ETH (Ethereum)

ETHBTC 5


ETHBTC 240


ETHBTC D


ETHUSD 5


ETHUSD 240


ADVERTISEMENT
easycM6CaC
Free Currency Card in the UK; Free Currency Accounts for European Business Travellers

ETHUSD D


ETHEUR 5


ETHEUR 240


ETHEUR w


Bullish Continuation Pattern on Ethereum Predicts Price Over $1,500

Yashu Gola

Reading Time: 2min read

Bullish Continuation Pattern on Ethereum Predicts Price Over $1,500

Ethereum has the potential to extend its ongoing upside move towards or above $1,500.

The second-largest cryptocurrency broke above a consolidation price channel on Wednesday, breaking its upper trendline on surging volumes. So it appears, the channel is an Ascending Triangle that traders perceive as a bullish continuation indicator.

An Ascending Triangle structure develops when an asset fluctuates between a horizontal resistance line to form swing highs and a rising trendline to form swing lows.

Reloads and free spins available every day, for every player, in mBitcasino Crypto Autumn Bonanza! Play Now!

Therefore, if the asset trades upward before forming the said structure, its potential for continuing the trend higher increases following a breakout move through the horizontal line; Typically, the breakout target lurks near the level at a distance equal to the length of the previous uptrend move, otherwise known as “Flagpole.”
The Ascending Triangle Setup

Ethereum formed a similar structure following its explosive move from $757 to $1,169. The Triangle pattern established a horizontal resistance line near $1,127. The ETH/USD exchange rate broke the level to the upside during the European session Wednesday, reaching an intraday high of $1,170.

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency
Ethereum enters the resistance range with a history of undergoing sell-offs. Source: ETHUSD on TradingView.com

Ethereum enters the resistance range with a history of undergoing sell-offs. Source: ETHUSD on TradingView.com

The price entered the colored region, as shown in the chart above. It held the history of sending ETH/USD lower due to higher selling sentiment. So it appears, traders with a short-term outlook profited from the pair’s intraday top on Wednesday as well. Nevertheless, the price remained above the horizontal line, signaling its potential to extend its breakout move upward.

Ethereum to $1,500

A further break above Ethereum’s session high of $1,168 could prompt traders to eye the Ascending Channel’s breakout target. The flagpole height before the pattern’s formation is around $395. That roughly puts ETH/USD en route to over $1,500.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin and Ethereum trade volumes near best single-day peaks. Source: itBit

Bitcoin and Ethereum trade volumes near best single-day peaks. Source: itBit

More evidence of a potential Ethereum rally comes from its retail demand. Nugget News Founder Alex Saunders shared a single-day Bitcoin and Ethereum volume chart sourced from itBit, a digital asset platform owned by PayPal’s crypto services provider Paxos. He said:

“Retail demand is absolutely sky rocketing for BTC and ETH with on track to smash their highest single-day volume of $110M. The general public is catching the magic internet money bug, just as a wave of institutional money has begun pouring in.”

 

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor’s in information technology, with majors in data structures and C++ programming language. He has also won the ‘Atulya Award’ for his efforts towards raising $100,000 for an India-based farming project.

 

Stellar’s XLM Token Rallies to 2-Year High on XRP Woes, OCC Ruling, Ukraine

Jan 6, 2021 at 12:00 p.m. GMTUpdated Jan 6, 2021 at 12:36 p.m. GMT

Omkar Godbole

Stellar’s XLM Token Rallies to 2-Year High on XRP Woes, OCC Ruling, Ukraine

Payments-focused Stellar blockchain’s native cryptocurrency XLM has surged to over two-year highs. One analyst says the rally is driven by rival cryptocurrency XRP’s misfortunes and the U.S. Office of the Comptroller of the Currency’s (OCC) recent guidance on stablecoins.

XLM (+84.57%) changed hands at $0.2990 at 11:00 UTC, the highest level since November 2018. The third-largest cryptocurrency by market capitalization has doubled in value so far this week and has gained more than 50% in the past 24 hours, according to CoinDesk 20 data.

XLM’s weekly chart

Trading volumes have picked up, alongside the price rally. “Average volumes captured by the CF Benchmarks’ XLMUSD settlement price has more than doubled in the past 14 days,” Sui Chung, CEO of CF Benchmarks told CoinDesk. Price gains backed by an uptick in volumes are considered sustainable by chart analysts.

Subscribe to Blockchain Bites, our daily update with the latest stories.

By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy.

According to Denis Vinokourov, head of research at the London-based prime brokerage Bequant, XLM is enjoying a two-fold benefit at the expense of XRP (+6.32%), in part, because XLM is a modified fork of XRP.

On Dec. 22, the SEC filed a lawsuit against Ripple Labs, Ripple Labs, a San Francisco-based developer of the Ripple payment protocol and exchange network, for raising $1.3 billion over a seven-year period to retail investors through its sale of XRP. Since then, the price of XRP has halved to near $0.20 and the crypto community is speculating that funds are being rotated out of XRP into XLM.

Further, XLM seems to be benefitting from the U.S. OCC’s recent decision to allow U.S. banks to use public blockchains and dollar-backed stablecoins as a settlement infrastructure in the financial system, Vinokourov told CoinDesk in a Telegram chat, while adding that, “XRP is unlikely to benefit from in the meantime as it deals with the SEC case.” In addition, XLM is continuing to rise following Stellar’s announcement earlier this week that it’s helping Ukraine develop a central bank digital currency (CBDC). Even though Ukraine has since downplayed the importance of Stellar’s role and that the XLM coin would play no part in the CBDC, it apparently hasn’t stopped some investors from buying the token.

“It was reported that the Ukrainian government selected the Stellar blockchain network to build its prospective CBDC,” CF Benchmark’s Chung told CoinDesk. “This is turning into a perfect storm for XLM.” 

At press time, XLM is changing hands near $0.2850, and XRP is trading at $0.2290, down 3% on a 24-hour basis. Several cryptocurrency exchanges have delisted XRP since the SEC announced its lawsuit on Ripple. Further, Grayscale Investments has removed XRP from its large-cap crypto fund and and crypto fund manager Bitwise has liquidated its XRP holdings. Grayscale Investments is owned by CoinDesk’s parent company Digital Currency Group

Related Listening

December Reports

November Reports

October Reports

September Reports

August Reports

July Reports