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Ethereum Price Forecast: ETH/USD Tanks To $220 But Defends Channel Support, Are The Bulls Safe Now?

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  • ETH/USD stability from now henceforth depends on the 61.8% and ascending channel support areas.
  • Ethereum defends support at $220 after free-fall through last week’s support at $225.

Ethereum was forced down another gruesome ride on Monday during the European session. The second-largest cryptocurrency follows Bitcoin price action closely. As BTC dived under $9,000 for the first time in June, Ethereum broke below last week’s support at $225. At the moment, the digital asset is trading at $224 after establishing lower support at $220.

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Despite the massive drop, Ethereum has been able to defend the ascending channel support. As long as Bitcoin this support stays intact, the potential for a reversal would remain high. This support is also aided by the 61.8% Fibonacci retracement level taken between the last swing high at $290.43 to a swing low at $91.41. In addition to that, the daily chart shows Bitcoin Cash trading above the moving averages.

In this case, the 50 SMA is in line to offer immediate support while losses under $200 will sort to seeking anchorage at the 100-day SMA. From a technical point of view, Ethereum is likely to enact a reversal above $225. The RSI has slowed down the downward momentum. Holding above the midline would encourage more buyers to enter the market.

ETH/USD price chart

7:19 AM

BTC/USD price chart
BTC/USD price chart by Tradingview

According to the MACD, sellers still have the upper hand. However, this does not mean buying activity is non-existent. In fact, the indicator is still holding in the positive region. It shows that there is enough bullish activity to keep Ether above the key support at $220. On the downside, the bulls lack the volume and a catalyst to effect a significant recovery and sustain gains.

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Ethereum Key Intraday Levels

Spot rate: $224

Relative change: -7.27

Percentage change: – 3.14%

Trend: Bearish

Volatility: High

Ethereum defends support at $220 after free-fall through last week’s support at $225.
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Ethereum defends support at $220 after free-fall through last week’s support at $225.
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Ethereum Price Forecast: ETH/USD Tanks To $220 But Defends Channel Support, Are The Bulls Safe Now?
ETH/USD stability from now henceforth depends on the 61.8% and ascending channel support areas.
John Isige
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Author: John Isige



John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Source: https://coingape.com/ethereum-defends-support-220-free-fall-last-weeks-support-225/

Blockchain News

Ethereum City Builder MCP3D Goes DeFi with $MEGA Token October 28

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Recent months demonstrated explosive growth of decentralized finance with $13 Billion in total value locked. Normally, games are the first thing to take off on new platforms, and seems like DeFi is not an exception here.

 

The most obvious precedent here is the decentralized city builder dApp game MegaCryptoPolis 3D (MCP3D) is not a new kid on the block – launched early 2018 to become one of the most popular blockchain games with over 8000 ETH and 45 Million TRX (~$4’500’000) withdrawn by players from smart contracts. 

 

Players acquire Land Plots in Districts to construct buildings using Resources. Some buildings produce Resources, others allow to grab ETH and TRX from in-game “Funds” ($400’000 available at the moment). 

 

 

The most expensive game assets are Districts – one was recently sold by a player for 70 ETH (~$27’000 at the date of the deal). Districts were initially distributed on the Ethereum network starting at 5 ETH. All the Ethereum Districts now have their owners and are available only on the secondary market. TRON gaming map was opened in March 2020 and still has Districts opening every next month with the initial auction bid starting at 200 000 TRX. 

 

Resources are the core of gameplay as required by almost every action in the game. Every time a Resource is used in the game it’s burned reducing the overall supply of a Resource. 

 

 

 

Each Resource has its own price on the in-game market, which may vary depending on the network. Actual deal prices and trading volumes are available in the so-called “MCP Times” newspaper that works just like a block explorer for the game assets:

 

 

 

Last deals av. prices for 1 month

 

All the game logic runs on smart contracts with all the actions being a transaction and every game item a non-fungible token. Resources are also traded as NFTs (ERC-721) today, which does not reflect the nature of a countable asset. A new ERC-20 Token called $MEGA will be launched on September 24 to change that dramatically.

 

What is the $MEGA Token?

 

The core idea behind $MEGA Token is enabling value transfer between chains and creating an independent and trustless market with no control from developers.

 

$MEGA Token is a utility and a governance token. It’s also an index for all Resources produced in the game.

 

  • Pre-minted total supply,

  • Not a token offering, pre-sale or distribution,

  • No token reserved for team members.

$MEGA Token will have a static supply that is not changing over time as no Mint() or Burn() functions are in the smart contract – that means no new $MEGA Tokens will be created, ever. All the $MEGA Tokens will be initially allocated in the Vault. 

 

Players will be able to receive a $MEGA Token from the Vault by depositing Resources to the Vault. The less $MEGA Tokens left in the Vault, the more Resources will be required to receive the same amount of $MEGA from the Vault.

Resources locked in the Vault could be released by any player using $MEGA Tokens. The more Resources are deposited to the Vault the less $MEGA is required to receive the same amount of Resources from the Vault.

 

How to use $MEGA?

 

$MEGA Token has several use-cases:

 

1) Yield

Play the game to get $MEGA:

(swap Wood to Sand on Ethereum)

2) Transfer Value

Transfer Resources between networks using $MEGA:

Swap any Resource to $MEGA on Ethereum

Exchange $MEGA on Ethereum to $MEGA on TRON

Swap $MEGA to any Resource on TRON

 

3) Manage a Corporation

$MEGA Token can be received as a reward for managing a Corporation.

 

4) Govern a District

$MEGA Token can be received as a tax from Corporations operations in a District by a District owner.

 

5) $MEGA Token can be used as a storage of value (to HODL).

A player may operate liquidity mining operations for the $MEGA Token to earn fees providing liquidity by adding $MEGA to pools on UniSwap (Ethereum) or JustSwap (TRON Network).

How To get $MEGA?

$MEGA Token can be received by locking Resources in the MegaCryptoPolis game. Resources can be produced in a building, purchased on the in-game market, or acquired in Packs from the official store (only 5892 Packs left). 

 

Players will be able to acquire $MEGA from the in-game vault and liquidity pools (UniSwap, JustSwap) starting October 28, 2 PM UTC.

 

 

Official website: http://mcp3d.com

Twitter: https://twitter.com/megacryptopolis

Discord: https://discord.gg/AyX5QRw

Image source: MegaCryptoPolis 3D Source: https://Blockchain.News/news/ethereum-city-builder-mcp3d-goes-defi-with-$mega-token-october-28

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Blockchain News

Why Bitcoin’s Price Is Rising Despite Selling Pressure from Crypto Whales

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According to on-chain data analytics firm CryptoQuant, Bitcoin whales have been depositing their digital asset funds into exchanges recently, potentially signifying an intent to sell.

Data shows Bitcoin deposits to exchanges have gone up

Typically, wealthy investors hold their Bitcoin (BTC) funds in cold storages – offline – rather than exchanges, the reason being that it secures their huge amount of digital assets and eliminates a potential security breach from hackers. However, though it has not happened yet, blockchain analytics seem to indicate that Bitcoin whales may soon be selling some of their cryptocurrency capital, as more deposits have been made to cryptocurrency exchanges.

Though crypto selloffs usually result in the digital currency’s price dropping slightly, it has been observed that Bitcoin has been more bullish now than ever, despite the seemingly growing selling pressure of the digital asset. A crypto enthusiast retweeted by the CEO of CryptoQuant analytics firm said:

“#Bitcoin’s macro view remains bullish as the Exchange $BTC Balances continue to decline sharply since March (whales are not yet selling. Even at $13,000.) There’s also around 136k BTC currently locked in WBTC/RenBTC.”

Why Bitcoin is surging despite selling pressure

According to market analysts, there may be two explanations for Bitcoin’s current rise in price despite the forecast of Bitcoin whales preparing to liquidate their crypto funds.

First of all, demand for Bitcoin and the number of investors willing to onboard the mainstream cryptocurrency may be greater than the selling pressure of Bitcoin from retail and institutional investors.  As the cryptocurrency rises in popularity, many are actively seeking to onboard its escalating success and secure their funds through Bitcoin as a hedge, with the current global economy in turmoil and the US dollar continuously depreciating.

Second of all, the institutional demand for Bitcoin has been growing significantly, popularizing the cryptocurrency as an optimal hedge for retail investors. With the recent news of Square acquiring $50 million dollars’ worth of Bitcoin, along with MicroStrategy and Stone Ridge Asset Management’s respective $425 million and $115 million BTC purchase, others have increasingly considered the mainstream cryptocurrency as an alternative investment.

The last announcement by payments giant Paypal that it would let its customers transact with cryptocurrencies on its platform also resulted in Bitcoin leaping past a price hurdle of $13,000. This indicates that retail investors’ sentiments regarding Bitcoin is strong, and may serve to up its price despite selling pressure.

Bitcoin to decouple from the S&P 500 soon?

The cryptocurrency has been extremely bullish lately, trading at $13,127.62 on CoinGecko at the time of writing.

Market analysts have been enthusiastic about the bull run, as it appears that the cryptocurrency may finally be decoupling from traditional stock markets, a move that BTC has previously been incapable of. Gemini co-founder Cameron Winklevoss, who along with his brother has long touted the advantages of owning Bitcoin, said:

“Stocks took a dive today. #Bitcoin is flat. The decoupling is upon us.”

Image source: Shutterstock Source: https://Blockchain.News/news/bitcoin-price-is-rising-selling-pressure-crypto-whales

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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.

20201027_what is Metamask_feature.jpg

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”.

Screenshot 2020-10-27 at 2.14.37 PM.png

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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