Ethereum Near Inflection Zone, Why ETH Could Tumble Below $570

Ethereum traded to a new yearly high at $636 before correcting lower against the US Dollar. ETH price is showing bearish signs and it could decline heavily if there is a break below $570.

• Ethereum started a downside correction after trading to a new yearly high at $636.
• The price is trading below the $600 level and approaching the 100 hourly simple moving average.
• There is a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is likely to continue lower if it fails to stay above $570 and the 100 hourly SMA.

Ethereum Price is Down 4%

There was a decent increase in Ethereum above the $600 and $620 levels. ETH price even broke the previous swing high and traded to a new yearly high at $636. However, the bulls failed to gain strength, resulting in a sharp decline below $620 (similar to bitcoin).

The price broke the $600 support level to move into a short-term bearish zone. The last swing high near $620 before the price declined towards the $575 support. A low is formed near $574 and the price is currently consolidating losses.

It traded above the 23.6% Fib retracement level of the recent decline from the $620 high to $574 low. Ether is currently facing a strong resistance near the $590 and $595 levels.

Source: ETHUSD on TradingView.com

There is also a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent decline from the $620 high to $574 low sits at $597. A clear break above the trend line resistance and then $597 could start a decent increase.

The next key resistance is near the $600 level. A successful close above the $600 level could lead the price towards the $620 resistance in the near term.

Downside Break in ETH?

If ethereum fails to clear the trend line resistance and $597, there is a risk of more downsides. An initial support is near the $575 level and the recent swing low.

The main support is forming near the $570 level and the 100 hourly simple moving average. A proper close below the $570 level and the 100 hourly SMA could spark a sharp decline towards the $550 and $530 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 currently well below the 50 level.

Major Support Level – $570

Major Resistance Level – $600

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Bitcoin Correcting Gains, Why 100 SMA Could Trigger A Larger Decline

Bitcoin price formed a new yearly high close to $20,000 before correcting lower against the US Dollar. BTC could accelerate its decline if there is a clear break below the 100 hourly SMA.

• Bitcoin is currently correcting lower below the $19,500 and $19,000 levels.
• The price is approaching a key support at $18,350 and the 100 hourly simple moving average.
• There is a major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could decline heavily if it fails to stay above the 100 hourly SMA and $18,200.

Bitcoin Price is Grinding Lower

There was an upside extension in bitcoin price above the $19,500 resistance. BTC even surpassed the previous swing high and traded close to the $20,000 barrier. However, there was no test of $20,000 and the price reacted to the downside.

There was a sharp decline of more than 5% and the price traded below the $19,000 level. Bitcoin found support near the $18,100 level and the 100 hourly simple moving average. A swing low was formed near $18,111 before the price corrected higher.

There was a recovery above $19,000, but the bears protected the $19,500 zone. A high is formed near $19,512 and the price is currently declining. It is trading below the 50% Fib retracement level of the recent recovery from the $18,111 swing low to $19,512 high.

Source: BTCUSD on TradingView.com

It seems like there is major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC/USD pair. On the downside, the price is approaching a key support at $18,350 and the 100 hourly simple moving average.

The 76.4% Fib retracement level of the recent recovery from the $18,111 swing low to $19,512 high is also near $18,400. A downside break below the $18,350 support and the 100 hourly SMA could spark a larger decline. The next major support could be $18,000 or $17,850.

Fresh Increase in BTC?

If bitcoin remains stable above the $18,350 support and the 100 hourly simple moving average, it could attempt a fresh increase. An initial hurdle for the bulls is near the trend line and $18,800.

The first major resistance is near the $19,000 level. A clear break above the $19,000 level could pump the price towards the $19,500 resistance level.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving higher towards the 50 level.

Major Support Levels – $18,350, followed by $18,000.

Major Resistance Levels – $18,800, $19,200 and $19,500.

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source https://cryptonews.wealthsharingsystems.com/2020/12/bitcoin-correcting-gains-why-100-sma-could-trigger-a-larger-decline/

This Economic Model Predicts a $200,000+ Bitcoin Price by 2022

Bitcoin has been on a wild ride throughout the past few days, with bulls sending the cryptocurrency rocketing up to fresh all-time highs yesterday around $19,800 before losing their strength and succumbing to bears.

From here, the cryptocurrency’s price saw a vicious decline that sent it all the way down to lows of $18,200. The buying pressure here was quite intense and sparked a nearly instant rebound.

It rallied as high as $19,400 this morning before facing an influx of selling pressure that slowed its ascent and caused it to see a slight retrace. Nevertheless, it has still been able to post what appears to be a “V-shaped” recovery from these lows.

Where it trends next will likely depend largely on whether or not buyers can firmly reclaim $19,000 and establish this price as a long-term bottom. If it remains stuck below here, it could see continued weakness in the days and weeks to come.

Despite this short-term turbulence, one economic model is still forecasting an incredibly bullish year for the benchmark cryptocurrency.

The on-chain analyst who developed the metrics that this model is premised upon concluded in a recent tweet that $200,000 per Bitcoin by the end of 2021 is a “conservative” prediction and that it could rally even higher.

Bitcoin Rebounds from Overnight Lows, But Bulls Lose Momentum

At the time of writing, Bitcoin is trading down just over 4% at its current price of $18,920. This marks a notable rebound from its overnight lows of $18,200 set following the recent rejection at $19,800.

From here, the crypto rallied as high as $19,400 before bulls lost their steam and the crypto’s price broke back below $19,000.

Where it trends next will likely depend fully on its continued reaction to this key level.

Economic Model Forecasts a 10x BTC Price Rise in 2021

One respected on-chain analyst explained in a recent tweet that one of his economic models predicts that Bitcoin is about to see some massive momentum.

He is now pointing to one of his economic models, which forecasts that Bitcoin could be trading between $200,000 and $300,000 by the end of 2021.

“Views on 2021: My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question. The current market on average paid $7456 for their coins.”

Image Courtesy of Willy Woo.

This prediction does seem to be a bit far-fetched, but if Bitcoin breaks above its all-time highs and sees price action similar to that seen during previous bouts of price discovery, a six-figure BTC could be right around the corner.

Featured image from Unsplash.
Price data from TradingView.

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source https://cryptonews.wealthsharingsystems.com/2020/12/this-economic-model-predicts-a-200000-bitcoin-price-by-2022/

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Why Bitcoin Is Overdue For A Steep Correction

FOMO has returned to the crypto market in a major way, now that Bitcoin has set a new all-time high price record.

But as more buyers pile in after an already nearly 200% rally in 2020, indicators are reaching extreme readings of overbought conditions, that nearly every time in the past has resulted in a strong correction. Here’s why this time won’t be different, and why the leading cryptocurrency by market cap is overdue for a steep correction.

FOMO Reaches Frenzy Level As Bitcoin Sets New All-Time High

Bitcoin is now back on nearly everyone’s radar. The cryptocurrency is making headlines on mainstream media outlets everywhere, celebrities are getting in on the action, and institutions and hedge funds are quietly absorbing as much of the supply as they can.

“Smart money” has been loading up on Bitcoin over the last two to three years of bear market and holding for the eventual post-halving bull run that’s long been anticipated.

Related Reading | Search Engine Marketing Data Reveals Highest Retail Interest In Bitcoin Ever

BTC moving off of exchanges post-Black Thursday was the first sign markup was coming, and once $10,000 was taken out, the trend picked up in steam. From the retest of $10,000 to nearly $20,000 took only three full months, leaving a trail of thirteen consecutive green three-day candles behind.

Even retail FOMO has begun to return crypto, but all the buying has resulted in extremely overbought conditions, according to the Relative Strength Index.

Bear market corrections when the RSI becomes so overbought result in an average drop of over 50% | Source: BTCUSD on TradingView.com

Relative Strength Index: Overbought Conditions Reach Extreme, Correction Always Follows

When examining the timeframe that had the most consecutive green candle closes, the three-day Relative Strength Index very clearly shows just how overbought Bitcoin is currently. It also explains why a massive correction in crypto is largely overdue.

The RSI reached such a peak at the 2017 high, resulting in an immediate 70% decline and kicked off the bear market. The indicator also became that overheated, however, in May 2019, but didn’t the cryptocurrency didn’t top out until a full five-weeks later when a bearish divergence formed.

Bitcoin price first rose another 66% before the divergence confirmed and the asset ultimately broke down, wiping out 46% from its tag.

Related Reading |  Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal

That small snapshot of price action suggests that there are two scenarios: a sharp correction here, or another ridiculous run to $31,000 before a short-term downtrend cuts as much as 58% off current levels.

The bottom target could be as low as $8,000 in that scenario. As unlikely as it may be, the average correction from the last two bear market peaks confirms the possibility is plausible based on the data alone.

But this is now a bull market, not a bear market, and that could change things. Zooming out for a larger sample size and including the previous bull market, there were five total times the three-day chart reached such overbought conditions, and just like the bear market, each led to a correction.

Bull markets, however, only correct around 37% on average | Source: BTCUSD on TradingView.com

Four out of the five “tops” sent the leading cryptocurrency by market cap plummeting down as much as 40% at the largest of drops – nowhere nearly as devastating as bear market corrections.

The average of the bunch, suggests that the current correction could end up at roughly 37%, as other analysts have concluded based on past corrective phases.

There was one other instance where a bearish divergence formed similarly to the 2019 peak, but in the previous instance, the cryptocurrency only rallied about 30% further.

Data doesn’t lie, and this time is no different than any other situation, any other asset. The Relative Strength Index was designed to visually signal when assets have reached overbought conditions, and that is exactly the current tell.

There is no question a correction is coming, Bitcoin bull market or not. The only question is when, and according to historical recurrence, the probabilities of the top already being in are high – but a divergence and another $10,000 move isn’t outside the realm of possibility.

Because of what’s at stake – potentially a rise or fall of roughly 50% – get ready for an unpredictable, wild ride where the outcome no matter what is a correction eventually.

Featured image from Deposit Photos, Charts from TradingView.com

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source https://cryptonews.wealthsharingsystems.com/2020/12/why-bitcoin-is-overdue-for-a-steep-correction/

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[TimeStamps]
00:30 | DandBPoker.com
03:30 | 10. Range Trainer Pro
use promo code RTPHOLIDAY25 for 25% off
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06:30 | 9. Killabee 9015 Series Gaming Chairs
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10:35 I 8. Poker Night Beer Glasses and Playing Coasters
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17:45 I 6. Elliot Roe A-Game Poker Masterclass
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22:00 | What the crew is doing for Thanksgiving

Check out Full Gift Guide Here: https://www.pokernews.com/news/2020/11/pokernews-holiday-gift-guide-2020-38224.htm

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source https://cryptonews.wealthsharingsystems.com/2020/12/holiday-gift-guide-for-poker-players-2020-part-one-videos/

Why Ethereum price corrected sharply despite today’s Eth2 milestone

The price of Ether (ETH), the native cryptocurrency of Ethereum, plunged harder than Bitcoin (BTC) in the recent pullback. 

After reaching an all-time high on Coinbase, the price of Bitcoin fell steeply by over 9% within several hours. In the same period, Ether corrected by over 11%, following a marketwide pullback.

The deep correction in Ether comes as a surprise because of the Ethereum 2.0 network upgrade launch. On Dec. 1, the Eth2 Beacon Chain released on the mainnet, marking an important milestone for Ethereum.

ETH/USDT 4-hour chart. Source: TradingView.com

What led to Ether’s sharp correction?

Eth2 is a key network upgrade for the Ethereum blockchain that improves its scalability and transaction capacity. Prior to the upgrade, the network was able to process around 15 transactions per second.

After the upgrade, Ethereum will be able to scale to thousands of transactions per second, potentially more with sharding over the long term.

This is a fundamentally optimistic upgrade for the Ethereum network because it will allow decentralized applications to operate without the barriers of scalability. It would also allow new decentralized finance cycles to become more sustainable, easing user experience.

Ether’s correction after the Eth2 upgrade could have been expected due to the tendency of the market to buy rumors and sell the news. For instance, when the Eth2 upgrade was confirmed in late November, Ether price similarly dropped from around $620.

Still, the 11% decline in the price of Ether within just two hours has caught many traders off guard. The significance of the Eth2 upgrade and the implications it carries likely led the market to expect more short-term resilience from Ether.

Industry executives have also been highly optimistic about the medium- to long-term growth trajectory of Ethereum after the Beacon Chain release. This likely added to the overall positive market sentiment around ETH.

Joseph Lubin, co-creator of Ethereum and founder of ConsenSys, described Eth2 and proof-of-stake as a monumental upgrade. He said:

“The launch of the #Eth2 Beacon Chain is characteristic of the emergent, open-source ethos that attracts so many to Ethereum in the first place. More than 27,000 validators from around the globe are now participating in the new #Eth2 consensus model. Proof of Stake is a monumental upgrade of the crypto-economic incentives that already make Ethereum an automated, objective foundation for trust. We are collectively deepening the commitment to building a maximally decentralized network.”

What’s next for Ether?

Traders are anticipating a deeper pullback in the near term, or at least some consolidation. The futures market took a large hit when BTC abruptly dropped, causing havoc across the derivatives market.

A pseudonymous trader known as “TraderKoz” said that Ether would become compelling once it consolidates above $620 again. The $561 level remains a key support level for ETH in the near term if the pullback continues. The trader said:

“We’re getting some nice PA forming around Monday’s range and a nice tag of the weekly open. Wouldn’t be surprised if we consolidate around the midrange here for a bit. I’ll be interested in more longs once we trade above $620.”

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source https://cryptonews.wealthsharingsystems.com/2020/12/why-ethereum-price-corrected-sharply-despite-todays-eth2-milestone/