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Analysts Fear an Ethereum Drop to $300 As Price Becomes “Heavy”

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  • Ethereum has begun to drop over the past 24 hours as the asset was once again rejected at $400.
  • $400 is a psychological and technical resistance for the leading cryptocurrency, which is still up 50% in the past two weeks.
  • Analysts believe that the recent price weakness could be a precursor to a stronger retracement in the days ahead.
  • One commentator is predicting a drop to $300.
  • This purportedly lines up with important technical levels on Ethereum’s medium-term chart.
  • Investors in ETH should watch Bitcoin and other markets for some directionality moving forward.

Ethereum Could Soon Drop Further, Says Analyst

Ethereum is setting itself up for a larger drop in the days and weeks ahead, say analysts as ETH bleeds lower. As the cryptocurrency slid to $380 on Friday morning, one analyst shared the chart seen below depicting this sentiment.

It shows that ETH is currently setting up for a retracement towards the pivotal $300 level. He says that this would line up with the “Fibonacci and horizontal confluence.”

Image

Chart of ETH's price action since the start of the year with analysis by trader "Vast" (@Cryptovast on Twitter). Chart from TradingView.com

The expectation of a move towards $300 for Ethereum was echoed by another trader, who said that the asset remains below a macro range high.

“Im only considering 12k+ btc prices once it closes convincingly above the HTF mid range.  Until then, expecting lower prices to get back fully into bitcoin and possibly eth,” the analyst wrote discussing how ETH could move lower.

All Eyes on Bitcoin

While Ethereum may have this technical case for the downside, it’s important to watch Bitcoin. In bear trends, it can be BTC who leads the market lower.

As it stands, most analysts remain cautiously bullish on Bitcoin. The leading cryptocurrency has held pivotal support levels during the recent drop, maintaining $11,500 most importantly.

Analysts say that $11,500 is literally the most important level for BTC in its history. The asset managing to close the weekly candle above $11,500 in approximately two days should cement that the uptrend is intact.

Commentators are also bullish on Bitcoin for fundamental reasons.

The ongoing stimulus talks in the U.S. are currently in turmoil, though a plan will come through eventually. That bill will mark the latest handful of trillions in dollars printed/debt issued, boosting the value of scarce assets like gold and Bitcoin.

As Dan Morehead and Joey Krug of Pantera Capital wrote in March: 

“Now that we’re in the trillions, the deficit just simply has to have a positive impact on the price of things not quantitatively-easable — stocks, real estate, cryptocurrency relative to the price of money. Said another way, the BTC/USD cross-currency rate will rise.”

How exactly BTC is affected by the next stimulus, though, remains to be seen.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingVIew.com
Analysts Fear an Ethereum Drop to $300 As Price Becomes "Heavy"

Source: https://bitcoinist.com/analysts-fear-an-ethereum-drop-to-300-as-price-becomes-heavy/?utm_source=rss&utm_medium=rss&utm_campaign=analysts-fear-an-ethereum-drop-to-300-as-price-becomes-heavy

Blockchain

Ripple Aims To Expand Its Financial Institutions Network

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Ripple, a huge crypto exchange, is now aiming to expand its Financial Institutions network by adding them as partners and customers. The firm is currently seeking to integrate two engineers as it has vacancy for them. One vacancy is for a Senior Integration Engineer in Dubai and another one is for Staff Integration Engineer in London. 

It is revealed that with the appointment of these two engineers, the financial institutions network of the company will be enlarged. Along with this, the partners of the firm will be having access to RippleNet using their own payment system. 

Ripple Staff Integration Engineer Will Create New Integration Solutions

According to the announcement, the Staff Integration Engineer of Ripple will be creating and trailing the new integration solutions. Not only this, he will also have to take part in troubleshooting sessions with companies across the world. 

Both the new recruitments will be working to design, build, test and deploy the integration solutions for the firm. They will also have to solve the challenges that clients and partners of Ripple might be facing while integration and deployment process. Both of the integration engineers will have to provide the training to the new customers of the firm.

XRP Might Grow Into a Better Payment Solution

Marcus Treacher, the senior Vice President of Customer Success at Ripple, has said that at the present moment, the transnational payments market is not working really well. He further mentioned that the way RippleNet has been working, it will be transforming the industry. According to him, XRP is having a huge potential to grow into a better payment solution than any other out there. The firm is regularly working to expand and better its services across the world by trying out different measures. This appointment of two engineers is going to play a major role in the development.

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#Better Payment Solution #Create New Integration Solutions #Financial Institutions Network #ripple #ripplenet #Senior Integration Engineer #Staff Integration Engineer

Source: https://www.cryptoknowmics.com/news/ripple-aims-to-expand-its-financial-institutions-network

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These 4 Trends Show That Bitcoin’s Likely to Move Higher After 20% Drop

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  • Bitcoin is technically in no man’s land a number of analysts have said after the crypto’s recent drop.
  • The cryptocurrency, in fact, is below the $11,000 resistance, where BTC was rejected last week.
  • Bitcoin is also above the support of the low-$10,000s, where a number of bounces have taken place over recent weeks.
  • Four key market data points suggest that BTC will soon resume its ascent, though.
  • There are also on-chain trends observed by a number of analysts that suggest Bitcoin’s prevailing trend is a bullish one.

The 4 Reasons Why Bitcoin May Continue Its Upward Ascent Soon

Since peaking at $12,500 late last month, the leading cryptocurrency has traded in a steep downtrend. The coin remains down $2,000 below those highs despite already bouncing by around $700 from local lows.

There are crucial market data points, though, that suggest that Bitcoin will continue its ascent in the near future. A crypto technician recently outlined these reasons in a Twitter thread:

  • Bitcoin’s Fear and Greed Index has dropped to a level of “Fear” after reaching extremely high levels of greed in August. The index is calculated through a variety of data sets, including market sentiment, volume, social media trends, and more. Analysts think that this works as a sort-of counter-indicator, reaching levels of Extreme Greed when a top is near and vice-versa.
  • Bitcoin is currently trading in backwardation, meaning that the price of futures for this market is below the actual spot price. According to the chart below, periods of backwardation are often seen prior to the cryptocurrency rallying higher.
  • The funding rates of BTC futures markets are currently in the red or at neutral levels. This is similar to the last point in that whenever they are in the red or neutral, rallies are to be expected.
  • There is a cluster of Bitcoin short liquidation levels above BTC’s current price, which the market will likely gravitate towards in the near to medium term.

Image

Chart of BTC's price action since the start of July with a Contango Index analysis by crypto trader Byzantine General (@Byzgeneral on Twitter). Chart from TradingView.com

On-Chain Data Agrees With This

On-chain data agrees with the bullish sentiment shared  by the aforementioned trader.

Willy Woo, a prominent on-chain analyst, recently commented:

“Another impulse of coins changing hands has completed, the next directional move over the coming weeks is likely upwards. It’s very unlikely we’ll see any kind of a catastrophic dump in price from here.”

Other on-chain trends such as the strength of Bitcoin miners, measured through the hash rate and network difficulty, also suggest a macro bullish backdrop to cryptocurrencies.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
These 4 Trends Show That Bitcoin's Likely to Move Higher After 20% Drop

Source: https://bitcoinist.com/these-4-trends-show-that-bitcoins-likely-to-move-higher-after-20-drop/?utm_source=rss&utm_medium=rss&utm_campaign=these-4-trends-show-that-bitcoins-likely-to-move-higher-after-20-drop

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RockX Launches $20M Investment Program to Support Polkadot

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RockX, a digital asset development company, has launched a $20 million investment program. This investment program is specifically launched to support the Polkadot (DOT) ecosystem for over the next few years. It is revealed that this funding has been capped at $500,000 worth of DOT tokens per project. Along with this, the developer team of the firm will also be providing the technical support. It was also mentioned that RockX will be receiving tokens from supported projects.

RockX Launched This Program With Financial Aid From Individual Investors

Alex Lam, CEO of RockX, has said that this program has been launched with the help of financial aid from many individual investors. All the investors who have contributed in this project have not revealed their identity as they chose to be anonymous. According to him, all these anonymous investors are some prominent DOT holders. All these investors are also long-term supporters of Ethereum as they have been in the ETH community since 2015. It has also been mentioned that despite their financial support, these investors are not at all involved in any kind of project and their functioning.

Polkadot Recently Established its Treasury

This is to be noticed that this announcement of an investment program by RockX is coming a few days after Polkadot had established the Polkadot Treasury. Despite being completely different from each other, both treasury and investment program share the same goal of building and promoting the projects. It is mentioned by the CEO Lam that the strong technical background of his firm will be contributing to Polkadot. One of the managing partners of the firm, John Ng Pangilinan has said that “RockX is taking a step further to help blockchains grow by leveraging its technical capabilities and investor networks. This will set up a new collaborative model for the industry.”

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#$20M Investment Program #Alex Lam #Financial Aid From Individual Investors #John Ng Pangilinan #Polkadot #RockX

Source: https://www.cryptoknowmics.com/news/rockx-launches-20m-investment-program-to-support-polkadot

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