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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Prices Back to Green, Surge 7% in 24 Hours

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
sleepwalking, technical analysis ethereum

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  • Ethereum (ETH) adds 7.6 percent
  • Facebook’s Libra is more popular than ETH

An independent research from eToro reveals that investors are more aware of Libra, a Facebook stablecoin set for launch in 2020, than Ethereum (ETH). Meanwhile, ETH is back to green, adding 7.6 percent in 24 hours

Ethereum Price Analysis

Fundamentals

The discourse around Facebook’s Libra, a centralized stablecoin, is at fever-pitch. Unfortunately, the consensus is not favorable for the global stablecoin. Facebook has a bad track record on privacy.

Worse, their foray into finance is agitating Congress. Visibly, most are concerned about the Libra’s effect on the USD. The US President, Donald Trump, for example is categorical stating that Facebook must acquire a banking charter before issuing Libra.

However, the bad news is that there is nothing binding Facebook from launching elsewhere. Theoretically, Facebook is not in charge of the Libra Foundation. The latter is a group of American and European companies ready to launch in approving jurisdiction.

After polling 600 people, eToro, a social trading platform, found out that Bitcoin is the most popular digital asset. 58 percent of the those surveyed were aware of BTC. Surprisingly, 16 percent knew Libra, and a mere 12 percent had heard about Ethereum (ETH).

Concluding this finding, Guy Hirsch, U.S. managing director of eToro, said:

“We believe that crypto and the blockchain technology that underpins it will be essential to ‘tomorrow’s economy. By introducing the concept to a new audience, Libra could play a vital role in the evolution of decentralized and more democratized finance.”

Candlestick Arrangement

Ethereum ETH

Battered by BTC, ETH is relatively stable against the USD. Even so, that is not to say bulls are back. Generally consolidating in a $30 range, with caps at $230, bears are evidently in control. Unless otherwise there is a sharp upswing above $230, every high will be a selling opportunity.

However, should the breaching bar be unique, marked with high trading volumes, odds are ETH will rally to $300, and to June 2019 high in a trend continuation phase. Before then, bulls are at a disadvantage. Technically, determining the short-term trajectory of ETH will be price reaction at $230 and $190.

In light of the above, the best course of action is to stay neutral with bearish leanings until a defining breakout prints.

Technical Indicator

From above, June 16 bear candlestick is leading. Visible and wide-ranging, it has high trading volumes of 405k. Therefore, as aforementioned, whether ETH will rally to $300 or sink to $150 is dependent on the strength of the breakout.

If the breaching bar has high participation exceeding 405k, then ETH will quickly tumble to $150. Conversely, sharp rally past $230 could see ETH soar to $300.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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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.

Read more

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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