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Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’

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Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.



A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Ethereum

Cryptopia hack: Over $7 million worth of Ethereum [ETH] transferred by hacker to unknown wallet

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Source: Unsplash

The New Zealand cryptocurrency exchange, Cryptopia, which fell to its doom due to a security breach that occurred earlier this year, continues to stay in the headlines. The attacker, who almost drained the exchange’s entire Ethereum wallets, has been transferring the stolen funds since the beginning of the day.

Whale Alert, a Twitter account that tracks the large sum of cryptocurrency transactions for all the top coins, has been tracking the movements of all coins compromised to recent hacks. A few minutes ago, the social media account showed that large sum of Ethereum tokens was further being moved to a different wallet.  A total of four different transactions were completed, with around 29770.7290449 ETH [over $7 million] were transferred within 15 minutes.

Notably, all the ETH from the wallet d96ba527be241c2c31fd66cbb0a9430702906a2a was transferred tod4e79226f1e5a7a28abb58f4704e53cd364e8d11, draining all the cryptocurrency from the initial wallet. More so, the attacker first transferred a 1 ETH before making huge transactions.

Wallet address transferred from | Source: EtherScan

Wallet address transferred from | Source: EtherScan

Wallet address transferred to | Source: EtherScan

Wallet address transferred to | Source: EtherScan

This was not the first transaction of the day; the hacker transferred a small chunk of ETH earlier today and ERC20 tokens were also moved to different exchanges.

WhaleAlert reported on Twitter that around $7.67 million worth of Ethereum was transferred to an unknown wallet.



“30,790 #ETH (7,740,465 USD) transferred from Cryptopia Hack to unknown wallet […] The recent Cryptopia Hack transfer very likely went to a #Huobi deposit wallet. From there it has probably been sold for other coins.”

While another report by Coinfirm stated that the exchange’s ERC20 tokens, 0x Project [ZRX], Kyber Network [KNC] and Power Ledger [POWR], were being transferred to major cryptocurrency exchanges.

MisterCandyMan had stated on Twitter,

“This is a problem though because they’re never gonna be able to identify the hacker!”





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