news. Two other addresses were also reported by many best cryptocurrency news sites - showing that they received a combined 1010 ETH while another 10 ETH landed in what appears to be a Huobi deposit address and a Huobi hot wallet. This means that the Cryptopia hackers are preparing to pull cash out through these exchanges. Even though there is no telling what is exactly happening to this Ether as it moves from one wallet to another, it is certain that the $16 million is not going to sit still for long.
Ethereum Price Analysis: ETH Is Weak But Could Start Upswing Soon
Ethereum Possession: 376 People Own 33% Of All ETH
“These preliminary findings are consistent with the literature on stock market prices and volatility,” the report on Ethereum possession concluded. “Academics have found that large anomalous fluctuations in traded volumes of particular stocks, notably the S&P 500, tend to impact volatility and not price levels.”
Join us on Facebook
- Litecoin (LTC) Price Rallies Towards $105: Analysis
- Bitcoin’s Price Goes To $8K Again, Bullish Indicators Are Returning
- Margin Trading Service Soon Available On Binance Crypto Exchange
- Robinhood Brings Zero-Fee Crypto Trading App To New York Investors
- Samsung Pay Gets Ready For Crypto Integration: Report
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Bitcoin Whitepaper Copyright Registration Filed By Craig Wright
Analysis1 day ago
Expected Bitcoin Drop Leads Major Crypto Assets To Drop By 7%
Bitcoin News3 days ago
Teen Bitcoin Millionaire: BTC Will Die If 4 Major Issues Are Not Solved
Blockchain News3 days ago
YouTuber PewDiePie Helps Blockchain Platform Grow Its User Base By 67%
Altcoin News3 days ago
Tether Issuer Claims It Had Invested Its Reserves Into Bitcoin
Regulation3 days ago
Central Bank Of Laos Warns Against Using Cryptocurrency
Bitcoin News5 days ago
Tom Lee Thinks That Bitcoin’s $8,000 Upswing Confirms End Of Crypto Winter
Altcoin News4 days ago
Matic Network Surges 76% In A Day, Slowly Becomes A Favorite