ETH Price Analysis: Ethereum Struggles At $600, Is Correction Inbound?

ETH/USD – Ethereum Pulls Back From $620 Resistance

Key Support Levels: $580, $560, $550.
Key Resistance Levels: $600, $620, $650.

Ethereum cooled off from the 33% price hike it witnessed over the past week, which allowed the coin to break $600 and surge as high as $620. There, it ran into resistance at a 1.414 Fib Extension and was unable to penetrate above it.

ETH has since dropped slightly to trade near the $600 level. The buyers are attempting to defend $600. However, a pullback looks likely.

ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the sellers continue beneath $597, the first level of support lies at $580. Beneath this, additional support is located at $560 (.236 Fib), $550, and $524 (.382 Fib). This is followed by resistance at $500.

On the other side, if the bulls climb back above $600, the first level of resistance lies at $620. Above this, resistance is expected at $650, $665, and $675 (bearish .786 Fib Retracement).

The RSI is starting to head lower from extremely overbought conditions, suggesting that the buying momentum is starting to fade slightly. Additionally, the Stochastic RSI has produced a bearish crossover signal.

ETH/BTC – Bulls Reverse From 0.033 BTC.

Key Support Levels: 0.0305 BTC, 0.03 BTC, 0.0294 BTC.
Key Resistance Levels: 0.032 BTC, 0.033 BTC, 0.0337 BTC.

Against Bitcoin, Ethereum also pushed higher this week to meet the resistance at 0.033 BTC (1.618 Fib Extension). Yesterday, the coin spiked higher to hit 0.0337 BTC (March 2019 Support), but the sellers quickly pushed it lower to close the daily candle at 0.033 BTC.

It has since rolled over and headed lower. Today, ETH fell beneath the support at 0.0315 BTC (.236 Fib) and is now trading at 0.031 BTC.

ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, if the sellers continue to head lower, the first level of support lies at 0.0305 BTC (.382 Fib & 100-days EMA). Beneath this, support is located at 0.03 BTC, 0.0294 BTC (200-days EMA), and 0.0289 BTC (.618 Fib).

On the other side, the first level of resistance lies at 0.032 BTC. Above this, resistance is expected at 0.033 BTC (1.618 Fib Extension), 0.0337 BTC (March 2019 support), and 0.035 BTC.

Likewise, the RSI has pulled back from overbought conditions as the bulls start to lose their momentum, and the Stochastic RSI produced a bearish crossover signal.

Source: Crypto Potato

CNBC’s Mad Money Host Jim Cramer Sees Bitcoin As a Great Alternative To Gold

The narrative asserting that Bitcoin operates as a hedge and is an excellent alternative to gold has also been embraced by the host of CNBC’s Mad Money. In a recent tweet, Jim Cramer also provided his Bitcoin price prediction as he sees the asset topping $20,000 by the end of 2020.

Cramer On BTC And Gold

The 65-year old Cramer is a former hedge fund manager and the current host of one of the most popular financial TV productions – CNBC’s Mad Money. Being on the air for over 15 years discussing various financial topics, Cramer has become an influential industry figure.

His relationship with Bitcoin has been rather inconsistent in the past. He went from predicting a $1 million price tag to calling BTC an “outlaw currency.” However, his 2020 views on the asset have been significantly more bullish.

During a recent appearance on Anthony Pompliano’s podcast, Cramer said that the events that transpired this year had convinced him entirely on BTC’s merits. More specifically, he breached the contrast between the US Federal Reserve’s excessive money printing with Bitcoin’s maximum supply of 21 million coins ever to exist.

Yesterday, he commented on the recent price developments that took BTC to above $19,000. Despite the massive price increase, Cramer believes that “it is not too late for Bitcoin.”

Cramer, who has previously described himself as a gold-bug, also asserted that BTC is a “great alternative” to the precious metal. Interestingly, he noted that he has always believed in this narrative.

End Of 2020 Price Prediction

Cramer also engaged in another Twitter conversation with Pompliano. This time, the primary topic was the prices. Morgan Creek Digital’s co-founder and partner brought out the one-year performance of gold, bitcoin, and the popular Wall Street index – the S&P 500.

In the past twelve months, the S&P has increased by 14%, while the precious metal has added 23% of value. However, BTC has trumped both with an impressive surge of 169%.

The Mad Money host noted that Bitcoin’s bull run hasn’t ended. In fact, he predicted that the cryptocurrency will reach the coveted all-time high charted in late December 2017 of $20,000 by the end of 2020.

With BTC coming less than 3% away from that level, Cramer’s forecast might be one of the most modest in recent history.

Featured Image Courtesy of CNBC

Source: Crypto Potato

Ethereum Price Retreats to $600

  • Ethereum has witnessed some intense selling pressure following its latest push higher, with bulls trying to defend $600 as bears aim at pushing it below this level
  • The selling pressure here has proven to be quite intense throughout the past few days, but bulls have been able to absorb all of it and continue pushing it higher
  • Where the rest of the market trends in the near-term will depend largely on the $600 level and ETH’s continued reaction here
  • The overnight rejection at highs of $620 came about shortly after the ETH2.0 staking contract reached the threshold required for the network upgrade to be rolled out
  • Bulls don’t seem too excited about this in the near-term

Ethereum and the aggregated crypto market have been pushing higher as of late, with bears being unable to gain any serious ground as bulls continue taking full control of the market’s trend.

Bitcoin is now trading firmly over $19,000 and is just a stone’s throw away from reaching its all-time highs.

This comes as Ethereum also shows signs of strength. In addition to holding above $600, the cryptocurrency may see some tailwinds resulting from the imminent rollout of Ethereum 2.0.

It will likely be a somewhat drawn-out process for the network to transition fully, but it is widely seen as a bullish catalyst.

Ethereum Shows Signs of Strength Despite Overnight Rejection 

At the time of writing, Ethereum is trading down just over 1% at its current price of $603. This is around the price at which it has been trading throughout the past day.

The break above this level was technically significant, and the fact that bulls have been able to absorb all the dips below this level is a positive sign.

So long as it holds above this level, it may soon see significantly further momentum.

ETH 2.0 Transition is Now Imminent; Bullish for ETH

Yesterday, the ETH2.0 staking deployment contract reached the minimum deposit threshold required to transition to 2.0.

As one data aggregator noted:

“Ethereum meets the minimum required deposit of 524,288 $ETH. The ETH 2.0 Beacon Chain will launch as planned on Dec 1st at 12PM UTC: – Phase 0 Success Rate: 111% – Phase 0 Unique Validators: 18,333 – Total Value Staked: 586,656 ETH – Unique Depositors: 1733.”

The coming few days should provide insight into just how bullish the ETH 2.0 narrative will be.

Source: Bitcoininst

XRP Price Analysis: Ripple Surges Another 25% Daily But Are Bulls Overextended?

XRP/USD – XRP Rampage Continues As Bulls Target $1

Key Support Levels: $0.65, $0.6, $0.55
Key Resistance Levels: $0.718, $0.75, $0.8, $0.85, $0.89.

The unprecedented XRP rampage continued today with another 25.8% price surge allowing XRP to hit $0.69 at the time of writing. The cryptocurrency had actually pushed as high as $0.84 during today’s trading session but has since dropped lower.

This price explosion took everybody by surprise this week when XRP started to climb above $0.3. From there, the bullish pressure only increased as XRP stormed past $0.4, $0.5, and $0.55 (2019 Highs) yesterday.

The volume for XRP is also continuously increasing this week as traders hop on the bandwagon to take advantage of the meteoric ascent.

XRP/USD Daily Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, the first level of resistance lies at $0.718 (bearish .886 Fib Retracement). Above this, resistance lies at $0.75, $0.771, and $0.8. Beyond $0.8, additional resistance is expected at $0.85, $0.89 (1.272 Fib Extension), $0.925, and $0.95. This is followed by resistance at $1.00.

On the other side, the first level of support lies at $0.65. Beneath this, support is found at $0.6, $0.55 (2019 Highs), and $0.5.

XRP/BTC – Bulls Temporarily Stall At 3800 SAT

Key Support Levels: 3200 SAT, 3000 SAT, 2900 SAT.
Key Resistance Levels: 3800 SAT, 4000 SAT, 4300 SAT, 4500 SAT, 4800 SAT.

XRP also continued further higher against BTC today. The cryptocurrency managed to penetrate above 3000 SAT yesterday, and it continued higher today as it broke the previous 2020 highs at 3360 SAT to spike as high 4300 SAT.

The cryptocurrency found solid resistance at the October 2019 highs around 3800 SAT and was unable to close a 4HR candle above this level. It has since dropped lower to trade at 3460 SAT (at the time of writing).

XRP/BTC 4HR Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, if the buyers push higher, resistance first lies at the October 2019 Highs at 3800 SAT. Above this, resistance lies at 4000 sAT, 4300 SAT, 4500 SAT, and 4800 SAT. Additional resistance is found at 5000 SAT (bearish .382 Fib Retracement) and 5400 SAT.

On the other side, support lies at 3200 SAT (.382 Fib), 3000 SAT, and 2900 SAT (.5 Fib).

Source: Crypto Potato

Bitcoin Spikes $1K In Hours To New 2020 High

  • Bitcoin reminded everyone of itself, following a few days of relative stability where altcoins had the chance to catch up, which they did splendidly.
  • Today, however, the cryptocurrency saw massive volatility.
  • Within the same daily candle, BTC reached an intraday low of around $18,000 only to surge hours later and break $19,000.
  • Seconds ago, the primary cryptocurrency tapped $19K, reaching as high as $19,028 on Binance, before retracing to where it currently trades at around $18,900.
BTC/USD. Source: TradingView
  • This happens as altcoins were absolutely booming, causing bitcoin to lose a total of around 6% of its market dominance in the past few days alone.
  • As CryptoPotato reported earlier today, the most powerful performer of the past 24 hours remains Ripple’s XRP that managed to surge over 50% in less than 24 hours.
  • In any case, with Bitcoin closing in on $19,000, the all-time high value that the cryptocurrency reached in December 2017 is around 5% away.
  • With this new yearly high for 2020, it remains interesting to see when BTC will be able to beat its previous record.

Source: Crypto Potato

Ethereum Bulls Shatter Key Level

  • Ethereum has rocketed past $500, with its ongoing upswing coming about as investors begin pouring capital into altcoins while BTC pushes towards its all-time highs
  • This momentum is showing no signs of slowing down anytime soon
  • Whether or not bulls can close its price above this level during tonight’s daily close will provide some insight into its mid-term outlook
  • This surge has created a tailwind for altcoins, with many posting massive gains as the DeFi sector once again leads the charge higher
  • One trader is now targeting another 10% move higher to $550 in the near-term for ETH

Ethereum and the entire crypto market have been caught within the throes of an intense bout of upwards momentum throughout the past few days and weeks.

The selling pressure seen around $500 has been quite intense, with its momentum slowing the instant it crossed this level. That said, Bitcoin’s present strength is likely scaring away sellers, which may allow ETH to post a high time frame close above this level.

One trader is now noting that a strong foothold within this price region could help lead it up to $555 in the near-term.

Ethereum Shows Signs of Strength as Bulls Shatter $500 

At the time of writing, Ethereum is trading up just over 7% at its current price of $504. This marks a massive breakout from its recent lows of $440 set earlier this week when the entire market faced a strong selloff.

From this point on, it has been caught within an intense uptrend that has allowed it to see some immense momentum.

Where the aggregated market trends in the near-term will undoubtedly depend primarily on Bitcoin, and its present strength as it marches towards $19,000 is an incredibly positive sign for what’s next.

Trader Claims ETH is Poised to Explode Towards $555 Next 

While sharing his thoughts on Ethereum’s technical outlook, one trader explained that he is closely watching for a move towards $555 in the near-term.

This would mark a nearly 10% rise from its current price level, which is reasonable considering the strength seen across the entire market at the moment.

“Time to sacrifice my 1R to the gods… that is if it doesn’t just break resistance right here. Quick pullback would be a beauty,” he said.

The coming few days should provide significant insights into the aggregated market’s near-term trend. If ETH can maintain its strength and push higher, it could send the entire market into a full-fledged parabolic uptrend.

Source: Bitcoininst

Rapper Logic Has Purchased $6M Worth Of Bitcoin In October

The list of celebrities purchasing Bitcoin has officially grown by one more with a new representative from the hip hop world. The now-retired rapper going by the stage name Logic recently confirmed that he had purchased $6 million worth of BTC last month.

Logic Buys $6M In Bitcoin

Logic was born in 1990 under his real name – Sir Robert Bryson Hall II. He became a popular songwriter, record producer, streamer, and author. He also had a successful hip hop career with six studio albums and two Grammy nominations.

Somewhat unexpectedly, he announced his retirement from being an active rapper earlier this year. He justified his decision by being a dad and didn’t want his family to become targets of the same harassment he experienced in his career.

It seems that he hasn’t been wasting any time while in retirement, according to a video he shared on his Instagram profile. In it, Logic informed that he has “bought six million in Bitcoin last month.”

The former rapper implied that the purchase was not a big deal while saying “f**k it, YOLO (you only live once)” and “seriously.”

Hip Hop Artist Logic. Source: EW
Hip Hop Artist Logic. Source: EW

Although he hasn’t disclosed the precise date when he bought the bitcoins, it’s already clear that his BTC position is well in profit. The primary cryptocurrency’s lowest price tag in October was around $10,000, while its highest was a bit over $14,000. In other words, even if Logic had bought at October’s peak, Bitcoin has increased by at least $4,000 since then.

Is Bitcoin Becoming Fashionable Among Celebrities?

Logic’s announcement came just a few days after another celebrity bought “some” bitcoins. This time, it was Maisie Williams – the actress portraying the role of Arya Stark in the hit TV series Game of Thrones.

Williams actually asked her nearly 3 million followers on Twitter whether or not she should “go long on Bitcoin.” Although the majority responded with “no,” the 23-year old actress said a day later that she had gone through with it and bought BTC.

This raises the question of whether the cryptocurrency has suddenly become attractive to celebrities for some of its merits or publicity stunts? Nevertheless, being associated with reputable names such as the two above and prominent investors like Paul Tudor Jones III and Stan Druckenmiller should positively impact Bitcoin’s reputation.

Featured Image Courtesy of NME

Source: Crypto Potato

JPMorgan CEO Jamie Dimon Says Bitcoin Isn’t His Cup of Tea

Bitcoin Is Still Not Jamie Dimon’s Thing

Jamie Dimon, CEO of JPMorgan, is still not convinced of Bitcoin. He said in a recent speech/presentation at the New York Times’ Dealbook Online Summit that Bitcoin is still not his “cup of tea,” adding that he doesn’t want the media or anyone else to get up in a fuss over this.

In the video posted on Twitter, it isn’t exactly clear what prompted his comment on the cryptocurrency. Though, Andrew Ross Sorkin, who runs Dealbook, does cover Bitcoin and cryptocurrency on CNBC once in a while.

Dimon elaborated to Sorkin that what he is interested in is “structured AML and KYC,” presumably referencing how the cryptocurrency doesn’t have any of that natively built in.

The Wall Street CEO added that while he isn’t interested in Bitcoin, he is interested in blockchain as a way to enable better consumer experiences, such as cheaper transactions.

Another prominent skeptic of Bitcoin is Ray Dalio, a billionaire hedge fund manager. Dalio co-manages Bridgewater Associates, the world’s largest hedge fund. The investor is often seen on a similar level to Warren Buffett. Dalio recently stated on Bitcoin:

“They are that 1) Bitcoin is not very good as a medium of exchange because you can buy much with it (I presume that’s because it’s too volatile for most merchants to use, but correct me if I’m wrong)… it’s not very good as a store-hold of wealth because it’s volatility is great and has little correlation with the prices of what I need to buy so owning it doesn’t protect my buying power.”

Of note, Dimon has staffers working for him that are bullish on the leading cryptocurrency.

BTC Has Wall Street Supporters

While Dimon and Dalio may be skeptical of Bitcoin, the cryptocurrency is gaining traction on Wall Street.

Paul Tudor Jones, a billionaire investor, wrote in May on Bitcoin:

“One thing that piqued my interest from this list of assets, and that one day might be brought to prominence by the GMI, is Bitcoin. Truth in advertising, I am not a hard-money nor a crypto nut. I am not a millennial investing in cryptocurrency, which is very popular in that generation, but a baby boomer who wants to capture the opportunity set while protecting my capital in ever-changing environments. One way to do that is to make sure I am invested in the instruments that respond first to the massive increases in global money. And given that Bitcoin has positive returns over the most recent time frames, a deeper dive into it was warranted.”

Other billionaire investors are starting to buy the cryptocurrency as they see it as a hedge against the ongoing macroeconomic trends affecting investors.

Source: Bitcoininst

Bitcoin’s Local Top Nailed? Analysts Weigh in on Correction Possibilities

Since its epic move to an almost three-year high yesterday, Bitcoin has retreated by around 4% to current prices which are in the $17,600 zone. It does appear to be consolidating here though so another leg up could be imminent.

On the flip side, a correction of reasonable size would not be out of the question since previous bull markets experienced several 30% plus pullbacks.

Bitcoin Correction Scenarios

Analyst and charting guru Peter Brandt has been delving into the possibilities of a large pullback for Bitcoin which has made a monumental 30% since the beginning of November and reached its highest ever market cap.

BTC/USD Bitstamp, Nov19. Source: TradingView

He stated that there were nine significant corrections during the last bull market of 2015 to 2017 with the average being a 37% decline.

The last one in the current cycle was in early September when BTC plunged from just below $12k down to just over $10k in four days. The approximately 15% correction was less than half the average expected from previous cycles so what can we expect from a larger one?

A 37% pullback from current levels will send BTC prices back to around $11,200, but this is still 55% higher than Bitcoin was at the beginning of this year.

There is also the premise that pullbacks will not be as violent during this market cycle due to the fact that institutional funds such as Grayscale have been loading up on the asset which generally lowers volatility.

Analyst and brainchild of the stock-to-flow model ‘PlanB’ stated that this time around will be very different because;

“Big difference with 2017 is that most BTC sold today will never see the daylight again, they disappear into deep cold storage. Buyers today are professionals with long term vision and staying power.”

With economic woes worsening, and central banks debasing fiat currencies, the tendency to hold on to an asset that is deflationary is a strong one, especially for institutions with long term targets, and professional investors who are still loading up.

Where to in The Short Term?

Bitcoin has wicked down to the 50 hour moving average three times over the past two days but it is consolidating above it at the moment.

A larger retreat could take it back to support around the $16,700 level in the short term, and a large correction to $14k where the 50 day moving average lies. On the upside, there is very resistance all the way up to the all-time high of $20k.

Source: Crypto Potato

Here’s Why Ethereum’s Overnight Plunge May Help Clear a Path to $700

  • Ethereum was struck hard by the plunge seen yesterday evening by the aggregated crypto market
  • After setting fresh 2020 highs of $495 alongside BTC’s push towards $19,000, the cryptocurrency saw a rapid and unrelenting plunge that sent it to lows of $450 on some trading platforms
  • This 10% decline occurred over the course of a few minutes and sent shockwaves throughout the entire market
  • It has since recovered from these lows and is now consolidating above $470
  • One trader is calling for a move up to $700 once ETH can break $490
  • The path to set these new multi-year highs could have been cleared by last night’s decline

Ethereum was the first major digital asset to plunge last night, with Bitcoin following close in its footsteps.

The intensity of this decline was unrelenting and caused the cryptocurrency to shatter all the major support levels it had formed within the upper-$400 region.

This selloff had two major effects: liquidation of late long positions and trapping bears who expected further downside.

This could mean that it was a technically bullish drop, as it has cleared a path forward for the crypto to see a more sustainable push past $500.

Ethereum Liquidates Long Positions in Rapid Overnight Selloff

At the time of writing, Ethereum is trading down just over 1% at its current price of $476. This marks a decline from highs of nearly $500 but a notable surge from lows of $450 set just a handful of hours ago.

Whether or not bulls can support the crypto above $470 and continue treating this as a strong base of support will likely determine where it trends in the near-term.

ETH Could Soon Make a Bid at $700 – Claims Analyst

One trader believes that Ethereum could be well poised to make an attempt at reaching $700 in the near-term.

He notes that it needs to reclaim $490 for this to be a realistic possibility, but he calls dips like the one seen last night a “god gift.”

“Above $490 i see a clear path to 700s. A drop to $430 is a god gift.”

Because dips and rebounds – often called “Darth Maul” candles – clear late and overleveraged positions, it could provide a clearer path for Ethereum to push higher in the coming few days.

Some of its price action will undoubtedly depend on Bitcoin, with BTC breaking its all-time highs potentially creating a mass capital rotation event into altcoins.

Source: Bitcoininst