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Contrary to sentiment and upbeat expectation from within the crypto market, Ethereum is struggling against sellers. At spot prices, the second largest coin is down four percent. This is amid claims of discontentment by some developers that the Constantinople hard fork deadline and expectations are overwhelming—if not unrealistic.
From the News
In a bid to contribute towards a more open financial system that helps foster creation of equal opportunities, efficiency and above all economic freedom via cryptocurrency and blockchain, CoinBase will try to evangelize the benefits of crypto and innovate ways of spurring institutional and individual adoption across the globe. Recent initiatives in Europe demonstrate their intentions say Zeeshan Feroz, the CEO of CoinBase UK.
Though the community is thirsty and expectant that CoinBase shall add more digital assets on to their platform, the crypto exchange platform has taken massive strides that have seen a spike in user experience satisfaction in recent times. Among them is the introduction of Faster Payments. This incorporation alone is cutting down the cost of FX and concurrently speeding up transaction processing. Furthermore, CoinBase UK are duly licensed by the FCA. Additionally, UK account holders can purchase any of CoinBase listed assets in GBP.
In other news, MetaMask–an Ethereum browser-will from Nov 2 stop injecting Web3 to user browsers as they bolster security. Instead they plan on using postMessage API after users noticed vulnerability, “fingerprinting” which could by-pass MetaMask privacy protection. It is along this privacy line that similar dApps will need an update with injection of web instances on the user browser dependent on user approval.
Ethereum (ETH) Technical Analysis
Weekly Chart
When trading, it’s imperative to note that the fastest way of draining your crypto cache is to trade against the trend. That might be the case today assuming there is a recovery of price clipping sell momentum and registering highs say above $350–$400 resistance zone.
As visible from the chart, ETH is one of the biggest losers in the top 10 shedding five percent week over week and by doing so, price action did confirm that bearish engulfing and break out pattern of week ending Aug 12.
If anything, chart specific patterns have already signaled the path of least resistance printing in the midst of strong eight month sell pressure that has so far wiped 80 percent of value after peaking in late Dec 2017.
On a higher level, we shall use the Ethereum (ETH) weekly chart for trend definition and judging from alignment of candlesticks, we suggest taking shorts in lower time frames with eyes on $150.
Daily Chart
Aug 20 candlestick is a mark of sellers and shifting in contrary to Aug 17 bulls, this bear bar has been so far successful in confining prices within a tight $60 range with supports at $250.
Since the overall momentum is bearish, the best ETH trade plan applicable in such a ranging market is to wait for a strong bear dip below $250. Thereafter, we shall recommend shorts with first targets at $150.
On the flip side, for buyers to take charge and damp our bearish expectations then any just above Aug 17 highs at $330 might trigger a series of higher highs aiming for $350 and later $400—our immediate resistance line.
Disclaimer: This is not investment advice and views represent that of the author and not NewsBTC. Do your own research before making an investment decision.
