Ethereum Analysis – Resistance Levels in Play – 10/04/19

Bitcoin coin on white keyboard

Ethereum Price Resistance

It’s been a choppy start to the week for Ethereum. Following last week’s 23.8% rally to $178 levels, Ethereum is up by 0.53%, Monday through Tuesday.

A particularly bullish start to the week saw Ethereum strike an early Monday morning current week high $187.62 before sliding back.

Coming up short of the week’s first major resistance level at $190.36, Ethereum slid to a Monday current week low $174.07.

Steering well clear of the week’s major support levels, Ethereum managed a return to $180 levels before falling back to $174 levels.

The bullish start to the week saw Ethereum gain 3.33% before sliding by 2.72% on Tuesday. In spite of the choppy week, Ethereum managed to break through to $180 levels for the first time since 18th November. Ethereum is up by 34.6% year-to-date, most of which came off the back of last week’s crypto rally.

While it’s been relatively bullish across the broader market, 18th November was when Ethereum was in mid-sell-off on the way to its December swing lo $80.6.

The extended bearish trend, formed at last May’s swing hi $828.97, remains firmly intact. Ethereum continues to fall well short of the 23.6% FIB Retracement Level of $257, following December’s swing lo $80.6.

The good news is that Ethereum has managed to make up significant ground since December’s swing lo. The bad news is that the lack of activity in the ICO market may test investor resilience down the track.

At the time of writing, Ethereum was up by 0.87% to $177.36. A relatively bullish start to the day saw Ethereum rise from a morning low $175.04 to a high $177.89. The day’s major support and resistance levels were left untested in the early hours.

ETH/USD 10/04/19 Weekly Chart

For the remainder of the week

A move back through to $180 levels mid-week would support another run the first major resistance level at $190.36. Support from the broader market would be needed, however, for Ethereum to break through this week’s high $187.62.

Barring a broad-based crypto rally, we expect Ethereum to struggle to break out from $180 levels going into the weekend.

Failure to move back through to $180 levels could see Ethereum give up gains from the early part of the week.

A slide back through the current week low $173.95 would bring sub-$170 levels into play. Barring a crypto meltdown, we would expect Ethereum to steer well clear of the first major support level at $149.07.

While a move back through to $180 levels would support a continuation of the Ethereum recovery, a slide through to $164 levels would signal a possible return to sub-$150s going into the weekend.

Looking at the Technical Indicators

Major Support Level: $149.07

Major Resistance Level: $190.36

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Crypto Bulls Give Up Ground, But Not By Enough To Sound the Alarm

Crypto00 567

Bitcoin was amongst the crypto few that saw green at the start of the week. Following last week’s 25.7% rally, Bitcoin gained 1.4% on Monday to end the day at $5312.4.

Tracking the broader market through the morning, Bitcoin struck an intraday high $5,373.9 before hitting reverse. Bitcoin broke through the first major resistance level at $5,348.07 before sliding to a mid-day intraday low $5,138.6.

Steering clear of the first major support level at $5,101.47, Bitcoin bounced back in the 2nd half of the day. The recovery saw Bitcoin break back through to $5,300 levels and hold onto $5,000 levels for a 4th consecutive day.

Elsewhere

Across the top 10 cryptos, it was a mixed day coming off the back of last week’s broad-based crypto rally.

Ethereum returned to winning ways on the day, rallying by 3.33% to lead the pack at the start of the week.

Joining Bitcoin and Ethereum was EOS, which managed a 1.68% rise on the day.

For the rest of the pack, it was deep red. Binance Coin saw the heaviest losses, sliding by 5.05%. The diverging moves between Ethereum and Binance Coin make sense when considering that the pair compete for fundraising projects.

For Bitcoin Cash ABC, Litecoin and Cardano’s ADA, profit taking would have contributed to the reversal on the day.

Bitcoin Cash ABC and Litecoin rallied by 91.7% and 52.3% in the week ending 7th April. Cardano’s ADA also found strong support, rallying by 28.2% to continue to hold a spot in the top 10. The week-long rally left Cardano’s ADA up 117% year-to-date.

On the news wires, reports of PayPal’s new fee structures will have given sidelined Bitcoin investors food for thought. While the cryptos are looking to do away with fees, PayPal has thrown in a structure that will be more punitive to those remitting smaller sums.

When viewing Litecoin and even Ripple’s XRP, the latest news appears to have had limited impact on the cryptomarket till now. But we can expect an influence should PayPal user numbers begin to dwindle and crypto adoption see a marked increase.

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This morning,

At the time of writing, Bitcoin was down by 0.56% to $5,282.8. Bearish through the first hour, Bitcoin fell from a morning high $5,312.4 to a low $5,273 before steadying.

The day’s major support and resistance levels were left untested early on.

Elsewhere across the top 10 cryptos, it was a sea of red. At the time of writing, EOS was leading the way down with a 1.81% fall. Binance Coin saw the most modest losses within the first hour, down by just 0.34%.

BTC/USD 09/04/19 Daily Chart

For the day ahead

A hold onto $5,270 levels through the morning would support a move back into positive territory later in the day. Following Monday’s gains, support from the broader market would be needed, however, for Bitcoin to take a run at Monday’s high $5,373.9. Barring a broad-based crypto rally, we would expect Bitcoin to come up short of the first major resistance level at $5,411.33.

Failure to hold onto $5,270 levels could see Bitcoin give up Monday’s gains. A pullback through to $5,220 levels would bring the first major support level at $5,176.03 into play. Barring a crypto meltdown, Bitcoin will likely avoid sub-$5,100 support levels on the day. In the event of a sell-off, the second major support level at $5,039.67 should prevent a slide to sub-$5,000 levels.

For the broader market, a slide back to $5,000 levels will likely weigh heavily.

Altcoins Weekly Analysis – ADA, EOS, and ETH – 07/04/19

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Cardano’s ADA

Cardano’s ADA surged by 24.18% in the week ending 7th April. Following on from a 13.58% gain the previous week, Cardano’s ADA ended the week at $0.090774.

A relatively range-bound start to the week saw Cardano’s ADA pullback to an intraweek low $0.06323.

Steering clear of the first major support level at $0.0622, Cardano’s ADA rallied to an intraday week high $0.103722. Support from the broader market kicked in, driving Cardano’s ADA through the week’s major resistance levels on Wednesday.

Through the 2nd half of the week, Cardano’s ADA eased back to sub-$0.10 levels. The pullback saw Cardano’s ADA fall through the third major resistance level at $0.1366 and second major resistance level at $0.0961.

The week’s rally gave Cardano’s ADA a 7th consecutive week in the green.

For the week ahead,

A hold above $0.0860 levels through the early part of the week would support another week in the green. A move back through $0.0950 levels would bring $0.10 levels and the first major resistance level at $0.1086 into play. Support from the broader market would be needed, however, for a breakout from $0.10 levels. Barring another crypto rally, we would expect Cardano’s ADA to fall short of the second major resistance level at $0.1264.

Failure to hold onto $0.0870 levels could see Cardano’s ADA take a hit in the week. Barring a broad-based crypto sell-off, however, we would expect Cardano’s ADA to avoid sub-$0.080 levels. In the event of a crypto sell-off, a pullback through to $0.070 levels would bring the first major support level at $0.0681 into play.

At the time of writing, Cardano’s ADA was down 0.27% to $0.090527.

ADA/USD 07/04/19 Weekly Chart

EOS

EOS jumped by 27.45% in the week ending 7th April. Following on from a 13.51% rise from the previous week, EOS ended the week at $5.377.

Bullish from the start of the week, EOS rallied from a Sunday intraweek low $4.1544 to a Wednesday intraweek high $5.99.

Steering well clear of the major support levels, EOS broke through the week’s major resistance levels before easing back.

A Thursday pullback saw EOS fall through the third major resistance level at $5.8075 and second major resistance level at $4.9555 before breaking back through to $5.00 levels to hit a weekend high $5.7639.

For the week ahead,

A move through to $5.50 would support a bullish run through the week ahead. Following 2 consecutive weeks in the green, however, support from the broader market would be needed for EOS to take a run at the first major resistance level at $6.19. In the event of a crypto rally, the second major resistance level at $7.01 would likely be in play. We would expect EOS to come up short of the third major resistance level at $8.85, however.

Failure to move through $5.50 could see EOS give up some of the previous week’s gains. A pullback through to $4.60 levels would bring the first major support level at $4.36 into play. Barring a crypto meltdown, however, we would expect EOS to avoid $3.0 levels and the second major support level at $3.34.

At the time of writing, EOS was up 0.13% to $5.3839.

EOS/USD 07/04/19 Weekly Chart

Ethereum

Ethereum rallied by 16.65% in the week ending 7th April. Following on from a 4.1% gain from the previous week, Ethereum ended the week at $165.79.

A bearish start to the week saw Ethereum pullback to a Monday intraweek low $138.81 before making a move.

Holding well above the first major support level at $133.35, Ethereum rallied to an intraweek high $180.1. A broad-based crypto rally on Tuesday and Wednesday delivered the upside for the week.

Ethereum broke through the week’s major resistance levels before sliding back to $150 levels on Thursday. The pullback saw Ethereum fall back through the third major resistance level at $169.09 and second major resistance level at $154.25.

Support from the broader market led to a move back through to $160 levels on Saturday.

For the week ahead,

A hold above $162 levels would support further gains through the week ahead. A move back through to $170 levels would bring last week’s high $180.1 into play. Support from the broader market would be needed for Ethereum to break through the first major resistance level at $184.32. Barring a broad-based crypto rally, we would expect Ethereum to fall short of $190 levels.

Failure to hold above $162 levels could see Ethereum hit reverse through the week. A pullback through to $154 levels would bring the first major support level at $143.03 into play. Barring a broad-based crypto sell-off, however, we would expect Ethereum to avoid sub-$140 support levels.

At the time of writing, Ethereum was down by 0.14% to $165.55.

ETH/USD 07/04/19 Weekly Chart

Wednesday Delivers another Crypto Surge but Cracks Are Starting to Appear

Bitcoin and Litecoin over dollar banknotes.

Bitcoin consolidated Tuesday’s 17.3% rally on Wednesday, with a 1.13% gain to end the day at $4,978.

A bullish start to the day saw Bitcoin rise to a morning high $5,090.1 before easing back to sub-$5,000 levels.

Steering clear of the day’s major support and resistance levels early on, Bitcoin found support through the afternoon.

Rallying through to an intraday high $5,335.3, Bitcoin broke through the first major resistance level at $5,290.2 before easing back.

A late pullback saw Bitcoin give up $5,000 levels for a second consecutive day.

Elsewhere

Across the top 10 cryptos, it was a mixed day coming off the back of Tuesday’s broad-based crypto rally.

Bitcoin Cash ABC stole the show for a second consecutive day, rallying by 23.3% off the back of Wednesday’s 45.7% surge. The breakout reaffirmed the near-term bullish trend form at late January’s swing lo $105.

Litecoin was once again 2nd best. A 10.35% rally could have been much more had it not been for a late pullback. Moves through the day saw Litecoin strike a day high $99.89. A move through to $100 levels would see Litecoin form a near-term bullish trend. It wasn’t to be on the day.

For the rest of the pack, Binance saw the heaviest losses on the day, sliding by 6.3%. There were also losses for Ripple’s XRP (-3.6%), Ethereum (-1.96%), and Stellar’s Lumen (-0.49%).

Moves through the first half of the week saw Bitcoin Cash overtake Litecoin by market cap to move into the number 4 spot. Last year’s hard fork had certainly caused investors some pain, but the recovery has been ongoing since late January.

The latest moves led the total crypto market cap to a high $185.19bn before easing back to $170 levels. 24-hour volumes managed to hold, in spite of the choppy end to the day on Wednesday. Volumes hit $88bn levels before easing back, suggesting that there’s still plenty of interest at current price levels.

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At the time of writing, Bitcoin was up 0.44% to $4,999.7. A relatively range-bound start to the day saw Bitcoin rise from a morning low $4,916 to a morning high $5,066.6.

Moves through the early morning saw Bitcoin leave the major support and resistance levels untested.

Elsewhere, there was some red on the crypto-board. While Binance Coin was on the move, up by 2.75%, Stellar’s Lumen and Cardano’s ADA saw the heaviest losses early on. The pair were down by 1.77% and by 1.43% respectively.

BTC/USD 04/04/19 Daily Chart

For the day ahead

A move back through to $5,050 levels by the early afternoon would support another Bitcoin and broad-based crypto rally. A move through the morning high $5,066.6 would bring $5,200 levels back into play before any pullback.

Barring a broad-based crypto rally, however, we would expect Wednesday’s high $5,335.5 to be out of reach on the day.

Failure to move through to $5,050 levels could see Bitcoin hit reverse later in the day. A fall back through to $4,950 levels could bring $4,800 levels into play before any recovery. Barring a crypto meltdown, however, we would expect Bitcoin to steer well clear of the first major support level at $4,768.3.

Cardano’s ADA Analysis – Resistance Levels in Play – 04/04/19

Cardano Crypto Currency Market

Cardano’s ADA Price Resistance

It’s been a particularly bullish start to the week for Cardano’s ADA. Following last week’s 14.03% rally and the previous week’s 22.25% surge, it’s been 3 consecutive days in the green.

For the current week, Monday through Wednesday, Cardano’s ADA was up 28.8%. Tracking the broader market early on, Cardano’s ADA fell to a Tuesday low $0.063230 before making a move.

Steering clear of the week’s first major support level at $0.0605, Cardano’s ADA rallied to a current week high $0.101622.

The surge saw Cardano’s ADA break through the first major resistance level at $0.0782 and second major resistance level at $0.0853. The third major resistance level at $0.1030 pinned Cardano’s ADA back from more material gains in the week.

Having tracked the market through the early part of the week, Cardano’s ADA bucked the trend on Wednesday. While a number of the top 10 majors hit reverse, Cardano’s ADA managed to recover from a late slip to close out the day with a 5.6% gain.

In spite of 6 consecutive weeks in the green and the current week’s rally, the extended bearish trend remained intact. Cardano’s ADA continued to fall short of the 23.6% FIB Retracement Level of $0.1125, following 7th December’s new swing lo $0.02724.

It’s been a spectacular 2-months for Cardano’s ADA having moved into the top 10 by market cap. Cardano’s ADA has now leapfrogged Stellar’s Lumen and Tether into the number 8 spot.

At the time of writing, Cardano’s ADA was up by 2.67% to $0.09383. Moves through the early hours saw Cardano’s ADA recover from a morning low $0.087899 to a morning high $0.094796.

In spite of the pullback, Cardano’s ADA managed to hold above the second major resistance level at $0.0853.

ADA/USD 04/04/19 Weekly Chart

 

For the remainder of the week

A hold onto $0.090 levels through the middle of the week would support another run at $0.10 levels.

Support from the broader market would be needed, however, for Cardano’s ADA to break through the current week’s high $0.10162 to bring third major resistance level at $0.1030 back into play.

Barring another broad-based crypto rally, however, we would expect Cardano’s ADA to come up short of $0.10 levels.

Failure to hold onto $0.090 levels could see Cardano’s ADA hit reverse ahead of the weekend.

A fall back through the second major resistance level at $0.0853 could bring $0.070 levels back into play before any recovery. Barring a crypto meltdown, we would expect Cardano’s ADA to steer clear of sub-$0.08 levels, however. In the event of a broad-based sell-off, Cardano’s ADA could fall back through the first major resistance level at $0.0782 before any recovery.

A bounce back from a late slide to $0.084 levels on Wednesday will provide support in the coming days.

Looking at the Technical Indicators

Major Support Level: $0.0605

Major Resistance Level: $0.0782

23.6% FIB Retracement Level: $14.6

38.2% FIB Retracement Level: $12.6

62% FIB Retracement Level: $9.4

Do the Crypto Bulls Have the Staying Power? We’ve Been Here Before…

Bitcoin symbol in blockchain technology and cryptocurrency concept. Abstract background 3d illustration.

Bitcoin surged by 17.3% on Tuesday. Following a 0.7% rise on Monday, Bitcoin ended the day at $4,922.2.

Bullish from the start of the day, Bitcoin rallied from an intraday low $4,187.4 to a mid-morning intraday high $5,106.9.

Steering clear of the day’s major support levels, Bitcoin broke through the day’s major resistance levels and 23.6% FIB of $4,816. It was Bitcoin’s first visit to $5,000 levels since 20th November.

Key in the day was Bitcoin’s break through the all-important $4,500 level that was needed to draw in sidelined investors.

Elsewhere

Across the top 10 cryptos, Bitcoin Cash ABC stole the show on Tuesday, surging by a whopping 45.7%. The breakout led to a near-term bullish trend formation after hitting an intraday high $248.

Litecoin also found strong support, rallying by 28.4% on the day. Trailing the trailblazers, but not too far off, were EOS (19.5%), Cardano’s ADA (18.6%) and Ethereum (16.9%).

While bullish through the day, an early morning jump delivered the killing blow to the bears.

The total crypto market cap jumped from $159bn to a high $176.97bn on Tuesday before easing back.

Perhaps more impressively was the jump in volumes as investors jumped back onto the crypto bandwagon.

The 24-hour trading volumes had already risen to $48.5bn in the early hours of Tuesday. By late morning on Wednesday, volumes hit a day high $89.5bn…

What drove the rally across the majors on the day?

There were no major news events to drive Bitcoin back through to $5,000 levels. A positive end to the 1st quarter and some solid gains for the likes of Litecoin and Binance will have drawn investor attention.

April is a bullish month across the more traditional asset classes. The cryptomarket’s staying power will have impressed some of the doubters. As adoption continues to rise, albeit at a snail’s pace, and the SEC looks set to approve at least one of the Bitcoin ETFs, if not next month, sooner rather than later, there is optimism in the broader market.

It won’t be the first time that we’ve seen the bounce, however. Investors will be mindful of what happened in the last rally and any pullback could accelerate Bitcoin’s return to sub-$4,000 levels.

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This Morning

At the time of writing, Bitcoin was up by 1.6% to $5,001.1. Another bullish start to the day saw Bitcoin rally to a morning high $5,090.1 before easing back.

Coming up short of the first major resistance level at $5,290.2, Bitcoin slid back to a morning low $4,909.0 before moving back into positive territory.

The day’s major support levels were also left untested early on.

Across the top 10, Bitcoin Cash ABC continued to lead the way, up by 6.09% at the time of writing, closely followed by Litecoin, which was up by 5.5%.

BTC/USD 03/04/19 Daily Chart

For the day ahead

A hold above $4,900 levels through the day would continue to support a run at the first major resistance level at $5,290.2.

Support from the broader market later in the day could deliver a second breakout to $5,300 levels before any pullback.

Barring a broad-based crypto rally, however, we would expect Bitcoin to struggle to break through to $5,100 levels on the day.

Following some choppy moves last year, some profit taking could cap the upside on the day, should the broader market not experience another jump.

Failure to hold above $4,900 could see selling pressure build through the day. A fall through $4,750 levels would bring the first major support level at $4,370.7 into play before any recovery.

Trading volumes will need to be tracked through the day. Larger price swings are to be expected should trading volumes begin to ease back towards sub-$50bn levels.

We could be seeing $6,000 levels by the weekend should Bitcoin avoid a pullback mid-week…