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Ethereum (ETH) Technical Analysis (June 12, 2018)

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Ethereum (ETH) Technical Analysis

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It’s clear that holding coins in your portfolio is a “painful” thing right now. Before last week, we were bullish. However, following June 10 events and a consequent 15 percent Ethereum value erosion within 24 hours, there has been a calibration. In this new picture, sellers are spearheading this new chart driving prices below $500. If this pace continues, we are likely to see Ethereum at $350 in the coming days.

Let’s look at these charts:

From the News

There is a reason why any cryptocurrency coin supply is always but an important subject matter. A reasonable coin supply with coin burns is more often than not a sure way out of creating demand which in turn draws value. On the flip side, billions of total circulating coin supply and we shall have individual tokens going for less than a dollar. It’s a delicate balancing act and something whose determination lies with supply demand dynamics. So, with Ethereum printing a new total coin supply of 100 million, there are rising concerns of how ETH prices would react. Already online commentators are quick to link recent depreciation to this new revelation. Nonetheless, Ethereum coin holders must contend with this. Remember, there is no coin burn in Ethereum and it a measure that was adopted shortly after DAO hack.

#Ethereum's circulating supply passes 100M $ETH. https://t.co/78WJv0Jpz3 pic.twitter.com/fwlmU3R0fB

— CoinCodex (@CoinCodex) June 11, 2018

In other related news, Vitalik Buterin acknowledged the limited capacity within the network. During OmiseGo AMA session, he said if Ethereum TPS rose to 6, then it would have reached peak capacity. He went ahead and compares their network throughput with that of major stock exchanges and IoT. These platforms can can process hundreds of thousands of transactions per second. IoT for example market themselves saying they are infinitely scalable. Of course, there are real concerns that they must address if at all the network would turn out as robust and a go-to platform for developers.

Addressing scalability, they must because right now, Switzerland’s City of Zug is carrying out a pilot plan to digitize resident’s ID details using Ethereum’s UPort. It’s the first of the kind in this blockchain friendly city whose main objective is to test how secure their voting system would be once they incorporate blockchain.

Ethereum (ETH) Technical Analysis

Weekly Chart

Ethereum (ETH) Technical Analysis
Ethereum Weekly Chart by Trading View

Like the rest of the markets, bears are in charge and with Ethereum down seven percent in the last 24 hours and 11 percent in the last seven days, sellers’ intention are clear. Even though we were positive expecting prices to appreciate in line with week ending June 3 bullish candlestick, last week’s depreciation negated our view. Buying in the midst of strong sellers was an optimistic approach. This is considering how the preceding candlestick was extremely bearish. So, since prices are below $550, our main support line, it’s only prudent for us to wait until we see strong moves below $500. Ideally, break below key support lines should draw with it high volumes and that’s what we should be watching out for assuming price action moves according to our trade plan.

Daily Chart

Ethereum (ETH) Technical Analysis
Ethereum Daily Chart by Trading View

The sell off is clear and while at it, yesterday’s reluctance for a follow through is obvious. Well, it should be no point of concern because this is normal and often happens after periods of rapid depreciation/gains. From the weekly chart, I will recommend selling after breach below that conspicuous $500 line in the chart. Before then, I shall remain neutral until after our condition are met. If not, waiting for gains above $650 is another option that’s right on the table.

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

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His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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