The cryptocurrency market, including Ethereum, has re-emerged from the bear’s market and has paved its path back to the bull’s market. The coins are seen enjoying their victory as majority of them are sprinkled in green in terms of their long-term value.
According to CoinMarketCap, at press time, Ethereum [ETH] was trading at $120.74 with a market cap of $12.65 billion. The trading volume for the cryptocurrency is recorded to be $3.24 billion and the coin has seen a surge of over 12.17% in the past seven days.
In the one-hour chart, the coin pictures two distinguished uptrends; from $118.62 to $123.94 and from $103.27 to $115.70. The immediate resistance for the coin is pictured at $123.95. Whereas, the main support levels are placed at $115.66 and $101.28.
Klinger Oscillator is forecasting a bearish wave for the cryptocurrency in the short-term as the reading line placed itself below the signal line after a crossover.
Bollinger Bands are predicting a volatile market for the coin as the bands are seen expanding in order to make more room for price movements.
RSI is showing that the buying pressure and the selling pressures for the cryptocurrency have been evened out by each other in the market.
The one-day chart demonstrates a downtrend from $478.79 to $123.94. The coin has an uptrend from $83.74 to $103.22. The immediate resistance can be spotted at $128.43 and the strong resistance at $155.99. The immediate support for the cryptocurrency is laid down at $103.16 and there is strong support for the coin at $82.74.
Chaikin Money Flow is showing a bullish market for the coin in the long-run as the money is pictured flowing into the market.
Parabolic SAR is also on the same page as the dots have aligned below the candlesticks.
MACD is also optimistic of the bull’s reign as the moving line has placed itself above the signal line, after the crossover. More so, the histogram is also painted in green, suggesting a similar support.
After forecasting a bearish reign for the past few days, the coin has regained its hope of returning to the bull’s market. It has also convinced majority of the indicators including CMF, MACD, and Parabolic SAR from the one-day chart to support its cause.
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
With a year left for the highly anticipated Bitcoin [BTC] halving, many expect the price of the top-cryptocurrency to surge prior to May 2020. Analysts have previously opined that three months to one year before the halving does the price of the cryptocurrency move up.
A new piece of research from the cryptocurrency analytics firm, CoinMetrics, suggested that in addition to the precursor pump, Bitcoin [BTC] will reach its “local peak” 18 months after the halving.
CoinMetrics charts the price of the top coin, divided based on the 2012 and 2016 halving, showing a noticeable trend. A little more than a year after the first halving when the 210,001 block was mined, the price of Bitcoin surged above $1,000 for the first time, in December 2013 to be precise.
Next, During the July 2016 halving, the coin was trading at just above $600 and within the suggested period of 18 months, the top virtual currency saw its second peak. On 17 December, the coin reached a never-before-seen high of over $19,700 as the Chicago Futures exchanges embraced the digital assets market.
With the price of Bitcoin over $5,000 for the first time in over four months, and the precursor halving bulls on the horizon, the price could surge. Furthermore, based on CoinMetrics’ inference, Bitcoin will see its third peak, higher than $20,000, by the close of 2021, eighteen months after the May 2020 halving.
The halving protocol was placed in the original whitepaper to thwart inflationary pressure that would arise with more blocks mined and more Bitcoins supplied. Historical charts prove that this objective has been adhered to, with a constant drop in the inflation rate with the two previous halvings.
In 2012, the inflation was over 25 percent and immediately after the miner reward reduction to 25 BTC per block, it dropped to under 15 percent. A bracket between 7 percent and just under 20 percent sustained until the second halving in July 2016.
The second halving saw a decline in inflation rate to under 5 percent for the first time in the coin’s history, which has been maintained till today. CoinMetrics pegs the inflation, at press time, to be 3.8 percent. Furthermore, if the historic trend continues, the inflation rate would drop by more than 50 percent to 1.8 percent in May 2020.
Based on the current market and using a historical outlook, analysts suggested that 2019 will be the year of building the industry while the price effect will manifest next year, with the halving being at the very core. Many believe that institutional interest on the rise and the growing crypto-adoption surge could result in a bullish 2020.
Charlie Lee, BTCC’s co-founder suggested in December 2018 that Bitcoin’s next rally will begin in “late 2020”, months after the halving and would peak in December 2021 at 333,000. However, the precursor to this rise would be a January 2019 bottom of $2,500 which did not materialize.
Subscribe to AMBCrypto’s Newsletter
Coinbase is a huge net positive for not just cryptocurrencies, but for the world, says Bitcoin Cash proponent Roger Ver
John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more
Ethereum [ETH] witnessed 6 of 10 of its highest usage days in the past three weeks despite bear attacks
Ripple-backed XRPL Labs releases XRPayments on Playstore and App store
Binance announces DEX mainnet launch; reveals date for mainnet swap
Bitcoin SV [BSV]: John McAfee ‘sues Calvin Ayre in four different countries’; vows to bankrupt him
Cardano [ADA]: Proof of Stake [PoS] throws away expensive process & advances the network, says Charles Hoskinson
Cardano [ADA]: We will emerge from 2019 more decentralized than any other network, says Charles Hoskinson
Bitcoin [BTC]: Don’t buy into it if you are not ready to be rekt, warns Richard Heart
XRP takes another step into mainstream adoption as Skype hints a possible integration
Japanese ‘Amazon’ Rakuten opens registration for trading cryptocurrencies on Rakuten Wallet
Breaking: SBI Virtual Currencies delists Bitcoin Cash [BCH] in response to Binance’s Bitcoin SV delisting
Is John McAfee among crypto adherents who knows Satoshi’s true identity?
Bitcoin [BTC], Bitcoin Cash [BCH] accepted as payments by Corporate Traveller following tie-up with BitPay