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ETH Price Analysis: Ethereum Trading In Parallel Channel Below EMAs Between $215 And $242

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ETH price is trading between 215 and 252 in a huge parallel channel with consolidation within it. After these formations, we will see a breakout coming in when the upper and lower lines touched strong enough.

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ETH Price Analysis: 4 Hr Chart

ETH Price Analysis
ETH Price Analysis

ETH Price is trading below the 20 and 55-EMA which can confirm the next bounce to the downside as it is strong resistance and also we have an EMA cross down here which is confirming this view.

The RSI is sending moderate signs more to the downside which can provide with a test of lower levels here to touch it before backing up again to confirm the consolidation in the channel ETHUSD has. This channel will break either up or down and after the channel is broken it will confirm with high volume and momentum in the best case after that we will see a trend following in the breakout direction.

  • TREND: Sideways
  • EXPECTATION: Consolidation up and down
  • TREND AFTER EXPECTATION: EIther up or down
  • RSI: Moderate to more bearish
  • PREV: 238.12
  • OPEN: 238.03
  • VOLUME: 20.1K
  • DAY’S RANGE: 232.84 — 238.62

With Eth 2.0 updates and other positive news coming in, it will be interesting to see how ETH prices react to these updates. Keep following our analysis section for more updates.

ETH Price Analysis: Ethereum Trading In Parallel Channel Below EMAs Between $215 And $242
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ETH Price Analysis: Ethereum Trading In Parallel Channel Below EMAs Between $215 And $242
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ETH price is trading between 215 and 252 in a huge parallel channel with consolidation within it. After these formations, we will see a breakout coming in when the upper and lower lines touched strong enough.
Vince Prince
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Author: Vince Prince



Trader / Investor / Financial Analyst – Knowledge is the ability to strive 📈💸📉 – Check out my market analysis on TradingView 🤙💎💸 –
www.tradingview.com/u/VincePrince

Source: https://coingape.com/eth-price-analysis-parallel-channel-below-emas/

Blockchain News

Smart Contract 101: MetaMask

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In this lesson, we will talk about MetaMask, a popular and easy to use cryptocurrency wallet.

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To execute any transaction on the blockchain, we will need to be able to pay in cryptocurrency and for this, we will need to have our own crypto wallet.

The first step is to install MetaMask on your chrome browser. (Download Link)

Click Get Started after installing MetaMask on your chrome browser.

Create a Wallet if you are new to cryptos.

Set up your password for MetaMask on your computer—Please note this will be a different password than your Wallet password. 

Then you will get a ‘Secret Backup Phrase’, you need to keep this phrase safe as it is the only key to access your wallet and will be crucial if you ever need to restore access.

Screenshot 2020-10-27 at 2.13.51 PM.png

After confirmation of the setup, you now have your own wallet with the first account on it.

The address that begins with 0x under the word Account 1 is your public address for this account, other people will need this address if they want to send you ether cryptocurrency.

On the right upper corner, it shows the network you are currently using, in the example above it is the Ethereum network. You will get different Asset information if you switch between networks. But the Account address will always be the same when you access it by using your “Secret Backup Phrase”.

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If you need some more accounts, you could simply click Create Account, a new account will be shown immediately. Using MetaMask you can create as many accounts as you like and use the same ‘Secret Backup Phrase’ to access all of them.

Screenshot 2020-10-27 at 2.14.51 PM.png

Try to switch the network to Rinkeby and get your free ether here for the next tutorial!

Source: https://Blockchain.News/wiki/smart-contract-101-metamask

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Blockchain News

New Darknet Markets Launch Despite Exit Scams as Demand Rises for Illicit Goods

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Despite the recent amount of exit scams on dark web platforms, the darknet sector has seen increasing growth, with new marketplaces launching every year.

At the time of writing, crypto forensic firm CipherTrace has reported that it has been monitoring over 25 active darknet markets. Dark web platforms appear to have been on the rise, despite the numerous exit scams the sector has undergone this year.

Notorious exit scams

An exit scam that made headlines everywhere was that of Empire Market, one of the most successful darknet marketplaces out there before it suddenly went offline. Along with its disappearance, the dark web platform bagged a hefty profit of $30 million USD from Bitcoin funds, much to the outrage of its users.

Other exit scams flagged as significant by crypto intelligence firm CipherTrace includes that of Icarus Market. Unlike Empire Market, Icarus’ sudden shutdown was alleged to not have been planned, as the dark web market was making a sizeable profit from the influx of new users flocking to its platform after the disappearance of Empire Market. Per Ciphertrace’s official report:

“Icarus had been pushing high effort updates soon before the exit, leading CipherTrace analysts to believe that the exit likely wasn’t planned. Rather, it’s probable that the large influx of new users from Empire and their deposits made Icarus ripe for a profitable exit.”

In addition, DeepSea market is the most recent dark web to have gone offline. Due to the nature of its disappearance, moderators have concluded that the illicit goods platform exit scammed and is unlikely to return into service.

Despite the growing amount of exit scams, dark markets have been reported by CipherTrace to have been on the rise, as the cost of creating a darknet market is low and profits that could potentially be reaped from it are high. Furthermore, as exit scams have caused reputable dark webs to be non-operational, the demand for illicit goods and services have shifted to other platforms, with new dark web additions being Invictus Market and Lime Market.

Hydra is the largest dark web worldwide

Currently, the largest worldwide dark web market is estimated to be Hydra, which tops more than $1.2 billion in revenue. What is notable about it is the fact that the Russian-based darknet behemoth appears to be the top illicit platform leveraged worldwide, but most of its users are based exclusively in the Eastern European region.

CipherTrace has pinpointed that in the Western world, “DarkMarket and White House Market appear to be the largest darknet markets in the Western world with over 300,000 customer accounts each.”

Recently, the blockchain intelligence firm released a comprehensive guideline to help law enforcement detect whether cryptocurrency had been leveraged for foul play during crime.

Image source: Shutterstock Source: https://Blockchain.News/news/new-darknet-markets-launch-exit-scams-demand-rises-illicit-goods

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Blockchain News

Bitcoin Millionaires at an All-Time High as Analysts Warn of a Pullback Before BTC Moves Higher

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Bitcoin’s price has remained stable overnight, currently circulating the $13,000 level. Other cryptocurrencies, however, have not been able to hold their strength, with Ethereum (ETH) slumping 3.4 percent, Bitcoin Cash (BCH) dropping 3.8 percent and Chainlink (LINK) dipping 4.7 percent in the past 24 hours. 

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With Bitcoin’s price recent surge, many believe that the BTC price will move even higher, as it recently decoupled with the stock market. Bitcoin and the S&P 500 correlation has dropped to 0, a new low not seen since May. Anthony Pompliano, co-founder of Morgan Creek Digital said that the cryptocurrency is now the ultimate safe haven, as the market has proven. 

Bitcoin millionaires at an all-time high

Bitcoin millionaires have also reached an all-time high, as crypto analytics firm Glassnode’s data showed that the Bitcoin addresses holding over $1 million of BTC has surpassed 20,000. Glassnode also highlighted that this is the highest value level seen since January 2018, during the massive bull run. 

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Source: Glassnode

Bitcoin’s first weekly close above $11,700 since 2018

Bitcoin’s recent weekly candle close has also given BTC some strength, as it was the first weekly candle that closed above $11,700 since early 2018. Crypto analyst Josh Rager explained the importance of Bitcoin’s recent weekly close:

“Bitcoin with a 13%+ candle to close out the week. And ever since flipping the 2019 high daily close of $12,920… Bitcoin has closed above it multiple days straight as we work on the highest daily close since Jan 2018.”

However, Rager also warned that there could be pullbacks ahead, but Bitcoin is still entering into a new bullish phase, and that there are “exciting times ahead” for the cryptocurrency. 

Another crypto trader, Crypto Michael noted that he is not expecting a “clear breaker” above the $14,000 level yet, indicating that there could be a correction before entering the new resistance level. He tweeted while pointing to the graph below:

“I think this is a likely scenario, not expecting a clear breaker above $14,000 yet. A retest of previous resistance zone to build momentum towards the next rally towards $17,000 beginning next year.”

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Source: Crypto Michael via Twitter

Bitcoin investor sentiment in the “belief” zone

According to the crypto analytics firm Glassnode, Bitcoin’s investor sentiment has been in the “Belief” zone for the past week. The firm analyzes the net unrealized profit and loss, and currently, more than 50 percent of the Bitcoin market capitalization consists of unrealized profits, which puts the investor sentiment in the “Belief” zone. 

The indicator of the net unrealized profit and loss measures the difference between unrealized profit and unrealized loss of Bitcoin investors, indicating how much investors were willing to gain or lose if all Bitcoins were sold at the market price. 

The “Belief” zone indicates that Bitcoin is in the stage of a bull market where the traders believe in the rally. The next phase according to Glassnode, is the “Euphoria” stage, which was seen in the massive bull run seen during 2017. Bitcoin has broken into the “Belief” zone last on Aug. 18. 

On-chain and social metrics show concerning signs

Bitcoin has managed to secure its gains made in the past week, but how long would this last? Crypto analytics firm Santiment analyzed Bitcoin’s push above $13,000 for the first time in 15 months. Santiment indicated:

“On-chain and fundamental metrics show that FOMO has predictably intensified, and key on-chain metrics like daily active addresses haven’t quite kept up.”

According to the firm’s latest on-chain and social metrics, more concerning signs have come up as Bitcoin has shifted to a positive crowd sentiment. However, the firm also highlighted that more developers are starting to believe in the longevity of Bitcoin, as more developers are increasing their innovation on Github. 

Image source: Shutterstock Source: https://Blockchain.News/news/bitcoin-millionaires-all-time-high-analysts-warn-pullback-btc-moves-higher

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