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Ethereum [ETH] leads green market; registers over 10% growth in 24 hours

Namrata Shukla

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Ethereum [ETH] leads green market; registers over 10% growth in 24 hours
Source: Pixabay

The New Year has brought a new standing ground for Ethereum [ETH] as the markets glows green. The coin which was the third largest until recently, has taken over XRP to become the second-largest coin on the top-10 cryptocurrency list. XRP slipped to the third position while ETH continues to grow by large margins.

Source: Coin Market Cap

Source: Coin Market Cap

At the time of press, ETH was valued at $150.22, with a market cap of $15.6 billion. The coin registered a 24-hour trade volume of $2.7 billion, with a growth of 10.40% over the past 24 hours. The coin has been gradually growing over the past few days and its overall spike is noted to be 15.36% in a week. The coin is still pumping by 1.74% in an hour.

The coin is being traded in high volumes on various exchanges. The exchange to registered the highest volume for ETH is OEK. It registered $166 million trading volume on the ETH/BTC pair. OEX was followed by OKEx, which noted a volume of $114 million on the ETH/USDT pair. The third position was taken by Huobi, with a volume of $102 million on the ETH/USDT pair.



The community was losing its faith on the coin as it was appeared to be stagnated for a long time, however, as the new year began, the coin flourished and reinforced the community’s belief in the now second-largest cryptocurrency.

Ethereum was also in the news recently when its co-founder, Vitalik Buterin, was asked to help review Tron white paper by Tron’s founder and Chief Executive Officer [CEO] Justin Sun. On this, a Tron enthusiast, Misha Lederman, had said:

“A developer as gifted as @VitalikButerin should most definitely consider to start working with a visionary, entrepreneur, CEO, student of history & politics, under Jack Ma & many others, such as @JustinSunTron in order to jointly grow blockchain adoption & technology together.”

Analysis

76284|Ethereum [ETH/USD] Price Analysis: Coin bids adieu to bull market as bears take over

Priya

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Ethereum [ETH/USD] Price Analysis: Coin bids adieu to the bull market as bears take over
Source: Unsplash

Ethereum [ETH], the second largest cryptocurrency by market cap, indicated the presence of both the bull and the bear. According to CoinMarketCap, the cryptocurrency was trading at $136.39 with a market cap of $14.36 billion, at press time. The coin displayed a trading volume of $5.06 billion, and a rise of 1.47 percentage in the past seven days. The coin also dropped by 2.79 percentage in the last 24 hours.

1-hour

Ethereum [ETH] one-hour price chart | Source: Trading View

Ethereum [ETH] one-hour price chart | Source: TradingView

In the one-hour chart, the cryptocurrency demonstrated downtrends from $142.52 to $138.83, and from $138.43 to $134.85. The uptrend for the coin was outlined from $132.91 to $134.49.

The coin’s immediate resistance was pictured at $138.94, and strong resistance was laid at $140.21. The immediate support for the cryptocurrency was found at $132.75, and there was strong support at $130.69.

Parabolic SAR indicated a bullish market for the coin as the dotted lines were below the candlesticks.

Chaikin Money Flow forecast the opposite, as the money flow took the exit route.

Bollinger Bands diverged, suggesting some volatility and price movement for the coin.

1-day

Ethereum [ETH] one-day price chart | Source: Trading View

Ethereum [ETH] one-day price chart | Source: TradingView

In the one-day chart, the downtrends were displayed from $218.66 to $157.56, and further from $157.55 to $138.72. The first uptrend for the currency was drawn from $82.92 to $103.22, while the second extended from $103.22 to $134.41.

The immediate resistance for the cryptocurrency was at $140.53, and strong resistance was at $157.60. The coin’s immediate support was at $125.09, and strong support was seen at $103.13 and $82.79.

Klinger Oscillator showed that the bull was losing out as the reading line was pictured below the signal line after a crossover.

RSI indicated that the buying pressure and selling pressure for the cryptocurrency evened each other out.

MACD forecast the bear’s position to be well ahead of the bull, as the moving average line dipped below the signal line right after a crossover.



Conclusion

The market suggested a strong bearish presence for the cryptocurrency, and a fading bullish presence. This was attributed to the MACD and Klinger Oscillator from the one-day chart, and CMF from one-day chart siding with the bear.

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Ethereum

76127|Ethereum’s [ETH] Vitalik Buterin says ETH’s crowd sale being classified as securities sale is not worrisome

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Ethereum's [ETH] Vitalik Buterin says ETH's crowd sale being classified as securities sale is not worrisome
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Vitalik Buterin, Co-founder of Ethereum [ETH], spoke about the recent ‘Ethereum is not a security’ controversy, during the Unchained Live event with Laura Shin.

Earlier this week, U.S. Securities and Exchange Commission Chairman, Jay Clayton, stated in a letter to Coin Center that he agreed with the statements made by William Hinman, the Former Director of Corporate Finance – SEC. The statement he agreed to was that, a token offered for sale could be initially be a security, but its designation could change over time if it did not meet the definition of the investment contract or the Howey framework.

Interestingly, Hinman had used Ethereum’s token, Ether, as an example for this explanation during his speech. Hinman had said, “The present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether,” are not classified as securities transactions. This remark disregarded the fundraising aspect to the creation of Ether.

During the event, Laura Shin stated that based on the SEC’s remarks, it was likely that the crowd sale of Ethereum would be considered a violation of securities laws. This was followed by Shin asking Vitalik Buterin if he was “worried about an enforcement action” against him, and the other co-founders.



To this, Buterin replied,

“It’s something, so far, we haven’t like seen anything suggesting it is, anything like that happening. I mean we definitely have like our lawyers and legal teams and they’re definitely are watching the situation closely but so far we haven’t seen any reason to be worried for ourselves”

Following this, Shin asked Vitalik Buterin whether this was something he would stress about. Buterin responded, “I would say, no. And, probably what mainly listening to our lawyers and legal teams at this point.”

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