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Ethereum [ETH/USD] Technical Analysis: Bull will lead the coin to its victory in the market

Priya

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Ethereum [ETH/USD] Technical Analysis: Bull will lead the coin to its victory in the market
Source: Unsplash

Ethereum [ETH], the second-biggest cryptocurrency by market cap, continues to ride the bull as the cryptocurrency is painted in all green, showing the brighter side of the market to the investors and traders. This comes in the wake of the upcoming hard fork, Constantinople, which is scheduled for the month of January 2019.

According to CoinMarketCap, at press time, Ethereum was trading at $136.64, with a market cap of $14.22 billion. The cryptocurrency shows a trade volume of $3.25 billion and has seen a rise of more than 24% 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 cryptocurrency records a downtrend from $156.04 to $137.18. It also shows an uptrend from $115.90 to $135.06. The immediate resistance for the coin is set at $137.26 and the strong resistance is at $156.31. Whereas, the immediate support can be found at $133.29 and the strong support at $113.36.

At present, Bollinger bands are forecasting a high volatile market for the coin as the bands are pictured parting from each other.

Chaikin Money Flow is demonstrating a bullish market as the money has started to flow into the market.

Parabolic SAR, on the hand, is showing sings of the bear’s return as the dots have started to align on top of the candlesticks.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The one-day chart is demonstrating a sharp downtrend from $466.01 to $136.82. The uptrend is outlined from $83.74 to $114.53. The immediate resistance for the coin is at $139.21 and the strong resistance is at $218.74. The cryptocurrency has formed its support line at $82.71.

Klinger Oscillator is showing  that the bull has stepped into the market with the intention of not losing it to the bear as the reading line and the signal line have made a crossover, with the reading line taking the lead.

RSI is demonstrating that the buying pressure and the selling pressure for the coin is currently evened out in the market.

MACD is also showing a strong bullish trend as the moving average line has made a crossover to take the path up north.



Conclusion:

The bull will continue to lead the coin to its victory in the market. This will be achievable as it is assisted by CMF from the one-hour chart, and Klinger Oscillator, RSI, and MACD from the one-day chart.





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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.

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Tether [USDT] fallout buoys competing stablecoin growth, finds Diar report

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Tether [USDT] fallout buoys competing stablecoin growth; record spot volume high, finds report
Source: Pixabay

Tether, the top stablecoin, maintained its vice grip on the stablecoin market, while competing fiat-pegged cryptocurrencies are experiencing steady growth. USD Coin [USDC] and TrueUSD [TUSD], the other top stablecoins, have however surged in recent months, owing to the Bitfinex-Tether episode.

According to a recent report by Diar, competing stablecoins have surged in the month of May in terms of spot trading volumes, amassing over $4 billion tokens on the blockchain. The trading volumes of the stablecoins over the past 5 months have already surged ahead of total fiat-pegged volumes in 2019.

Source: Diar

In May alone, the Coinbase and Circle-backed stablecoin, USDC, saw a massive 130 percent rise in trading volume, accounting for $3.6 billion, compared to its April sum of $1.6 billion. Launched back in October 2018 during the prolonged crypto-winter, the stablecoin’s trading volume from the first four months of its issuance is still dwarfed in comparison to its April 2019 figure.

Since the beginning of the year alone, the stablecoin grew by 41 percent, stated Diar. Trading volumes reciprocated, recording a 435 percent top-up.

Source: Diar

TrueUSD by TrustToken, the audit-friendly stablecoin, saw its volume increase by $1 billion from $2.8 billion in April to $3.8 billion in the current month, beating USDC’s trading volume by $200 million. Diar added,



“Notably, though, is that TUSD has a higher velocity marking it a favorite by traders as the stablecoin has 30% less in outstanding reserves than Centre’s USDC.”

Interestingly, the USDT-sans-stablecoin surge occurred as Tether experienced its first month-on-month decline in market share for the first time in 6 months. Holding 81.7 percent of the market in March, USDT’s market share declined to 78.9 percent of the total Bitcoin to stablecoin and fiat market.

May looks to paint a different tale for Tether, given the backlash its parent company is facing. Tether Limited also shares management with iFinex, the company that operates Bitfinex, which allegedly used USDT reserves to cover up its $850 million undisclosed losses.





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