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Ethereum News

ICOs Sales Have Put A Huge Selling Pressure on ETH

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ICOs sales have put a serious amount of selling pressure on the ETH token as the price of the cryptocurrency has been closely tracking that one of Bitcoin and the aggregated crypto market. According to the ethereum today’s news, the downtrend of the cryptocurrency may not have been triggered by the weak price action as the data shows in the text below.

The treasury sale of ETH from ICOs sales could be a major force that has been pressuring down the price of Ethereum as of late and these ICOs still have a huge amount of that cryptocurrency. This means that they are put up a steady selling pressure which will continue for the foreseeable future. At the time of writing, Ethereum was trading just under 1 percent and has a price of $173.70 which remarks a huge drop from the recent high of over $220 which was set in the middle of September. Looking at ETH’s year-to-day highs, it is clear that the price is bearish and the that the altcoin is currently trading below 50 percent from its late-June high of more than $350.

In the recent research report published on Diar, the data shows that Ethereum’s 77 percent drop from the early 2018 highs has coincided closely with the major ICO projects by selling a huge amount of ETH that they raised from the token sales during 2017:

 “Ethereum has dropped 77% in price from the start of last year when ICO treasuries saw massive activity with withdrawals being the highest they ever were this year.’’

The report noted that last November and December were the best periods of ETH sales from the major ICOs which coincided with the bottom of the market as reported by the cryptocurrency news. Although the ICOs sold a huge amount of their ETH holdings, the data shows that they still have nearly half of the Ethereum which was raised from their token sale. If the markets continue to express increased volatility, it is possible that the projects will continue to sell off their ETH treasuries and try to protect their capital which could rapidly deteriorate if the cryptocurrency experiences new changes in the short-term.

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Altcoin News

Privacy-Focused Zcash Demands Access To Ethereum’s DeFi Ecosystem

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Privacy-focused Zcash is looking to find access to Ethereum’s decentralized finance ecosystem as we are about to find out more in the latest news on altcoin.As reported just a day ago, the topic of interoperability was the key point of the now concluded Devcon 5 developer conference in Osaka, Japan. At this conference, many of the smaller crypto projects such as the privacy-focused Zcash but also many other smaller projects showed their interest into the Ethereum’s decentralized finance ecosystem. The co-founder of Summa, James Prestwich, stated:
 “Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.”
The developers all over the world have been working on interoperability solutions just so they can enable different networks and to be able to interact more efficiently in an attempt to eradicate the existing issues in regard to scalability and speed. Related to this matter, the VP of marketing and business development at Electric Coin Company Josh Swihart, explained that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network by saying:
 “If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in Ethereum smart contracts.”
The ZCash Foundation board member Ian Miers explained the issue of why decentralized app creators might want to protect their addresses and smart contracts. However, as previously reported in the blockchain news, the South Korean cryptocurrency exchange UpBit stopped the trading support for six cryptocurrencies including Zcash. The exchange decided to delist these six privacy coins in order to block the possibility of money laundering and the influx of external networks. Also, a few days ago, the OKEx crypto exchange confirmed that they will also stop the trading of Zcash and other privacy-oriented digital assets. the exchange made clear that all of the coins fall short on the new guidelines that were set out by the intergovernmental body which is the Financial Action Taskforce.
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Ethereum News

Ethereum Price Forecasts: ETH Holding Strong Support At $185

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Ethereum price forecasts show that the over the past week, ETH started a strong rise above the $175 resistance against the US dollar as we saw in the ethereum news before. Moreover, the pair managed to break above the key resistance at $18 resistance area and settled above the 100 simple moving average.This action opened the doors for more gains above the $190 resistance. The price traded close to the $200 level and a new monthly high is forming near the $198 level. There was even a sharp decline in Etheruem and the price traded below the $185 support area and there was even a break below the 50 percent Fib retracement level of the last major wave from the $167 low to $198 high and there was even a break below the major bullish trend line with a support near $188 on the 4-hour chart of ETH/USD.Currently, the Ethereum price forecasts show that ETH is consolidating near the $180 support area and the 100 SMA and the 61.8% Fib retracement level of the last huge wave from the $168 low to the $198 high is also protecting further losses. If there is another downside break below the $180 support there are a lot of chances of an extended decline towards the $175 area in the near term. On the upside, the immediate resistance is near the $185 area and if there is another successful break above the $185 resistance, there is some chance of a fresh increase. The next resistance is near the $190 level above which the price could continue to increase towards the main $200 resistance area. The charts in the latest altcoin news indicate that the Ethereum price is having a hard time to remain in an uptrend above the $180 support area and in the short term, there could be a huge downside spike towards the $175 support area. As long as the price is above the $175 support, the price could bounce back.In the near-term, Ethereum has found support around the current price although the key long-term support level remains around $160 while looking at the monthly charts since it is where it has found a lot of buying pressure that has been proceeded by the uptrends. The popular crypto analyst on Twitter Mayne explained that he looks at a $175 price range for Etheruem in the near-term and $8,150 for Bitcoin.
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Binance Coin News

Crypto Markets Trade Sideways After TON Rejection By The SEC

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The latest crypto news show that the markets are in an unstable position following the Telegram Open Network (TON) and its rejection by the US Securities and Exchange Commission (SEC). The crypto markets trade sideways and seem to be held by a negative pressure that is constant over the past couple of days.At press time, even 8 out of the 20 cryptocurrencies are seeing gains. The Binance Coin news indicate that BNB is surging by nearly 2.8% and Chainlink (LINK) is seeing the biggest losses in the top 20 - dropping by more than 6.1%. As the crypto markets trade sideways, Bitcoin is also taking a hit. Even though BTC is stable in its safe zone around $8,300, the momentum is red and the cryptocurrency managed to lose some of its value.This is maybe the fourth day of literally no bigger action on the markets. After hitting $8,800 on October 11, BTC has been hovering around the $8,300 threshold for some time now. At press time, the Bitcoin price news show that the leading cryptocurrency is down by around 0.4% on the day. On a seven day period, Bitcoin is still up by around 2.8% which is a good sign for its market share rate which has also been relatively stable.The fact that the crypto markets trade sideways has many Bitcoin bulls predicting that the upcoming Bitcoin block reward halving in May 2020 will be the most crucial event for the cryptocurrency - possibly leading to all-tie highs and breaking prices. According to the CEO at the Chinese mining giant Bitmain, the BTC halving may not lead to a bull market.On October 8, we saw the American asset manager VanEck publishing its research and providing a number of reasons why Bitcoin improves its investment portfolio upside, emphasizing the coin's unique monetary value, scarcity and independence from the traditional markets.The ETH news feature Ethereum and its possibility to soon drop to new levels and that the pressure on the cryptocurrency is big. As a leading altcoin, ETH is down by 1.6% on the day and is trading at $182. The developments in the company recently introduced by its co-founder, Vitalik Buterin, are the only proof that the cryptocurrency could soon recover and reach new yearly highs.
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Ethereum News

Analysts Expect Ethereum’s Price To Drop Towards $170

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Analysts expect that Ethereum’s price will drop towards the $170 price level despite the recently incurred upwards momentum which happened after Bitcoin and the rest of the crypto market felt a slight resistance overnight. The new price trends sparked a short-term downtrend as we are about to see in the Ethereum news today.A lot of the analysts expect Ethereum's price may soon target even lower lows which could mean that the recent uptrend was only a flash in the pan that precedes the next major path down for ETH and other major altcoins. Ethereum is trading down by about 2 percent at its current price of $186 which marks a notable drop from the previous high of more than $195 that was set during a massive upwards movement that happened overnight. It appears that the mid-to-upper $190 region is a strong resistance level for ETH and the overnight drop happened right when Bitcoin surged to highs of more than $9,000 before starting a massive influx of selling pressure that sent it shooting lower.In the near-term, Ethereum has found support around the current price although the key long-term support level remains around $160 while looking at the monthly charts since it is where it has found a lot of buying pressure that has been proceeded by the uptrends. The popular crypto analyst on Twitter Mayne explained that he looks at a $175 price range for Etheruem in the near-term and $8,150 for Bitcoin:
 “Retest of $175 $ETH and $8150 $BTC IMO.’’
Another crypto analyst- The Cryptomist, also explained on Twitter that the $183 is a key-near short term support level that most of the bulls will defend and there is a drop below this level potentially sparking a lot of capitulation that quickly sends it to $174:
 “$ETH It is important for the price to sustain a successful re-test of this ascending triangle breakout at the price of $183. Should it fail to do so $174 may very well be next.’’
As per the latest crypto news, the next few days will likely be very indicative when it comes to how most of the altcoins like Ethereum will continue their trends and seemingly will take guidance from Bitcoin.
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