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Ethereum [ETH/USD] Price Analysis: Coin cheers for bear as bulls accept defeat

Priya

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Ethereum [ETH/USD] Price Analysis: Coin cheers for the bear instead of the bull
Source: Unsplash

Days after a price rush, a portion of the cryptocurrency market seems to have calmed down. This includes Ethereum [ETH], the second largest cryptocurrency by market cap.

According to CoinMarketCap, at press time, the coin was trading at $139.35 with a market cap of $14.67 billion. The trading volume of the cryptocurrency was $4.37 billion and the coin recorded a significant rise of over 4% over the past week.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: Trading View

The downtrends for the cryptocurrency on the one-hour chart were outlined from $142.52 to $140.19, and from $140.19 to $138.15. The uptrends for the cryptocurrency was recorded from $131.23 to $136.54.

The coin’s immediate resistances were at $138.15 and $140.20. A strong resistance found its stronghold at $142.54. The immediate support for the cryptocurrency was at $136.10 and the strong support was at $135.08.

MACD showed the moving average line below the signal line after a crossover and indicated a blood-red market for the cryptocurrency.

Bollinger Band predicted a less volatile market as the bands were closing on each other, giving little space for price movement.

Chaikin Money Flow indicated a win for the bear as the line was below the zero-line, indicating that money was flowing out of the market.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

On the one-day chart, the downtrends for the cryptocurrency were traced from $218.66 to $157.56 and from $157.55 to $140.49. The uptrends for the coin were spotted from $82.82 to $103.22 and from $103.22 to $131.40.

The immediate resistance of the cryptocurrency was pictured at $140.52 and the strong resistance was at $157.62. The immediate support was found at $125.05 and the strong support was at $82.70

Klinger Oscillator forecasted that the bear would win the war for market dominance as the reading line moved below the signal line after a crossover.

Parabolic SAR, on the contrary, showed a bullish market as the dotted lines were below the candlesticks.

RSI showed an even buying pressure and selling pressure for the cryptocurrency.

Conclusion

The coin showed that Klinger Oscillator from the one-day chart, and MACD, and CMF from the one-hour chart, were cheering for the bear’s win. However, Parabolic SAR from the one-day chart stood by the bull.





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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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