Crypto Analysis Report 9-15-18 Ethereum Showing Signs Of A Reversal

in #bitcoin6 years ago

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Analysts in the crypto space said the price decline in ethereum (more than other major alt coins) was due to the sell off of ERC20 blockchain projects that have raised millions of dollars in ETH in their token sales.

In the past 10 days, Initial Coin Offering (ICO) projects have sold three times more Ethereum (ETH) than they did in August, according to research by TrustNodes published September 13. The 160,000 Ethereum tokens sold over the past few days amount to $33 million, according to the price index at press time. Per TrustNodes, ICO projects sold 82,000 ETH on September 4, which was followed by a sharp decline in crypto markets.

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But the last couple of days the price of ethereum went from $168 to $224, up over 30%. Ethereum researcher and developer Vlad Zamfir with two other developers have created the first successful proof-of-concept of second-layer scaling solution Sharding. Sharding is a second-layer solution for Ethereum that splits the blockchain into many parts called “Shards” to optimize the process required for nodes to verify information on the network.

From my standpoint, the news coming out is nothing but noise to me. About a month ago, I wrote a post stating

If the buyers can hold the low at $250 and take out the sellers at $360, Ethereum has a chance of rising to $520 medium term. For me to take Ethereum serious, I need to see price take out the sellers at $360, close above the 21 EMA and the daily down trendline. The trade set-up is to go long on a pull back.

Crypto Analysis Report 8-20-18 Ethereum…The Bear Trap Didn't Work, So I Reset The Chart

So lets go the the charts to see where price can go short term on the 4 hr chart for those day traders out there.

Price form a nice hammer candle and reversed higher. If price is going to move higher, it must close above the $226 level on the 4 hr chart.

The price action that I would like to see if price takes out the $226 level is a retest of the 4 hr demand level at $206 before price moves to the next test at $285. But the true test still remains the daily supply level at $360 (yellow circle). If price can eventually take out this level, I believe ethereum will move higher medium to longer term.

This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.

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by rollandthomas


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I watched the price action closely to buy some around $180 as I saw signs of capitulation given the volumes. I read that they were the highest since 2017.

Great entry point...it's amazing eth has gotten this low.

@rollandthomas more articles will be?

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