Posted on

TA: Ethereum Price Holds Strong, Why Dips Remain Limited Below $1,850

Ethereum gained bullish momentum above the $1,850 resistance against the US Dollar. ETH price is currently correcting lower from $1,945, but it might find bids near $1,850.

  • Ethereum is in a positive zone and it recently climbed above the $1,900 resistance.
  • The price is now well above the $1,850 support and the 100 hourly simple moving average.
  • There is a short-term contracting triangle forming with support near $1,915 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but the bulls are likely to remain active above $1,850.

Ethereum Price Extends Gains

Ethereum started a fresh increase after it broke the $1,850 resistance, similar to bitcoin. ETH even surpassed the $1,920 resistance and settled nicely above the 100 hourly simple moving average.

However, the price struggled to continue higher above $1,945 and $1,950. There were two attempts to clear $1,945, but the bulls failed. A high is formed near $1,946 and the price is currently correcting lower. There was a break below the $1,920 support level.

The price is now approaching the $1,915 support. There is also a short-term contracting triangle forming with support near $1,915 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

If there is a downside break, the price could test the 23.6% Fib retracement level of the recent wave from the $1,769 swing low to $1,946 high. On the upside, the $1,945 and $1,950 levels are immediate hurdles. A clear break above the $1,950 resistance could clear the path for a test of the $2,000 level. Any more gains might call for a move towards the $2,045 level.

Dips Limited in ETH?

If Ethereum fails to climb above the $1,945 and $1,950 resistance levels, it could correct lower. An initial support on the downside is near the $1,905 level.

The first major support is near the $1,860 level. It is near the 50% Fib retracement level of the recent wave from the $1,769 swing low to $1,946 high. The main support is now forming near the $1,850 level (the recent breakout zone), below which ether price might decline towards the 100 hourly SMA at $1,800.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now declining towards the 60 level.

Major Support Level – $1,850

Major Resistance Level – $1,950

Posted on

TA: Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet

Ethereum extended its rise above the $1,820 resistance against the US Dollar. ETH price is currently correcting lower from $1,860, but it might find bids near $1,780.

  • Ethereum extended its upward move above the $1,820 level and it even spiked above $1,850.
  • The price is now well above the $1,780 support and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but the bulls are likely to remain active near $1,750.

Ethereum Price Remains In Uptrend

Ethereum remained in a bullish zone above the $1,750 zone, similar to bitcoin. ETH broke the $1,800 and $1,820 resistance levels to move further into a positive zone.

The price even spiked above the $1,850 resistance and it settled nicely above the 100 hourly simple moving average. A high is formed near $1,863 and the price is currently correcting lower. There was a break below the $1,850 pivot level.

Ether even declined below the 50% Fib retracement level of the recent increase from the $1,787 swing low to $1,863 high. It is now testing the $1,820 support zone.

Ethereum Price

Source: ETHUSD on TradingView.com

The 61.8% Fib retracement level of the recent increase from the $1,787 swing low to $1,863 high is also near $1,816. Moreover, there is a key bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD.

On the upside, the $1,850 and $1,860 levels are key barriers for the bulls. A clear break above the $1,850 resistance and a follow up move above the $1,863 could set the pace for a test of $1,900.

Dips Limited in ETH?

If Ethereum fails to climb above the $1,850 and $1,860 resistance levels, it could correct lower. An initial support on the downside is near the $1,820 level.

The first major support is near the $1,800 level. The main support is now forming near the $1,750 level, the trend line, and the 100 hourly simple moving average. Any more losses may possibly open the doors for a move towards the $1,700 and $1,650 support levels.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now declining towards the 50 level.

Major Support Level – $1,750

Major Resistance Level – $1,850

Posted on

TA: Ethereum Retreats From $1,850, Why ETH Remains Attractive Near $1,750

Ethereum extended its rally above the $1,800 resistance against the US Dollar. ETH price is currently correcting lower from $1,840, but it might find bids near $1,750.

  • Ethereum remained in a positive zone and it pumped above the $1,800 resistance.
  • The price is now well above the $1,750 support and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,720 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but the bulls are likely to protect $1,750 and $1,720.

Ethereum Price Turns Attractive

Ethereum started a steady increase above the $1,750 resistance, similar to bitcoin. ETH broke the $1,780 and $1,800 resistance levels to move further into a positive zone.

The price even cleared the $1,820 level and settled nicely above the 100 hourly simple moving average. It traded as high as $1,840 before starting a downside correction. There was a break below the $1,820 and $1,800 levels.

Ether is now trading below the 23.6% Fib retracement level of the upward move from the $1,663 swing low to $1,840 high. On the downside, there are many supports, starting with the $1,750 level. There is also a major bullish trend line forming with support near $1,720 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the bulls are likely to face hurdles near $1,840 and $1,850. If there is a successful close above the $1,850 level, the price is likely to surge in the coming sessions. In the stated case, the price is likely to visit the $1,920 and $1,950 levels.

Dips Supported in ETH?

If Ethereum fails to climb above the $1,840 and $1,850 resistance levels, it could correct lower. An initial support on the downside is near the $1,750 level. The 50% Fib retracement level of the upward move from the $1,663 swing low to $1,840 high is also near the $1,750 level.

The next major support is near the $1,720 level, the trend line, and the 100 hourly simple moving average. Any more losses may possibly open the doors for a move towards the $1,660 and $1,650 support levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now declining towards the 50 level.

Major Support Level – $1,750

Major Resistance Level – $1,840

Posted on

Before And After: The Ethereum Fractal You Have Got To See

Ethereum price over the last couple of years has outperformed even Bitcoin’s, making it the most bullish cryptocurrency among the top three assets. But a fractal brewing in the altcoin could make for an incredibly bearish outcome if history repeats.

Here’s a closer look at the bearish cryptocurrency chart fractal potentially warning of a reversal, and the before and after you’ve got to see to believe.

Ethereum Fractal Says The Bull Market Is Finished For The Top Altcoin

Ethereum price has long been soaring right alongside Bitcoin, but since tapping above $2,000 per Ether token, the top ranked altcoins has been struggling with resistance since.

Related Reading | Ethereum Bullish Retest Offers “Once-In-A-Lifetime Opportunity”

Crypto analyst are torn whether the price action is bullish or bearish. One theory claims that the recent retest of the altcoin’s former all-time high presents a “once-in-a-life-time opportunity” for those who missed out on the initial rally.

Other analysts aren’t so sure. One crypto trader in particular has discovered a fractal in Ethereum price action, that closely resembles a more extended version of the 2017 bull market breakout.

Ethereum fractal

The 2019 and 2020 price action is an extended fractal of the last bull run breakout | Source: ETHUSD on TradingView.com

The price action preceding the 2021 breakout closely resembles that of the price action during 2019 and 2020 that caused the cryptocurrency to soar to current prices. It’s what comes next, however, that must be seen to be believed.

Are Fractals Something To Fear, Or Do They Fail More Than They Follow Through?

All crypto bull rallies eventually come to an end, and bears regain control. The problem is, the fractal one crypto trader found, could indicate that is exactly what is about to happen with Ethereum price action.

After slamming into powerful resistance – then at around $1,400 per ETH – the altcoin corrected and fell into an extended, painful bear market. With the preceding price action matching the current patterns so well, albeit a much more extended version, could another bear phase soon follow?

Ethereum fractal 2

What came next, however, was a multi-year bear market in cryptocurrencies | Source: ETHUSD on TradingView.com

Fractals, while frightening to see taking shape, often fail and have earned themselves more of a fable reputation among the crypto community than fact.

Things are very different this time around, most significantly, the amount of upside that happened in Ethereum before the peak was in.

Related Reading | Alt Season 2.0: Analyst Claims It’s “Showtime” For Ethereum

Back then, Bitcoin has also topped out, and few in the crypto space would worry that the currently ongoing bull market in the top cryptocurrency is anywhere near over.

Still, the similarities are there enough to take caution if you are holding the altcoin.

Featured image from Pixabay, Charts from TradingView.com
Posted on

Up 130% this month Ethereum based Akropolis ready to take more profits

While the last few weeks have been sideways moving for major cryptocurrencies, Akropolis (AKRO) had a 22.5% rally. In one year, the Ethereum-based protocol’s native token has seen gains of 5,868%, and its latest updates point to more potential.

With $27.99 million in total value locked, investors can review up to 38.73% in annual staking rewards. This has caused the protocol to achieve percentage gains in less than a year. In addition, Akropolis has fundamentals that support its rally.

In November 2020, the team behind Akropolis decided to reduce its product offering to the yield generator and aggregator product suite. It is currently in beta for Akropolis version 1.1.5 to generate a new revenue stream for AKRO token holders.

The team’s priorities in the short term are the update of their landing page and the next iteration of the user interface. In addition, they are in the final stages of a new version of the LEDA swap to offer vested rewards swaps. In their latest progress update, the Akropolis team stated:

We will be integrating yearn affiliate tokens for revenue-sharing between our protocols. Yearn vaults can earn up to a 50% profit share from their contributed TVL.

Akropolis expands throughout the DeFi sector

The cooperation with Yearn Finance started in November last year and allowed to expand the strategy offering so that Akropolis users can maximize their profits. Through the integration, investors gain access to Pickle, CREAM, and can receive more profits by complementing the products of the 4 protocols.

 

Akropolis also has integrations with Curve, Aave, Compound, OZ, and its users have several options to obtain stablecoins or crypto. The protocol team announced:

We are still working on expanding vault deposits to multiple stablecoins and iterating on DCA functionality.

AKRO trades at $0.06 with a market capitalization of $187 million. Despite its cooperation and development, the protocol is not yet in the top 10 of the DeFi sector and aims for further growth. Silver Bullet trader expects the “real pump” to start when the cryptocurrency is above its resistance level in the AKRO/BTC pair.

At the time of publication, ETH is trading at $1,824 with gains of 8.1% in the last 24 hours. The cryptocurrency has experienced a rally following the announcement by payment processor Visa to begin settling transactions on Ethereum’s network.

ETH on a rally in the 24-hour chart. Source: ETHUSD Tradingview
Posted on

TA: Ethereum Lacks Momentum Above $1,700, Why Dips Likely To Be Limited

Ethereum recovered above $1,700 and it even tested $1,730 against the US Dollar. ETH price is showing positive signs, but it must settle above $1,720 for a sustained upward move.

  • Ethereum gained traction after there was a close above the $1,600 level.
  • The price is now above the $1,650 resistance and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,675 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a strong rally if there is a clear break above $1,710 and $1,730.

Ethereum Price Turns Green

Ethereum found support near the $1,550 zone and started a steady increase, similar to bitcoin. ETH cleared a few important hurdles near $1,600 and $1,620 to move into a positive zone.

The main hurdle cleared was near $1,650 and the 100 hourly simple moving average. The price even climbed above the $1,700 level. A high was formed near the $1,733 level before there was a downside correction.

There was a break below the $1,700 level, but the price remained stable near the $1,660 level. A low is formed near $1,662 and the price is rising. It is now above the $1,650 resistance and the 100 hourly simple moving average.

There is also a key bullish trend line forming with support near $1,675 on the hourly chart of ETH/USD. An immediate resistance is near the $1,700 level. It is close to the 50% Fib retracement level of the downward move from the $1,733 high to $1,662 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The first key resistance is near a connecting bearish trend line at $1,710 on the same chart. The trend line is close to the 61.8% Fib retracement level of the downward move from the $1,733 high to $1,662 low.

A clear break above the $1,700 and $1,710 levels could set the pace for a strong increase. In the stated case, the price is likely to visit the $1,750 and $1,780 levels.

Fresh Decline in ETH?

If Ethereum fails to climb above the $1,700 and $1,710 resistance levels, it could start a fresh decline. An initial support on the downside is near the $1,685 level and the 100 hourly SMA.

The first key support is near the $1,675 level and the trend line. The main support is near the $1,650 level. A clear downside break below the $1,650 support could lead the price towards the $1,550 level.

Technical Indicators

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

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

Major Support Level – $1,650

Major Resistance Level – $1,720

Posted on

Elon Musk and Beeple comment on SNL latest NFT segment

The latest “crypto trend” has been parodied by the comedy show Saturday Night Live, Non-Fungible Tokens (NFTs). In a segment explaining these tokens, U.S. Treasury Secretary Janet Yellen, played by Kate McKinnon and Eminem, parodied by Pete Davidson come together to answer the question everyone seems to be asking, what are NFTs?

With a running time of almost 2 minutes, the segment uses a cover of the popular rap song, “Without Me,” performed by Davidson’s character. Throughout the song, various characters explain the characteristics of NFTs and emphasize at what price some of these digital works have been sold.

At the moment, SNL’s Twitter post has almost 900,000 views and 17,800 likes. In total, the segment has been shared by more than 6,000 users and has received comments from various personalities within and outside the crypto space. Some consider that the market may have ” topped out”.

NFTs’ popularity, a top signal?

Highly active on this platform, Tesla’s CEO Elon Musk was quick to respond, along with one of those responsible for starting the “NFTs craze”, Mike “beeple” Winkelmann. This artist was the first to participate in an auction of one of his works with Christie’s and managed to sell it for $69 million, which he received in ETH. News of the event has been endlessly replicated in the traditional media.

However, NFT investor and collector Aftab Hossain stated on Twitter that NFTs entry into the mainstream does not necessarily point to future depression in the crypto market. Via his Twitter account, Hossain stated:

remember not every sign of adoption is a top signal recalibrate your “top-detector” for a world where crypto is increasingly being *used* by the mainstream and #NFTs as a use case (once issued) don’t rely on ICO project teams to create apps, etc. They just exist as assets

Drawing a distinction between “speculative trends” and the potential of the technology behind NFTs, the investor did not rule out that some projects based on the latter could lose value. Despite that, Hossain believes that NFTs are part of a technology capable of delivering value and utility to the crypto ecosystem. The investor added:

 (as we saw with 2017 ICO hopes and almost no useful apps then) so far, the utility of NFTs is not to be a high quantity game- especially when it comes to art, but L2s like Immutable X will allow for far greater quantity, which will especially be useful for creating in-game items/economies

Ethereum is trading at $1,707 with gains of 1.1% on the 24-hour chart. After a week of losses (-6.0%), ETH seems to be showing signs of recovery.

Ethereum ETH NFT
ETH reclaiming support in the 24-hour chart. Source: ETHUSD Tradingview
Posted on

TA: Ethereum Starts Recovery, Why $1,650 is a Major Hurdle

Ethereum is likely forming a strong support base above $1,580 against the US Dollar. ETH price could recover further, but it could face a strong resistance near $1,650.

  • Ethereum remained strong above $1,550 and started a decent recovery.
  • The price is still well below the $1,650 resistance and the 100 hourly simple moving average.
  • There is a crucial bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but it is likely to face a strong selling interest near $1,650 and $1,660.

Ethereum Price Back above $1,600

Ethereum found support near the $1,550 zone and recently started an upside correction, unlike bitcoin. A low was formed near the $1,545 level before the price climbed back above $1,600.

There was a break above the $1,605 and $1,610 levels. It seems like the price is following a rising channel with resistance near $1,640 on the hourly chart. The 50% Fib retracement level of the downward move from the $1,737 high to $1,545 low is also near $1,641.

The main resistance is still near the $1,650 level and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $1,660 on the same chart.

Ethereum Price

Source: ETHUSD on TradingView.com

The trend line is close to the 61.8% Fib retracement level of the downward move from the $1,737 high to $1,545 low is also near $1,641. A successful close above the $1,650 and $1,660 levels is must for a strong increase in the near term. In the stated case, the price is likely to rise further above the $1,680 and $1,700 levels. The next major hurdle is near the $1,740 level.

Fresh Decline in ETH?

If Ethereum fails to climb above the $1,640 and $1,650 resistance levels, it could start a fresh decline. An initial support on the downside is near the $1,600 level.

The first key support is near the $1,580 level and the channel lower trend line. The main support is near the $1,550 level. A clear downside break below the $1,550 support could lead the price towards the $1,500 level in the near term.

Technical Indicators

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

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

Major Support Level – $1,580

Major Resistance Level – $1,650

Posted on

¿Gaming for profit? This Ethereum based protocol enables it

Conceived as a bridge between Bitcoin and decentralized finance on Ethereum, Badger DAO protocol has expanded its investment strategies. As of today, users will be able to profit from yielding NFTs by participating in its new “game”.

Using one of Badger DAO’s products called Honeypot part I, participants can farm NFTs for staking bBadger or BAdger UNI tokens. Thus, they were allowed to obtain 1 of the 6 NFTs needed to get a prize of up to $30,000.

Now, the team behind the protocol launched “the most gamified experience to date”. Via a partnership with MEME, they have deployed Honeypot part II: Diamond Hands. With a mechanism intended to “level the playing field,” this second version of the product promises to deliver a portion of the prize to all holders of NFTs earned for playing.

In addition, the longer a player takes to redeem his NFT for a share of the winnings, the bigger his loot will be. This mechanic is intended to incentivize greater player participation and make them seek more rewards for playing longer.

Adding the power on the more common cards makes it so that the later you are to redeem the higher portion of the pool you will receive (shout out to tree.finance for the inspiration here). There is a massive disadvantage early but that dissipates as the final cards are being redeemed so, as they all become more scarce, the values of the different cards should converge.

Bitcoin on Ethereum and Binance Smart Chain

The tokens that participants receive have “Redemption Power” (RP). The more of this a user accumulates with their NFT, the greater their reward. BadgerDAO team member Jon Tompkins said:

Redemption Power (RP) = relative portion of the pool you can claim with an NFT.  The lower the better! At any point until the last is NFT redeemed, lower RP = larger portion of redemption pool As redemptions occur and all NFTs become more scarce the RP disparity shrinks.

To obtain the NFTs, users must stake bDIGG tokens at the time of launch. Participants with more bDIGG staked will have more chances to receive the NFT.

Badger DAO is a protocol that operates on Ethereum and Binance Smart Chain, its vaults allow users to mint synthetic versions of Bitcoin to offer liquidity and receive rewards. According to DeFi Pulse, Badger DAO is the 12th largest protocol by total value locked (TVL) and contains 9,177 BTC “locked” on its platform.

BADGER’s price, the protocol’s native token, shows significant losses all across the board. The lowest losses are registered on the last day with 2.9% and the most pronounced in the monthly chart with losses of 34.8%.

Ethereum ETH Badger DAO
BADGE follows the general sentiment in the market for the 24-hour chart. Source: BADGERUSDT Tradingview
Posted on

TA: Ethereum Dives Below $1,600, Why $1,550 Is The Key For Next Move

Ethereum is down over 5% and it broke the $1,600 support zone against the US Dollar. ETH price must stay above $1,550 to avoid more losses in the coming sessions.

  • Ethereum extended its decline after it failed to recover above the $1,750 resistance level.
  • The price is currently trading well below $1,600 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,700 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but it is likely to face a strong selling interest near $1,650 and $1,660.

Ethereum Price Breaks Key Support

Ethereum made an attempt to gain strength above $1,740 and $1,750, but it failed. A high was formed near $1,737 before the price started a fresh decline, similar to bitcoin.

It broke the key $1,650 support level to move into a bearish zone. The bears even gained strength for a push below the $1,600 support level. A low is formed near $1,545 and the price is now trading well below the 100 hourly simple moving average.

An initial resistance on the upside is near the $1,590 and $1,600 levels. The 23.6% Fib retracement level of the recent decline from the $1,737 high to $1,545 low is also near $1,590 to act as a hurdle.

Ethereum Price

Source: ETHUSD on TradingView.com

The main resistance is forming near the $1,640 and $1,650 levels (the recent breakdown zone). The 50% Fib retracement level of the recent decline from the $1,737 high to $1,545 low is also near the $1,640 level. If there is an upside break above $1,650, the price could visit $1,700 or the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,700 on the hourly chart of ETH/USD.

More Losses in ETH?

If Ethereum fails to climb above the $1,640 and $1,650 resistance levels, it could continue to move down. An initial support on the downside is near the $1,560 level.

The main support is near the $1,550 level. A clear downside break below the $1,550 support could accelerate losses. The next major support below 1,550 may possibly be near the $1,500 level in the near term.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now well below the 40 level.

Major Support Level – $1,550

Major Resistance Level – $1,640

Posted on

TA: Ethereum Struggles Below $1,700, Why ETH Could Accelerate Losses

Ethereum is struggling to recover above the $1,710 and $1,750 resistance levels against the US Dollar. ETH price is likely to continue lower if it fails to stay above the $1,650 support level.

  • Ethereum is showing a few bearish signs below the $1,750 and $1,710 resistance levels.
  • The price is currently trading well below $1,750 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but it is likely to face a strong selling interest near $1,710 and $1,750.

Ethereum Price Remains At Risk

Ethereum tested the $1,650 support zone and started an upside correction. It climbed above the $1,700 level, but it struggled to even test $1,750. A high is formed near $1,720 before the price started a fresh decline.

It broke the $1,700 level and retested the $1,660 support. Ether is now trading well below $1,750 and the 100 hourly simple moving average. A low is formed near $1,650 and the price is currently consolidating losses, similar to bitcoin.

An initial resistance on the upside is near the $1,685 level. It is near the 50% Fib retracement level of the recent decline from the $1,721 high to $1,650 low. The first major resistance is near the $1,700 and $1,705 levels.

Ethereum Price

Source: ETHUSD on TradingView.com

The 76.4% Fib retracement level of the recent decline from the $1,721 high to $1,650 low is also near $1,705. Moreover, there is a key bearish trend line forming with resistance near $1,740 on the hourly chart of ETH/USD. A clear break above the $1,720 high and then a follow up move above $1,750 is must for a fresh increase in the near term.

More Losses in ETH?

If Ethereum fails to climb above the $1,705 and $1,720 resistance levels, it could continue to move down. An initial support on the downside is near the $1,660 level.

The main support is near the $1,650 level. A clear downside break below the $1,650 support is likely to clear the path for a sharp decline. In the stated case, the price might test $1,600 or even $1,580 in the near term.

Technical Indicators

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

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

Major Support Level – $1,650

Major Resistance Level – $1,720

Posted on

This Ethereum protocol could deliver high yields

In the midst of the recent days’ downtrend, there are still open opportunities for profits in the Ethereum ecosystem. Alpha Finance Lab team has announced its tokenomics with staking rewards for its users and new products based on the Alpha Homora protocol:

ALPHA token holders will benefit from the growth of all Alpha products, which include Alpha Homora (vEthereum), Alpha Homora (vBSC), Alpha Homora (v2), AlphaX, and many more innovative Alpha products that we are working on. ALPHA token holders will be an integral part of the growing multi-chain, Alpha ecosystem.

APLHA token holders will be able to earn “ecosystem-wide rewards” based on the core Protocol. Users will also be able to receive rewards regardless of whether Alpha’s product operates on a Layer 1 or Layer 2 solution.

In the announcement, the Alpha Finance Labs team clarified that stakers will be able to unlock new features and earn more rewards with the different “tiers” they have enabled.

This is one of the very first times that tokenomics is directly integrated with the usage of the core underlying protocols.

Depending on the amount of ALPHA staked, the user will have access to new tiers that will give them access to earn fees from across the entire ecosystem.

ALPHA stakers will also serve as the backbone of the expanding Alpha ecosystem, as the funds staked will help secure the ecosystem in case additional insurance is needed.

Interoperability with Ethereum and Binance Smart Chain

One of the benefits of Alpha Homora protocol’s native token is its interoperability in two major DeFi ecosystems. ALPHA is based on Ethereum’s ERC-20 standard and the Binance Smart Chain’s BEP-20 standard.

Without altering the overall supply of the token, The Alpha Finance Lab team enabled this option in response to the high demand ALPHA has seen. The announcement stated the following:

To meet demand for ALPHA (ERC-20) withdrawal from Binance, we’ll deposit 100M ALPHA (ERC-20) and withdraw 100M ALPHA (BEP-20) through Binance – main bridge between 2 token standards.

In response to the announcements, ALPHA has regained upward momentum and is trading near its all-time high at $2.08. On the one-day chart, ALPHA shows gains of 11.8% with a positive performance of 25.3% in the last week. Capital Allocator for Defiance Capital, Wangarian said on Alpha Homora’s token:

When properly designed, tokens serve to benefit both token holders and the underlying protocol. ALPHA has one of the most promising tokenomics I’ve seen to date. Incentives from all stakeholders are aligned with clear value accrual to the ALPHA token.
ALPHA with bullish momentum in the 24-hour chart. Source: ALPHAUSDT Tradingview

DeFi Pulse data indicates that the Alpha Homora protocol has $679 million in Total Value Locked (TVL) with an all-time high of $1.25 billion in this metric. On the last day, the protocol has lost 19.8% of its TVL, a downtrend that has been ongoing for the last 3 months.

Posted on

TA: Ethereum Breaks Key Support, Why ETH Could Decline Further

Ethereum broke the major $1,750 and $1,710 support levels against the US Dollar. ETH price is likely to continue lower below the $1,660 and $1,650 support levels.

  • Ethereum failed to stay above the key $1,750 and $1,710 support levels.
  • The price is currently trading well below $1,710 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,765 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but the previous support near $1,750 could prevent gains.

Ethereum Price Turns Red

Ethereum failed to clear the key $1,850 resistance zone and started a fresh decline, similar to bitcoin. ETH broke the $1,750 support zone to move into a bearish zone.

The price even cleared the $1,710 support level and settled below the 100 hourly simple moving average. It even broke the $1,680 level and traded as low $1,657. It is currently correcting higher and trading above the $1,680 level.

Ether corrected above the 23.6% Fib retracement level of the recent decline from the $1,808 high to $1,657 low. On the upside, the first major resistance is near the $1,710 level. The next key resistance is near the $1,730 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $1,808 high to $1,657 low is also near $1,730. The main resistance is now forming near the $1,750 zone (the recent breakdown zone). If the price breaks the $1,730 and $1,750 resistance levels, it could start a decent increase towards $1,800 or even $1,850. An intermediate resistance could be near the $1,780 level or the 100 hourly simple moving average.

More Losses in ETH?

If Ethereum fails to climb above the $1,730 and $1,750 resistance levels, it could continue to move down. An initial support on the downside is near the $1,665 level.

The next major support is near the $1,650 level. A clear downside break below the $1,650 support may possibly open the doors for a drop towards the $1,600 level. Any more losses will most likely push the price towards the key $1,550 support in the coming days.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bearish zone.

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

Major Support Level – $1,650

Major Resistance Level – $1,750

Posted on

Someone paid 1,500 ETH for Jack Dorsey’s NFT – Compares it to the Mona Lisa

The auction for the Non-Fungible Token (NFT) that gives proof of authority over Jack Dorsey’s “Tweet Genesis” has concluded. Held on Valuables, a platform that allows its users to convert their Tweets into NFT.

Created by the Ethereum based service Cent, the tweet has been “authenticated” by Dorsey, CEO of the social network and payment company Square. Valuables told auction participants:

The tweet itself will continue to live on Twitter. What you are purchasing is a digital certificate of the tweet, unique because it has been signed and verified by the creator.

The auction winner was Bridge Oracle Protocol CEO Sina Estavi after bidding nearly $3 million in Ethereum (ETH). Outbidding Justin Sun, founder of Tron, who bid nearly $2 million. Stavi told Dorsey:

Hey Jack, thank you for accepting my offer, and I’m glad this money is being donated to charity…. Let’s Bridge to freedom.

Dorsey previously confirmed that the proceeds from the sale of his NFT would be immediately converted to Bitcoin. The funds in BTC will be sent to GiveDirectly, a non-profit organization that is responsible for sending cash transfers to low-income individuals.

The organization is involved in a campaign to mitigate the effects of the COVID-19 pandemic on the continent. Dorsey used a fresh Ethereum address to conduct the transaction which was conducted via crypto exchange Kraken.

Via his Twitter handle Dorsey confirmed the money has been sent to the referred organization. Estavi responded in a separate tweet:

This is not just a tweet! I think years later people will realize the true value of this tweet, like the Mona Lisa painting

NFTs to fight climate change

Digital artist Mike “beeple” Winkelmann is also using the attention he has recently received for a good cause. Beeple is part of “The Carbon Drop” an NFT collection auctioned to aid solve climate change, created by The Social Alpha Foundation.

Beeple has celebrated the high participation the initiatives have been receiving. The digital artist believes solving climate change is crucial for NFT to have a future, the digital artist said:

we all know, this is absolutely something we MUST solve for NFT’s to realize their full potential. Luckily I know how amazing this community is so I have no doubt we will.

In a recent interview Beeple said the NFT crazed could be a bubble, but believe the technology will endure and have a used in people’s everyday life. The digital artist claimed:

I don’t think art is being devalued, I think in some cases a lot of value is being placed on the work. I think there is definitely, on some level, a bubble when you have NFT of toilet paper selling for $2,000. That seems kind of ridiculous.

Ethereum ETH
Ethereum with negative performance in the 24-hour chart. Source: ETHUSD Tradingview
Posted on

TA: Ethereum Consolidates Above $1,750, Why A Crucial Break is Almost Certain

Ethereum is still consolidating above $1,750 and $1,710 against the US Dollar. ETH price could soon either rally above the $1,850 resistance or dive towards the $1,550 support.

  • Ethereum is holding the key $1,750 and $1,710 support levels.
  • The price is currently trading below $1,800 and the 100 hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance near $1,795 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair seems to be preparing a strong move with $1,710 as a pivot zone.

Ethereum Price is Holding Key Support

Ethereum made another attempt to gain strength above $1,850, but it failed just like bitcoin at $60,000. A high was formed near $1,865 before there was a sharp decline.

The price broke the $1,800 support and settled below the 100 hourly simple moving average. The recent swing low was formed near $1,754 and the price is now correcting higher. It is trading above the $1,765 level.

Ether is now testing the 50% Fib retracement level of the recent decline from the $1,811 high to $1,754 low. An immediate resistance is near the $1,790 and $1,800 levels. There is also a connecting bearish trend line forming with resistance near $1,795 on the hourly chart of ETH/USD.

Ethereum

Source: ETHUSD on TradingView.com

The trend line is close to the 61.8% Fib retracement level of the recent decline from the $1,811 high to $1,754 low. A successful close above the $1,800 level might call for a fresh test of $1,850. Any more gains could open the doors for a rally towards the $2,000 resistance in the near term. An intermediate resistance might be near the $1,935 level.

Downside Break in ETH?

If Ethereum fails to climb above the $1,800 and $1,850 resistance levels, it could nosedive. An initial support on the downside is near the $1,750 level.

The main support is still near the $1,710 and $1,700 levels. A clear downside break below the $1,710 support may possibly open the doors for a larger decline. In the stated case, the bears are likely to aim a test of the $1,550 support zone in the days. An intermediate support might be near the $1,640 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.

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

Major Support Level – $1,710

Major Resistance Level – $1,800

Posted on

How Ethereum low supply on exchanges could drive up ETH price

Research firm Santiment has determined that Ethereum’s supply radius on exchange platforms is at a 28-month low. With 20.1% of ETH in its reserves, the last time the metric was at similar levels was in November 2018.

Ethereum ETH
Source: Santiment

Above is a look at the relationship between the increase in Ethereum supply on the exchanges and fluctuations in its price. ETH’s rally in recent months corresponds to a sustained decline in this metric.

Ethereum is trading at $1,808 with bearish performance in the 24-hour chart. However, in the last hour ETH is showing an uptrend with 0.3% gains, after a week of negative performance. If the cryptocurrency manages to stay above the current level it could gain more momentum and go after resistance at $1,850.

Ethereum breaking above $1,800. Source: ETHUSD Tradingview

Where is Ethereum’s demand coming from?

Two sectors are currently taking a big part of ETH’s supply. Data from DeFi Pulse register 9,4 million ETH locked in DeFi protocols. After registering a drop at the end of February, ETH inflows into decentralized finance protocols have absorbed 1.5 million ETH since March 8.

This trend is continuing and shows no signs of weakening, as more and more users join the sector for profits or to participate in the Non-Fungible Token (NFT) craze.

Ethereum ETH
Source: DeFi Pulse

MakerDAO, Compound y Sushiswap hold the biggest amount of ETH with 3 million and 1.4 million each, respectively. Uniswap, Aave, Alpha Homora, and Balancer follow, but only the decentralized exchange (DEX) holds over 1 million ETH.

On the other hand, Ethereum 2.0 deposit contract has also absorbed a lot of ETH supply. At the moment, it holds 3,559,362 ETH with an estimated value of $6 billion. According to Arcane Research, more institutional demand has come for ETH since late 2020:

the steady increase in ETH loans outstanding. After ending Q1 at 5.5%, the share of ETH loans outstanding grew 177% over the next three quarters, ending the year at 15.5%. Of course, some of this growth is attributable to ETH’s price inflation.

Sustained demand for ETH could positively impact its price and allow the rally to continue through 2021. According to ETH Gas Station, transactions fees on the blockchain are again at record levels with 161 Gwei for the cheapest.

Posted on

Why Ethereum Must Hold $1,700 for Fresh Rally To $2,000

Ethereum struggled to settle above the $1,850 resistance and corrected lower against the US Dollar. ETH price is must stay above $1,700 to avoid a strong downside break.

  • ETH price is moving lower from the $1,850 resistance zone against the US Dollar.
  • The price is approaching the $1,780 support and the 100 simple moving average (4-hours).
  • There is a key rising channel forming with support near $1,775 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to decline heavily if it fails to stay above $1,775 and then $1,700 in the near term.

Ethereum Is Facing Hurdles

This past week, bitcoin and ethereum saw a fresh decline from $60,000 and $1,880 respectively against the US Dollar. ETH remained well bid above the $1,710 level and the 100 simple moving average (4-hours).

The last swing low was formed near $1,173 before there was an upward move. The price climbed above the $1,800 resistance level. There was a break above the 50% Fib retracement level of the downward move from the $1,942 high to $1,713 low.

However, the price failed to clear the $1,850 resistance zone. It seems like the price failed to clear the 61.8% Fib retracement level of the downward move from the $1,942 high to $1,713 low.

Ethereum

Source: ETHUSD on TradingView.com

Ether is currently declining and trading below $1,800. There is also a key rising channel forming with support near $1,775 on the 4-hours chart of ETH/USD. If there is a downside break below the channel support, there is a risk of a drop towards the $1,710 support. Any more losses below $1,700 may possibly open the doors for a larger decline towards $1,550 and $1,500.

Fresh Rally in Ether (ETH)?

If Ethereum stays above the channel support or $1,700, it could attempt a fresh increase. An initial resistance on the upside is near the $1,820 level.

The first key resistance is near the $1,850 and $1,855 levels. If ether price breaks the $1,850 resistance, there are high chances of a strong increase in the coming sessions. The next key resistance sits near the $1,920 and $1,950 levels.

Technical Indicators

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

4 hours RSI – The RSI for ETH/USD is now just below the 50 level.

Major Support Level – $1,710

Major Resistance Level – $1,850

Posted on

Ethereum Bullish Retest Offers “Once-In-A-Lifetime Opportunity”

Ethereum has drawn many comparisons with early Bitcoin, and is expected to grow in value substantially and make for life-changing wealth. Those that missed out on the initial run up are in luck, however, as one crypto analyst says that the recent bullish retest presents a “once-in-a-lifetime opportunity.”

Here’s an in-depth look at the bullish retest the analyst is referencing, and what that ultimately could mean for the second ranked cryptocurrency behind Bitcoin for the long run.

Ethereum Bullish Retest Completes: What This Means For The Top Altcoin

Ethereum has been arguably more bullish than Bitcoin itself, driving a higher ROI but still nowhere near former highs on the two crypto asset’s ratio.

Related Reading | Economist: Ethereum Looks “Bullish” After Withstanding “Macro Beating”

Eventually, Ethereum should catch up to Bitcoin on the ETHBTC trading pair, causing the top ranked altcoin to outpace the first ever cryptocurrency in terms of performance.

That time could be coming, as Ethereum just completed an extremely bullish retest of its former all-time high, and held it with extreme strength. The showing by bulls withstanding a “macro beating” could provide the confidence to fuel another leg up, taking Ethereum beyond prices of $2K per coin.

ethereum

This retest could be a once-in-a-lifetime opportunity to get in before it is too late | Source: ETHUSD on TradingView.com

Crypto Analyst Claims Those Who Missed Out Initially Get Another Chance

According to one crypto analyst, the bullish retest is another chance for those who missed out on the initial rally. They claim this is a “once-in-a-lifetime opportunity” for latecomers, although technically it is the second chance after missing the initial run up.

Cryptocurrencies move quickly and violently, especially when a trading range is left behind. Ethereum has been trading between $1,400 and $100 for roughly four years, and just retested the former resistance as support, and held. The important resistance flip into support is now confirmed, and typically markets then move up in a strong way.

Related Reading | Alt Season 2.0: Analyst Claims It’s “Showtime” For Ethereum

Ethereum is the second ranked cryptocurrency by market cap, only behind Bitcoin, and recently started the phases of the ETH 2.0 upgrade that should address scalability issues seen with the network recently.

Regardless of the challenges, activity on Ethereum is so high, ETH reserves on exchanges so low, and demand for Ether for gas so high, the price per coin will continue to skyrocket for the foreseeable future.

The retest of former resistance turned support, could also be the factor that finally lets the altcoin outperform Bitcoin for a period of time, bringing the ratio back toward the highs of early 2018.

Are you going to get in on this once-in-a-lifetime opportunity the analyst suggests is here?

Featured image from Deposit Photos, Charts from TradingView.com
Posted on

TA: Ethereum Stuck In A Range, Why $1,700 Is The Key For Next Move

Ethereum failed to clear the $1,850 resistance and corrected lower against the US Dollar. ETH price is still holding the key $1,710 support and it seems to be trading in a range.

  • Ethereum is moving in a range below the $1,850 resistance and above the $1,710 support.
  • The price is now above the $1,710 support, but it is below the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,790 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely start a strong increase as long as there is no clear break below $1,700.

Ethereum Price is Holding Key Support

Ethereum extended its rise above the $1,800 and $1,820 resistance levels. ETH even broke $1,840, but it failed to surpass the key $1,850 resistance zone.

A high was formed near $1,849 before the price started a fresh decline. It broke the $1,800 support and the 100 hourly simple moving average. Ether tested the $1,710 support zone, where the bulls took a strong stand. It seems like the price is moving in a range below the $1,850 resistance and above the $1,710 support.

The price is trading above the 23.6% Fib retracement level of the recent decline from the $1,849 high to $1,732 low. On the upside, the price is facing hurdles near the $1,800 level and the 100 hourly simple moving average.

Ethereum

Source: ETHUSD on TradingView.com

There is also a key bearish trend line forming with resistance near $1,790 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $1,849 high to $1,732 low. A close above the $1,800 resistance may possibly lead the price towards the $1,850 level. To start a strong increase, the price must settle above $1,850 in the near term.

More Losses in ETH?

If Ethereum fails to climb above the $1,800 and $1,850 resistance levels, it could attempt a downside break. An initial support on the downside is near the $1,740 level.

The main support is still near the $1,710 and $1,700 levels, below which ether price might start a strong decline towards the $1,650 and $1,620 levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.

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

Major Support Level – $1,710

Major Resistance Level – $1,800