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Ethereum [ETH] Technical Analysis: Bulls to take over the bear bestrode market

Laira Rebecca

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Ethereum [ETH] Technical Analysis: Bulls to take over the bear bestrode market
Source: Pixabay

Sunday morning witnessed the delighted journey of cryptocurrency market towards the bullish side, wherein, most of the coins have shown an upward momentum in the past 24 hours. Ethereum [ETH] continues to stay at the 3rd position by market cap even after 3 weeks since it faced the utmost defeat by XRP.

At the time of writing, ETH is trading at $117.63 with a market cap of $12.18 billion. The cryptocurrency has surged by 4.21% in the past 24 hours with the highest volume to be seen on exchanges such as OEX, RightBTC etc. The 7 days statistics of Ethereum has also shown an impressive progress with a 9.33% hike, according to CoinMarketCap.

Ethereum [ETH] 1 hour chart | Source: TradingView

Ethereum [ETH] 1-hour chart | Source: TradingView

The 1-hour chart of ETH has an uptrend ranging between $105.4 – $111.7 –  $118.6 with resistance points set at $129.5 and $125.4. The downtrend for this timeline ranges from $124.9 – $121.6 – $118.6. In this case, the support point is fixed at $105.27.

The Parabolic SAR is currently forming the dots right above the candlesticks, indicating that it is the beginning of a bear trend. This comes right after a strong bullish signal indicated by SAR previously.

The Chaikin Money Flow is currently below the zero line, which is gradually moving upwards indicating that the inflow of money in Ethereum market has increased.

Klinger Oscillator has taken a bearish crossover a few hours back, however, it can be noticed that the reading line is depicting a reversal and moving upwards currently.

24 hours:

ETH 1-day chart | Source: TradingView

ETH 1-day chart | Source: TradingView

The daily candlesticks of Ethereum [ETH] are currently experiencing a strong downtrend ranging from $821.7 – $211.4 – $122.5. The recent resistance point for the cryptocurrency is set at $286.58.

The Bollinger Bands is currently expanding indicating that there is a high chance of increased volatility in the Ethereum market.

The Relative Strength Index [RSI], was hit majorly and the price had brought it below the oversold line. However, the indicator is currently moving back to the RSI zone, depicting that the selling pressure has reduced in this time frame.

The Awesome Oscillator shows a transition to the green signal indicating that there will be a bullish trend in the future.



Conclusion:

In both the timeframes, most of the indicators are demonstrating the beginning of a bull run for Ethereum. The diverging Bollinger Bands are giving more space for the candlesticks to form trend reversal patterns on a long run.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Ethereum

Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand

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Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,



“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”





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