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Chainlink Price Analysis: LINK Marches Towards $3 And Recovers Against Bitcoin

  • LINK surged by a total of 10% over the past 2-days as it reaches $2.80.
  • It has now reached resistance at the 100-days EMA as it sets its sights to head above $3.00.
  • Against Bitcoin, LINK has also surged as it climbs from 0.00033 BTC to reach 0.00038 BTC.

Key Support & Resistance Levels

LINK/USD:
Support: $2.75, $2.60, $2.40.
Resistance: $2.80, $3.00, $3.17.
LINK/BTC:
Support: 0.00036 BTC, 0.000345 BTC, 0.00033 BTC.
Resistance: 0.000385 BTC, 0.0004 BTC, 0.00042 BTC

LINK/USD: Chainlink surges Into 100-days EMA Resistance

LINK ended March by rebounding at the $2.20 support level as it started to climb higher. Over the past 2-days, it managed to rise above the 200-days EMA and break resistance at $2.74 (bearish .382 Fib Retracement) to reach the current resistance at $2.80 – provided by the 100-days EMA.

Once the 100-days EMA is cleared, the cryptocurrency could be able to head further higher above $3.00 and regain more of the March 2020 losses.

linkusd-apr8
LINK/USD. Source: TradingView

LINK-USD Short Term Price Prediction

Above $2.80, the first level of resistance lies at $3.00 (1.272 Fib Extension). Following this, resistance lies at $3.17 (bearish .5 Fib Retracement), $3.33 (1.618 Fib Extension), and $3.60 (bearish .618 Fib Retracement).

Toward the downside, support lies at $2.75, $2.60 (200-days EMA), and $2.40.

The RSI has risen above the 50 level as the buyers dominate market momentum. If it can continue to remain at these heights, LINK will certainly be able to breach $3.00.

LINK/BTC: ChainLink On The Road To Recovery

Against Bitcoin, LINK managed to rebound from support at 0.00033 BTC to reach as high as 0.000385 BTC today. It ran into resistance provided by a bearish .236 Fib Retracement and is currently involved in a battle to break above here.

If LINK can continue above 0.00042 BTC, it will turn bullish against Bitcoin and be well on the road to recovering from the March 2020 price collapse.

linkbtc-apr8
LINK/BTC. Source: TradingView

LINK-BTC Short Term Price Prediction

The first level of resistance above 0.000385 BTC is located at 0.0004 BTC. Above this, resistance lies at 0.00042 BTC (bearish .382 Fib Retracement), 0.000448 BTC (bearish .5 Fib Retracement), and 0.00046 BTC.

Toward the downside, support lies at 0.00036 BTC (100-days EMA), 0.000345 BTC, and 0.00033 BTC.

The RSI has also climbed above 50 here to show the buyers taking control of the market momentum. It has room to continue much higher, which suggests the LINK price hike has only just begun.

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Source: Crypto Potato

Twitter CEO Jack Dorsey Allocates $1 Billion Of His Square Equities To Launch COVID-19 Helping Fund

Twitter CEO and Square founder, Jack Dorsey, is joining the list of entrepreneurs donating money and supplies to fight the COVID-19 pandemic. The well-known Bitcoin proponent has transferred $1 billion worth of his Square shares into an entity called Start Small LLC. The amount represents 28% of his net worth.

Jack Dorsey’s COVID-19 Fund

As the fight against the novel coronavirus continues, large entities and even individuals are donating significant amounts for equipment, masks, ventilators, and more. Jack Dorsey, Twitter CEO and founder of Square, recently announced his contribution on the matter.

Dorsey has established a transparently operating fund called Start Small LLC. He has transferred $1 billion worth of his Square shares, which represents roughly 28% of his wealth.

According to the file Dorsey shared, the first donation of $100,000 has been submitted to America’s Food Fund. Launched by popular Hollywood actor Leonardo DiCaprio, its mission is to raise $15 million for meals for people impacted by the COVID-19. It managed to raise over $12 million in just a day.

Dorsey, who still keeps the Bitcoin emoji on his personal Twitter page, explained that the Start Small LLC would play a role even after the COVID-19 crisis ends. It will focus on the health and education of girls worldwide.

Current COVID-19 Data

Just a few months after the first infected person in China, the novel virus has spread to almost all corners of the world. The total number of confirmed cases is rapidly closing down to 1.5 million. The total death toll at the time of this writing is above 82,000.

The United States is currently the most affected country in terms of case numbers. Over 400,000 people have tested positive. So far, though, the number of casualties is relatively low – less than 13,000. Nations like Spain and Italy, while having significantly less confirmed cases, have reported more deaths.

The silver lining at the moment is the number of successfully recovered patients worldwide – over 300,000.

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Why Global Markets Are Rallying When It Seems Like They Should Be Crashing Due To COVID-19?

There’s something curious unfolding in global markets this month. While COVID-19 rages across the planet and the economy has ground to a halt, equities have actually been rallying. Global stock prices have been on their way up for two weeks now. It appears like Wall Street’s doing great. The Dow Jones Industrial Average has increased by 21.8% since Mar 23.

So have investors lost their minds? On the face of it– this seems absolutely crazy. How could stocks be rallying when 10 million people in the U.S. have lost their jobs in just two weeks? On Mar 23, the day the rally started, Morgan Stanley forecast a 30% decline in U.S. GDP for the second quarter of this year. We’re looking at economic damage of Great Depression proportions here.

An Unseemly Rally

To really give an idea of just how strange this stock market rally is, consider this: the top 100 stocks by market capitalization in the London Stock Exchange rallied 2.19% Monday– while the British Prime Minister Boris Johnson laid in a hospital intensive care unit (ICU) with COVID-19. This doesn’t seem like mere optimism. It doesn’t even seem like the characteristically reckless euphoria of an equities bull run in its final throes. This just seems plain unhinged.

But the stock market rally does actually make sense, counterintuitive though it may be. There are a couple of reasons for it. The main one is that big bounces like this always happen during bear markets. Or as a columnist for the “Real Money” vertical on The Street wrote as the stock market rally began, “What you’re witnessing is classic bear market action.” It’s textbook.

sp500_8apr-min
Rally? There is still a long way until the ATH of mid-February. S&P500. Chart by TradingView

Besides, the markets’ main role is to forecast the future. The current situation, of thousands of casualties every day, along with a lockdown until the end of April (according to President Donald Trump), is already priced in. As a reminder, this impressive price rally came after the quickest 30% drop in Wall Street’s history.

As long as there is no new information, the COVID-19 financial crisis will evaporate, and the economy will recover. However, there is more unknown than known these days. Scenarios like the bankruptcy of leading corporates, like the famous Lehman Brothers’ collapse back in 2018, might change the balance.

Another cause might come from an extension to the lockdown, which will have a direct effect on the consumption and the earning reports of Q2 and maybe Q3 of 2020.

Bear Markets 101

During bear markets, prices swing wildly up and back down again. The joke on Wall Street is, “Even a dead cat will bounce if you drop it from high enough.” As markets crash, there’s a demand for equities at a value that drives these bounces. But it’s not enough to keep the capitulation from continuing until the market correction is over. In the case of this bear market, it looks far from over.

From peak to bottom, the last bear market for U.S. stocks lasted 17 months. That was from Oct 2007 until Mar 2009. The wave of mortgage defaults in the subprime lending market, along with a couple of major corporate implosions in the finance industry were bad. But they weren’t nearly as devastating as the COVID-19 pandemic, and the radical measures taken by many world governments to contain it. And today’s debt bubble is far worse than the one that burst in 2008.

Stimulus Will Boost Bitcoin

The other factor fueling this rally is the massive stimulus efforts undertaken by central banks and world governments. The U.S. has committed $6 trillion in monetary and fiscal stimulus for emergency relief. That has no doubt buoyed markets over the past several days. But even extraordinary stimulus measures to fight the 2008 financial crisis didn’t stop that one from dragging out for 17 months. Will the current bounce last after the sugar rush wears off? Only time will tell.

But if it does, it might have a positive effect and drive up the price of cryptocurrencies like Bitcoin.

* Disclaimer: This article is the opinion of the author, and does not represent professional financial or investing advice.

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Source: Crypto Potato

It’s Bitcoin’s Time To Shine Amid Coronaviurs Outbreak, Tim Draper Says

The countermeasures attempted by world governments to fight the COVID-19 pandemic will have disastrous consequences on the economy, said Tim Draper. The prominent VC investor outlined that amid this, Bitcoin will flourish as people will utilize its decentralized nature.

Simply Printing Money Doesn’t Work

The sudden outbreak of the coronavirus pushed world leaders to take drastic measures to fights the spread. Entire countries initiated full lockdowns, businesses closed down, the economies dwindled, and governments had to respond. Some announced stimulus packages to support their economies, and the U.S. topped them all with a historic injection totaling at $6.2 trillion.

Many world-renowned experts criticized this particular measure. American venture capital investor, Tim Draper, also joined the “you can’t just print so much money at once” initiative. In a recent interview, the Draper Associates founder bashed his own government:

“The governments are printing super amounts of money, and they are saying, “we’re here – trillion dollars.” The government can’t put a trillion dollars out in the economy unless they just do a tax holiday. They have to do it through the SPA and through different organizations. It creates all sorts of friction to getting the money. It will be years before that money permeates the economy.”

Bitcoin’s Opportunity

As such, Draper believes that the value of the dollar will eventually decrease. As a long-time Bitcoin supporter, he noted that this could be its moment:

“This is going to be a really interesting time. People will say, “wait, why don’t I use Bitcoin? I know there are only 21m of them, and we don’t have to worry if the governments are diluting their currencies by printing tons of them. We can; instead, all use a currency that we all agree on, and it’s all a part of the economy. It’s already frictionless, open, transparent, and global. So why bother with the other ones?”

According to Draper, once the COVID-19 crisis is over, people will analyze the actions of their respective governments. And if they decide those measures were “too draconian” and leaders had too much power, this could turn them to Bitcoin even more because of its decentralized nature.

He also added that smart contracts would have a significant role in the post-coronavirus world. People would want more transparency, control, and knowledge about what is happening.

A Blessing In Disguise

The number of jobless citizens is skyrocketing during the nation-wide lockdowns. Draper believes, however, that desperation will exhort people to take “lives into their own hands.”

Instead of listening to governments and media, they might decide to act, educate themselves, or even become entrepreneurs. And if they manage to view the current situation as an opportunity, the world might emerge a better place than it was before it all started:

“This tends to be a very good time for innovation. The world is going through a rethinking. This is the kind of time where all of these things that seemed possible but maybe unlikely, are now on the table. People are starting to say: “wait, how do we use Bitcoin? How do we use smart contracts? How do we use artificial intelligence?”

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Source: Crypto Potato

Tesla Tested A Blockchain-Based Cargo Release Application

A collaboration including CargoSmart Limited, Cosco Shipping Lines (COSCO), Shanghai International Port Group (SIPG), and Tesla has tested a blockchain-based cargo release application. The app managed to significantly shorten the discharging time needed and made it easier for Tesla’s logistics teams to control the offloading process.

Tesla To Employ A Blockchain-Based App

In a press release from earlier today, CargoSmart Limited announced the pilot project. It comes as a result of a partnership with COSCO, SIPG, and the popular American electric vehicle and clean energy company – Tesla.

The initial testing took place in December 2019. It was amongst the first projects with an ocean carrier conducting a real-time exchange of shipment data with a terminal operator through blockchain. It showcased the merits coming from transparent documentation and also the efficiency gains for industry participants.

Additionally, the pilot project minimizes consignee and shipment agent verification steps with their ocean carriers. Thus, it speeds up the release of sea waybills. Ultimately, this means that truckers can pick up the cargo at the corresponding terminal faster, which also expedites the deliveries.

During the pilot, Tesla noted seriously accelerated cargo pick up procedures.

SIPG Executive DGM of Operation and Business Department, Henry Huang, commented on the project:

“The pilot is a key component of our journey towards paperless, trusted, and seamless trade processes at the Port of Shanghai, and it demonstrates the benefits for supply chain stakeholders around the world. We look forward to extending the collaboration with more supply chain stakeholders to render extraordinary service to our community.”

Once the application is live, it will be developed for participants of the Global Shipping Business Network (GSBN) blockchain consortium.

More Blockchain-based Apps To Come

According to Wu Yu, General Manager of Business Process and System Division of COSCO, the pilot satisfied all parties, and they can expect even further blockchain utilization:

“The pilot with SIPG and CargoSmart showcased significant efficiency gains not only in the cargo release process but also for downstream supply chain planning by presenting a single source of truth for documentation for all involved parties. We look forward to more blockchain-based applications that can create value for customers and the industry alike.”

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Source: Crypto Potato

Bottom Found? Wall Street And Cryptocurrencies Are Soaring In Green

Markets across the board are marking tremendous increases since the beginning of the week. The largest indexes are charting notable gains despite the continuously spreading coronavirus as well as other concerns such as the escalating number of job loss claims in the US.

The cryptocurrency market follows as absolutely every coin in the top 20 is trading in the green today. Some are even up double-digits.

Wall Street Rejoice

This week has been very impressive for Wall Street, to say the least. At the time of this writing, it appears that every sector is recovering as the market sees a sea of green.

Stock_market_overview
Stock Market Overview. Source: finviz.com

The major indices are, of course, up in yesterday’s trading session. The S&P 500 is about 7%, the Dow Jones Industrial Average gained 1,627 points yesterday and is up 7.73%.

The FTSE 100 is currently up 2.93% in today’s trading session, having opened well beyond yesterday’s close.

The futures are also looking promising, hinting at yet another positive daily open. The S&P 500 futures are up well over 3% on the day, while the DJI futures are up another 815 points or 3.6%.

Cryptocurrency Market Follows

Wall Street traders won’t be lonely in their short-term celebrations as the cryptocurrency market is also up a ton. It gained more than $9 billion collectively in the past 24 hours alone, once again breaking above the $200 billion mark.

crypto overview
Cryptocurrency Market Overview. Source: Coin360.com

Bitcoin continues to make strides as it’s currently trading around $7370. Among the most significant gainers in today’s trading session include Ethereum (16.6%), Chainlink (18%), and Tezos (18%).

A Well-Defined Correlation

As Cryptopotato recently reported, the coronavirus-induced financial crisis brought up an interesting correlation between gold and Bitcoin. Evidently, the two assets have been increasingly correlated throughout the short-term while keeping a rather low correlation over more extended periods of time.

Comparing their price with that of the S&P 500, however, reveals an even more exciting find.

bitcoin_gold_sp500
Bitcoin (Orange); Gold (Yellow); S&P 500 (Blue). Source: TradingView

As seen in the above chart, the prices of gold, Bitcoin, and the S&P 500 index are highly correlated since the beginning of the month.

 

With this said, it remains interesting to see whether or not Bitcoin will keep its correlation with legacy markets, or it would decouple.

Bottom Found?

As the markets continue to increase, one of the more frequently asked questions is whether or not they’ve bottomed.

When it comes to the legacy markets, determining whether or not the bottom is in at the time of this writing is perhaps somewhat impossible. Macroeconomic factors such as the lockdown of many countries because of the spreading COVID-19 coronavirus, the rapidly increasing number of job loss claims, the stimulus packages that countries approve to bail out corporations, amid many others, come into play here. Currently, it appears that the emergency economic measures are playing their part, keeping companies afloat, but the question remains for how long this would continue.

On the other hand, the cryptocurrency market has increased substantially since the catastrophic decline on March 12th-13th. Some assets have even doubled-up in value. This, combined with the fact that one of the historically bullish events, the Bitcoin halving, is right around the corner, cause many experts in the field to lean towards the idea that the bottom is, indeed, in.

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Source: Crypto Potato

Tezos Price Analysis: XTZ Breaks Past $2 Following 18% Daily Price Surge

  • Tezos’s price reached the critical level of $2 after breaking above the $1.8 resistance.
  • Against Bitcoin, XTZ bounced back after establishing support around 25000 SAT.
  • The 10th largest cryptocurrency surged with over 16% gains across the trading pairs

XTZ/USD: Tezos Overcomes Crucial Resistance

Key Resistance Levels:  $2.5, $3.2, $4

Key Support Levels: $1.46, $1.25, $0.845

xtzusd_chart
XTZ/USD. Source: TradingView

The latest buying spree brought a serious increase in Tezos’s price for the past few days. The positive move was led by a long monthly opening around $1.46.

With 15% gains under 24-hours, Tezos is now changing hands at $2.05. XTZ is now looking for more gains following yesterday’s surge above the crucial resistance of $1.8 – the orange area.

As long as the buying force increases by the day, the price of Tezos is expected to remain in an upward spiral. Nonetheless, the steady growth over the last seven days shows that short-term bulls are back in the market.

Tezos Price Analysis

After breaching a crucial resistance, Tezos is now looking for more gains. The next potential resistance to keep in mind is $2.5 and $3.2 resistance, where the crash in March started from. Above this resistance lies $4 (the yearly high).

On the downside, XTZ is currently relying on $1.76 support – yesterday’s low. In case of a pullback, Tezos should find a rebound at previous resistance of $1.8, supported by the yellow ascending line.

The next support is located at $1.25 – the first blue line, followed by the second at $0.845. Looking at the latest bullish engulfing pattern, a trend reversal is most likely at play on the intraday trading.

XTZ/BTC: Tezos Rebounds After Long Bearish Exhaustion

Key Support Levels: 30000 SAT, 35000 SAT, 40000 SAT

Key Resistance Levels: 25000 SAT, 20000 SAT, 15000 SAT

xtzbtc_chart
XTZ/BTC. Source: TradingView

After prolonged exhaustion around 25000 SAT, yesterday, Tezos showed strength and bounced higher to where it’s currently trading around 27510 SAT. It appeared that Tezos is starting to show a bullish sign.

The current increase in its price was followed by a quick gain of 10% since the weekly opening. As long as volatility continues to expand to the upside, Tezos could gain more in the next coming days.

However, the 25000 SAT support (the orange spot) needs to keep holding well to strengthen the future bullish actions. Even if this support fails, there’s still hope for a reversal on the red ascending trend line, which is acting as dynamic support for months.

Tezos Price Analysis

If Tezos pushes higher and reclaims the 30000 SAT level, buying pressure is likely to reach 35000 SAT (around March’s high) and 40000 SAT resistance (February high) in the next few weeks. A new yearly high should be anticipated once these levels break.

In the opposite scenario, a drop below the current support (25000 SAT) may lead to a massive dip if the red ascending line fails to provide a rebound. In this case, the potential support to consider is 20000 SAT and 15000 SAT levels.

As it stands now, the price setups look much of a reversal. It’s essential to pay attention to the bullish signs because the XTZ bears appear exhausted at the moment!

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Large Bitcoin Mining Facility Lays Off Staff Because Of Coronavirus Pandemic

Bitfarms, a blockchain infrastructure company running one of the largest North America-based mining operations, is cutting staff members. The firm cited the ongoing economic and social turmoil caused by the COVID-19 pandemic.

Coronavirus Hits Bitcoin Mining Firm In North America

The unexpected outbreak of the COVID-19 harmed people’s health, financial markets, economies, and businesses. Numerous companies had to take radical measures to endure, and the cryptocurrency field is not exempt.

Based in Toronto, Canada, Bitfarms is amongst those businesses. It’s a cryptocurrency mining firm operating in North America. According to a recent press release, however, it had to take “temporary steps to reduce staffing in line with government guidance.”

It also had to enforce other permanent procedures to ensure its survival during this time of uncertainty. Company’s Chief Financial Officer, John Rim explained:

“Once fully implemented over the next several weeks, we expect the cost-saving measures to reduce our monthly general and administrative expenses by approximately 20 to 25%.

Seeking cost efficiencies is consistent with our business model and thesis that efficient miners like Bitfarms will be best positioned to be able to withstand short-term volatility in mining economics and remain profitable through the long-term, including potential challenges relating to the upcoming Bitcoin Halving.”

Bitfarms is certainly not the only cryptocurrency-related business to feel the adverse effects of the novel virus. As Cryptopotato reported recently, the Israeli-based blockchain video content media, BlockTV, curtailed its workforce by almost 80%.

Mid-March Panic Sell-Off And The Consequences

The press release stated that the Canadian mining company managed to sustain an average daily hash rate of 630 petahash per second (PH) from March 12th to March 19th. During those dates, Bitcoin’s price plunged by 50% to below $4,000 at one point and was slowly recovering. After March 20th, BTC stood mostly above $6,000, and Bitfarms maintained an average hash rate of 750 PH.

Amid the price slumps, miners had to switch off equipment to cut down the costs. To make it easier for them to complete the work and receive their rewards, Bitcoin went through one of the most significant difficulty adjustments in its history later that month.

Bitfarms interim CEO and CSO, Emiliano Grodzki also commented on the network difficulty:

“Cryptocurrency mining is essential to the Bitcoin blockchain, and given the self-incentivized model upon which Bitcoin mining works, we firmly believe that the combination of network difficulty and Bitcoin price will continue to adjust to ensure profitability for mining for the largest and most efficient miners.”

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Bitfinex Launches Cryptocurrency Staking With Up To 10% Annual Returns

Staking is a way for cryptocurrency users to generate passive income as they earn interest on their investments. And now, to meet the demands of its customers, popular exchange Bitfinex has launched a staking rewards program, according to a Tuesday announcement. 

EOS, ATOM, VSYS Staking On Bitfinex

The new staking services will allow Bitfinex’s users to earn interest of up to 10% per annum for depositing and holding their digital assets on the exchange. 

For the time being, however, the staking program only features EOS, Cosmos (ATOM), and v.systems (VSYS). The exchange plans to add support for Tezos (XTZ) sometime in May.

Speaking about the development, Paolo Ardoino, Bitfinex’s Chief Technology Officer, said the exchange is committed to engaging their existing customers and the broader crypto community with innovative products and features. 

“The Bitfinex Staking Rewards Program provides our users with another avenue to increase their holdings on our platform,” he added.  

Staked tokens will remain under the control of the exchange and will be secured like other cryptocurrencies on the platform. The company assures users that funds will be safely stored on the platform through the use of its secure in-house custody solution, so customers do not need to worry. 

To celebrate the launch, the exchange is hosting a competition that allows participants to win a branded Bitfinex t-shirt. 

Crypto Staking Becoming Popular

Bitfinex is not the first cryptocurrency exchange to launch a staking rewards program. The likes of Kraken, Coinbase, and leading exchange Binance, have launched similar staking services offering users between 5 and 7% returns per annum. 

While crypto staking seems attractive, it also comes with some risks. It is generally not advisable for users to store large amounts of cryptocurrencies on exchanges unless they are trading with the funds. An exchange is only secured until it is hacked.

Hackers are the nightmares of cryptocurrency exchanges. These nefarious players are always targetting exchanges, and one can never tell which trading platform will be the next victim. They have been several reports of exchanges like Mt Gox and Cryptopia that went bankrupt after suffering severe security breaches, which led to the loss of users’ funds. 

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Ethereum Price Analysis: ETH Soars 13%, Completes 100% ROI Since March Bottom. $200 Soon?

  • Ethereum surged by a total of 13.6% over the last 24 hours as it reaches $175.
  • ETH rocketed higher after breaking the $146 resistance yesterday, allowing it to break resistance at $165 and $170.
  • Against Bitcoin, Ethereum also surged significantly as it climbed from 0.021 BTC to 0.0235 BTC.

Key Support & Resistance Levels

ETH/USD:
Support: $167, $165, $150.
Resistance: $175, $180, $187.
ETH/BTC:
Support: 0.023 BTC, 0.022 BTC, 0.0215 BTC.
Resistance: 0.024 BTC, 0.0247 BTC, 0.025 BTC.

ETH/USD: Ethereum Climbs Above 100-days EMA

After breaking the upper boundary of the previous consolidation pattern, ETH found resistance at $146 for a few days. It broke this resistance yesterday as the cryptocurrency increased dramatically.

During the increase, ETH got through the resistance at $152, $165 (bearish .382 Fib Retracement), and $170 (100-days EMA) to reach the current resistance at $175, provided by a short term 1.414 Fib Extension level.

ethusd-apr7
ETH/USD. Source: TradingView

ETH/USD Short Term Price Prediction

If ETH continues beyond $175, the first level of resistance lies at $180 (200-days EMA). Above this, resistance is found at $188 (bearish .5 Fib Retracement), $194, and $200. Beyond $200, higher resistance is expected at $205 and $211 (bearish .618 Fib Retracement).

On the other side, the first level of support lies at $168. Beneath this, support is at $165, $152, and $146.

The RSI has reached overbought conditions as the buyers dominate the market momentum. It still has room to move higher, which should allow ETH to reach $188 at the very least before falling.

ETH/BTC: Ethereum Heads Toward 0.024 BTC.

Against Bitcoin, Ethereum also increased by a significant amount as it broke past 0.021 BTC to climb to the current trading level of 0.0235 BTC. It went through resistance at the 200-days EMA to reach this level.

This increase in ETH/BTC is the main reason as to why Ethereum has been outpacing Bitcoin over the last few days.

ethbtc-apr7
ETH/BTC. Source: TradingView

ETH/BTC Short Term Price Prediction

The first level of resistance is located at 0.024 BTC. Above this, resistance lies at 0.0247 (bearish .618 Fib Retracement), 0.025 BTC, and 0.026 BTC.

Toward the downside, support lies at 0.023 BTC. This is followed by support at 0.022 (100-days and 200-days EMAs), 0.0215 BTC, and 0.021 BTC.

The RSI has also climbed into overbought conditions, reaching the highest level since February 2020. It still has room to move higher to suggest ETH can still climb.

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Source: Crypto Potato