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Ethereum [ETH/USD] Technical Analysis: Bull-bear clash will decide fate of the coin

Priya

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Ethereum [ETH/USD] Technical Analysis: Bull-bear clash will decide fate of the coin
Source: Unsplash

The whole cryptocurrency market seems on the brighter side of the field as a majority of the cryptocurrencies are dawned in green. This includes all the top currencies such as Bitcoin, Litecoin, Ethereum, XRP, and Bitcoin Cash ABC, taking the lead.

According to CoinMarketCap, at press time, Ethereum was trading at $119.06 billion, with a market cap of $12.44 billion. The coin registered a trading volume of $2.47 billion and has seen a hike of over 1% in the past one-day.

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 pictures downtrends from $129.38 to $124.89 and $124.65 to $118.69. The uptrend is recorded from $114.98 to $118.39. The immediate resistance for the coin is set its ground at $118.72 and the strong resistance at $124.91. The support system for the cryptocurrency is operating at $114.95 and $114.31 levels.

Parabolic SAR is forecasting a bullish trend as the dots are aligned below the candlesticks.

Chaikin Money Flow is also seen enjoying the market’s current status as it is indicating that the money has started to flow into the market.

Bollinger Bands are pictured parting from each other, making room for more price actions 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 demonstrates a downtrend from $478.79 to $155.91 for the coin. The uptrend is outlined from $83.74 to $115.86. The immediate resistance for the coin is set at $156.04 and the strong resistance is at $218.82. However, the support grounds are pictured at $114.31 and $82.81.

RSI is showing that the buying pressure and the selling pressure are being evened out by each other.

Klinger Oscillator is currently showing a bearish trend for the coin. However, the lines are drawn closer to each other, showing signs of another crossover soon.

MACD is also on the same page as Klinger Oscillator. In addition, the histogram’s red is seen fading away, opening doors for the bright color to re-enter the market.



Conclusion

The coin has started to show its preference to the bull’s regime. Klinger Oscillator and MCD from the one-day chart continue to be stuck up in the bear’s market. Whereas, Parabolic SAR and Chaikin Money Flow have already jumped to the other side.





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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.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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