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Ethereum [ETH] Price Analysis: Coin makes a return trip to the bear’s market

Priya

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Ethereum [ETH] Price Analysis: Coin makes a return trip to the bear's market
Source: Unsplash

Ethereum [ETH], a leading cryptocurrency in the market, continues to struggle to regain its position in the market. The coin Ethereum lost its position to is XRP, which is now seen placed in the second place by market cap.

According to CoinMarketCap, at press time, Ethereum was trading at $107.83 with a market cap of $11.29 billion. The coin has a trading volume of $2.53 billion and the coin has seen a slight rise of over 1% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: Trading View

In the one-hour chart, the coin demonstrates a downtrend from $113.57 to $109.30 and is seen going further south only to settle at $106.47. The uptrend for the cryptocurrency is recorded from $103.29 to $105.60. The immediate resistance for the coin is at $106.84 and the strong resistance is at $109.72. Whereas, the immediate support is at $105.07 and the strong support is at $103.24.

Parabolic SAR is currently showing a bearish wave for the cryptocurrency as the dots have aligned above the candlesticks.

Chaikin Money Flow is also on similar terms as the indicator is picturing the money flowing out of the market.

Bollinger Bands are forecasting a less volatile market for the cryptocurrency as the bands are seen close to each other, making less space for price movements to take place.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The one-day chart shows that the downtrend for the cryptocurrency is outlined from $317.55 to $115.91 and further down to $109.30. The uptrend is pictured from $83.74 to $104.01 and continues to rise till $105.94. The coin’s immediate resistance is at $128.06 and the strong resistance is at $156.01. The immediate support for the coin is at $103.98 and the strong support is at $82.81.

Klinger Oscillator is showing a bearish market for the coin as the reading line is below the signal line after a crossover.

MACD is also forecasting a bearish weather as the moving average line is below the signal line and the histograms are also seen painted in red.

RSI is showing that the buying pressure and selling pressure for the coin are still evened out in the market.

Conclusion:

The coin has made a return trip to the bear’s market. This is evidenced as the support of the majority of the indicators from both the one-hour chart and one-day chart is towards the bear.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

News

Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum

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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
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Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”

A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.

The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].

Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.

Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”

Source: LongHash

Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”

Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.

The report added,

“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”

Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.

The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.

Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.





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