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Ethereum Key Indicators Suggest A Sharp Drop Below $1K

Published

2 weeks ago

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Ethereum declined below the $1,120 support against the US Dollar. ETH is now at a risk of more losses if it stays below the key $1,150 resistance.

  • Ethereum remained in a bearish zone below $1,200 and $1,150 levels.
  • The price is now trading below $1,150 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline further if there is a clear move below the $1,050 support zone.

Ethereum Price Turns Red

Ethereum remained in a bearish zone and extended losses below the $1,150 support zone. ETH failed to stay above the $1,120 support zone and moved further into a bearish zone.

The price even settled below the $1,000 support zone and tested the $1,075 zone. A low is formed near $1,076 and the price is now consolidating losses. It is trading well below $1,150 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,100 level. There is also a key bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the downward move from the $1,235 swing high to $1,076 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,150 zone. The 50% Fib retracement level of the downward move from the $1,235 swing high to $1,076 low is also near $1,150. A close above the $1,150 resistance zone could start a steady increase. In the stated case, the price could clear the $1,200 resistance. Any more gains might send the price towards the $1,235 high.

More Losses in ETH?

If ethereum fails to rise above the $1,150 resistance, it could continue to move down. An initial support on the downside is near the $1,075 zone.

The next major support is near the $1,050 zone. A close below the $1,050 level might push ether price further lower. In the stated case, ether price may perhaps decline towards the $1,000 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 50 level.

Major Support Level – $1,050

Major Resistance Level – $1,150



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ETH

Ethereum Revisits Key Support, Can The Bulls Protect More Losses

Published

14 hours ago

on

July 11, 2022

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Ethereum started another decline below $1,200 against the US Dollar. ETH could decline heavily if there is a close below $1,150.

  • Ethereum failed to clear the $1,280 resistance zone and declined below $1,200.
  • The price is now trading below $1,200 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,180 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to decline if there is a close below the $1,150 level.

Ethereum Price Takes A Hit

Ethereum attempted an upside break above the $1,275 resistance zone. However, ETH failed to extend gains and started a fresh decline below the $1,220 level.

There was a clear move below the $1,200 level and the 100 hourly simple moving average. Ether price traded below the 50% Fib retracement level of the upward move from the $1,076 swing low to $1,276 high. It is now struggling to stay above the $1,150 support zone.

The price is consolidating near the 61.8% Fib retracement level of the upward move from the $1,076 swing low to $1,276 high. There is also a major bearish trend line forming with resistance near $1,180 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $1,175 level. The next major resistance is near the trend line zone and $1,180, above which the price may perhaps rise towards $1,220.

Ethereum Price

Source: ETHUSD on TradingView.com

The key barrier is still near the $1,280 level, above which the price could gain strength. In the stated case, the price could rise towards the $1,350 resistance zone.

More Losses in ETH?

If ethereum fails to rise above the $1,180 resistance, it could continue to move down. An initial support on the downside is near the $1,123 zone. The next major support is near the $1,080 zone.

A downside break below the $1,080 support may perhaps send the price further lower. In the stated case, the price may perhaps decline toward the $1,020 level. If the price fails to stay above the $1,020 or $1,000, it could even slide towards the $950 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 50 level.

Major Support Level – $1,125

Major Resistance Level – $1,180



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Blockchain

Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

Published

2 days ago

on

July 9, 2022

By


Jul 8, 2022 09:47 UTC

| Updated:

Jul 8, 2022 at 09:47 UTC

By Clark

The social media and discussion web site Reddit has declared the launch of blockchain-backed collectible avatars. The collectible avatars are kept via the Polygon blockchain because the chain was chosen for its “low-cost transactions and property commitments.”

Reddit’s Polygon-Backed Digital Avatars can Presently Be on the market to the General Public

On July 7, 2022, the workers at Reddit declared the launch of blockchain-backed Reddit avatars that are kept on the Polygon figure network. It’s not Reddit’s 1st rodeo with blockchain technology because the social media and discussion platform was operating with Arbitrum’s layer 2 (L2) technology with ETH-based community purpose tokens in July 2021. the subsequent October, Reddit was seeking a senior engineer for a platform that options “NFT-backed digital product.” In Jan 2022, it had been reported that Reddit was allegedly testing NFT profile pic functions.

The new Polygon-issued collectible avatars are on the market for purchase and therefore the artists who created them can receive royalties. The acquisition provides the owner rights to the art on and off the platform, Reddit’s announcement details. “You don’t want cryptocurrency to buy these avatars, nor are they being placed up for auction,” Reddit explained on Thursday. “Each avatar has been priced at a hard and fast quantity and is purchasable with act (government-issued) currencies.”

“In this series, Collectible Avatars are limited-edition avatars created by freelance artists, in partnership with Reddit, and supply house owners with distinctive edges on the Reddit platform,” the company’s journal post says. “If somebody sets their Collectible Avatar as their avatar on Reddit, they will mix-and-match the avatar gear with alternative Reddit avatar gear and accessories, and their profile image in comments sections can have a glow-like impact.”

Reddit ads:

Blockchain-backed Collectible Avatars are one amongst the first steps we’re taking to check out the potential edges of this idea on Reddit.

R/collectibleavatars Subscribers will Get Early Access, NFTs keep in Reddit’s Vault Wallets

Reddit’s new Polygon figure NFT avatars are going to be on the market to the general public within the “coming weeks’ ‘ however the corporation is on the lookout for early access redditors to hitch the r/collectibleavatars community. “In that community, folks will learn a lot concerning a way to purchase Collectible Avatars, find wallets to store them, and find to understand our artists with covert posts, AMAs, and more,” Reddit’s journal post notes.

Additionally, Reddit elaborated that the avatar NFTs are going to be kept within the Reddit-produced billfold referred to as Vault, that is wherever community points are kept moreover. Vault works with Ethereum-compatible blockchains like two-dimensional figures. whereas a number of the artists that contributed to Reddit’s blockchain-backed collectible avatars were found in numerous subreddits, some artists participated during a Reddit-related art project for the primary time.

“Many of the artists we tend to work with for this 1st series came from well-liked inventive communities like r/comics,” Reddit ended. “Some have cultivated the abilities they used for this program in subreddits like r/procreate or r/adobeillustrator. we tend to conjointly worked with artists from our networks who are delivery their work to Reddit for the primary time.”

Clark

Head of the technology.





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Bitcoin

Solana Glints With 14% 3-Day Rally

Published

3 days ago

on

July 8, 2022

By


Over the past 24-four hours, Solana (SOL) maintained a strong position above the $35.00 support level and displayed a reversal pattern indicating a rebound.

As of this writing, SOL is trading at $36.86, up 13% in the last seven days, data from Coingecko show. SOL currently has a trading volume of $1,177,991,581, down 24% in the last 24 hours.

The support zone for SOL is between $20 and $30. SOL was in a sideways market for 24 days after it plummeted to the support zone, and ultimately the cryptocurrency began to make a modest reversal.

Solana 3-Day Ascent: Bulls Take Charge

The price of Solana has began a commendable reversal after a disastrous decline in recent weeks. Since the upper low at $31 was written on the final day of June, the bulls have constructed a 14 percent three-day rally starting July 5.

A golden cross of the 8- and 21-day simple moving averages (SMAs) provided the Bulls with a valid entry signal on July 6. At $35, there was a brief liquidity hunt to shake out weak positions.

Suggested Reading | Bitcoin Drills Into $22,000 Level – But Not All BTC Investors Are Jubilating

Traders are currently observing “FOMO” traders who set their original trade’s invalidation level below the SMAs enter the market.

On the daily price chart, the price of Solana is attempting to hold near the ascending trendline. Immediately after departing the ascending curve, SOL has been consolidating within the horizontal range-bound area.

However, the cryptocurrency can return to the ascending curve by registering an exit from the consolidation period.

In this unfavorable climate, the token must also continue its rising momentum in order to rise. As a result, volume indicates that the coin is experiencing short-selling pressure and sellers are attempting to trap the token within the horizontal range-bound area.

SOL total market cap at $12.7 billion on the daily chart | Source: TradingView.com

SOL Poised To Outperform ETH In NFT Markets

DappRadar, a platform that provides information and insights on all existing decentralized applications (DApps), has indicated that, because of its its cheap gas prices and entry restrictions, SOL might potentially surpass Ethereum (ETH) as the main blockchain in the NFT markets.

Despite a fall in the trading volume of other blockchains, notably ETH, DappRadar pointed out that the trading volume of SOL has been increasing.

Suggested Reading | Ethereum (ETH) Shifts To High Gear – Crosshair Locked At $1,250?

In its most recent analysis, DappRadar finds that Solana is performing exceptionally well in the NFT market despite the crypto market’s precipitous decline.

In terms of sales volume, Solana also beat other blockchains, according to the research.

Solana and Avalanche emerged as the clear winners with a 21 percent and 15 percent rise in trading volume, respectively, according to DappRadar.

Featured image from Analytics Insight, chart from TradingView.com



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