Čvc 11

Ethereum Price Analysis – Plus NEO, EOS, ADA, XRP

As prominent economists sound the death knell for cryptocurrencies and technical analysts label the current events as part of the bottoming process, investors have one question in mind. Are cryptocurrencies nearly prepped for a turnaround or is this the next leg down in a 7-month bear market?


Market Overview

Cryptocurrencies continue to waver and fumble as a few prominent world economists forecast that governments will regulate bitcoin to death. Meanwhile, other experts predict that bitcoin will become a mainstream means of payment within the next decade. To date, droves of cryptocurrency investors are still wondering exactly where the much-hyped institutional investors are and, while positive weekly developments demonstrate that the platform for institutional investors is being constructed, these events appear to be having minimal impact on cryptocurrency prices.

In other news, the Bancor hack and failure of Bitcoin to stay above $6,750 appears to be dragging the entire cryptocurrency market to new lows, yet analysts and retail investors have spent the start of the week labeling the current technical setup as the bottoming for most cryptocurrencies.

Let’s have a look at the charts to see what’s happening.

ETH

Ethereum (ETH) price chart

After two days of trading outside the descending channel, ETH managed to pop above $500 for the first time in more than two weeks. Unfortunately, the Bancor hack and Bitcoin pullback appear to have directly impacted ETH’s momentum as it dropped below the 20 and 50-day MA and back into the descending channel.

At the time of this writing, ETH is down 10% and the daily chart shows the Stoch sharply descending from nearly overbought territory whereas the RSI dips into the bearish zone at 38. ETH now trades below the $450 support and could drop as low as the $400 – $420 area which was a June low. Below this point, ETH has support at $380 and $360.

NEO

NEO Price Chart

After pulling back from an impressive 20%+ rally last week, NEO now rests on the 20-day MA at $34.25 and the RSI on the 4hr chart shows the cryptocurrency attempting a turn around at 32 which has proven to be a zone where this particular altcoin stages a reversal.

Over the last few days, NEO has done the tango with the 50% Fib retracement level ($41 – $36.33) and the technical setup suggests a further decline in the near term. $33.66 serves as the most immediate support and at press time, NEO is holding above the 20-MA as interest in NEO appears to be increasing.

EOS

EOS price chart

EOS has taken quite a hit, down 13.18% at $7.39. EOS trades far below the 20 and 50-MA and currently rests on the $7.37 support followed by a softer support at $7. Failure to hold above $7 could see EOS drop as low as $4 where buyers are likely to show strong interest.

At the time of this writing, the RSI dips into the oversold region, and the Stoch had turned downwards with plenty of room to go which suggests further selling. In the event of a price reversal, EOS will encounter strong resistance at $9 where it previously struggled to overcome the descending trendline.

ADA

ADA price chart

Following the direction of other altcoins, Cardano (ADA) is also down 9.42% today and currently trades at $0.129 which is below the $0.1350 support. The closest support after this is $0.1253. The 4-hour chart shows both the Stoch and RSI beginning to reverse to possibly rise from oversold territory as ADA has aroused purchasing interest below $0.13. As Bitcoin continues to fall, ADA could drop as far as $0.11 which would be a good point to open a position as ADA should recover to the $0.15 resistance with ease once the current clouds clear up.

XRP

At the moment, XRP is suffering as it has finally fallen below the all-important $0.45 support and is down 5.90% for the day. Both the 20 and 50-day MA are below the 100 MA suggesting further decline as the most likely outcome. Yesterday’s drop from $0.48 pushed XRP below the 61.8% Fib retracement level, along with the $0.47 support and the cryptocurrency closed below the 100-day MA.

At the moment, both the RSI and Stoch are in bearish territory and for the time being, we do not see any entry points that provide an attractive risk-reward scenario as XRP has failed to attract buying interest even below $0.45.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX and CoinMarketCap. The charts for analysis are provided by TradingView.]

Where do you think altcoin prices will go this week? Let us know in the comments below!


Images courtesy of ShutterStock, Tradingview.com

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Dub 13

CEX.IO Adds USD and BTC Ethereum Trading Markets

Source: bitcoin

Bitcoinist_Ethereum

Many people know CEX.IO as a platform to buy and sell Bitcoin in exchange for various fiat currencies. But the company recently announced a new addition to this platform in the form of Ethereum trading. This modern digital currency can be traded against both Bitcoin and the US Dollar as of today.

Also read: BIT.AC Launches Innovative Multi-Currency Crypto Wallet Platform

CEX.IO Adds Ethereum Trading Markets

It is always positive to see digital currency exchange platforms expanding their offerings, and CEX.IO is doing exactly that. The addition of Ethereum to their list of tradeable currencies is quite noteworthy, as users will be able to trade ETH against both Bitcoin and the US Dollar from now on.

In doing so, CEX.IO joins a growing list of digital currency exchange platforms which have added Ethereum trading in recent times. Bitfinex, one of the world’s largest Bitcoin exchanges, gave in and added ETH trading a few weeks ago, which was followed by exchanges in Korea and Japan shortly afterwards.

The CEX.IO exchange is keeping tabs on the current trends and demands by digital currency traders, and the addition of two ETH trading markets seems to be a smart decision. Bearing in mind how platform users can use their plastic cards to buy digital currency, this news opens up exciting opportunities for the Ethereum community.

Keeping in mind how the Ethereum price is currently in a slump, it will be intriguing to see how this decision by CEX.IO will play out in the long run. Digital currency traders have been selling their Ethereum across all exchanges for the past few days, which has lead to a decrease in overall market capitalization. However, Ethereum remains the second largest digital currency in the world, according to its market cap.

The biggest interest in the Ethereum ecosystem comes from developers who are exploring blockchain technology and smart contracts. The Ethereum ecosystem seems to lend itself towards the developer crowd, and CEX.IO decided it would be a good idea to add ETH trading and give everybody a chance to buy some Ether through convenient payment methods.

Based on the information we have received, CEX.IO servers over half a million users to this very date. Although the company has pivoted from their initial cloud mining business model, the exchange side of things appears to be a lot more lucrative for the UK-based company. Moreover, the platform is available in over 95% of the countries around the world, although availability in the US is limited due to FinCEN regulatory requirements.

What are your thoughts on CEX.IO adding Ethereum to their trading markets? Let us know in the comments below!

Source: Press Release Via Email

Images courtesy of Forex Bitcoin News, CEX.IO

The post CEX.IO Adds USD and BTC Ethereum Trading Markets appeared first on Bitcoinist.net.

CEX.IO Adds USD and BTC Ethereum Trading Markets

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Bře 31

Cashila Announces Convenient Buy and Sell Feature For Ethereum

Source: bitcoin

Bitcoinist_Digital Currency

There seems to be no love lost between central banks and companies active in the world of Bitcoin and blockchain technology. But at the same time, Cashila is the world’s first Bitcoin payment processor with a license by a Central Bank, showing there is a way to bridge the gap between both sides of the financial sector. The new service offered by this company lets users buy, sell, and store Ethereum in a quick and convenient way.  

Also read: Wheel of Doge Allows Players to Use Any Coin Through ShapeShift

Cashila Ventures Into The Ethereum World

It is not uncommon to see existing Bitcoin platforms explore the Ethereum side of things as well since there is a lot of revenue to be made from doing so. Various Bitcoin exchanges offer consumers a way to easily buy and sell Ether, the token of the Ethereum protocol. Kraken, Bitfinex, Coincheck, and Korbit are just a few of the platforms to have done so in the past year.

But when it comes to payment processors, there does not seem to be any indication of them looking to embrace Ethereum soon. Cashila is the first one to do, and they have big plans for expanding their service in the next few weeks. Right now, the company is best-known for enabling users to make daily payments – or direct wire transfers – to anyone in the European Union by using Bitcoin. Moreover, users can receive Bitcoin or payments denominated in EUR to their online Cashila wallet.

But ever since the Ethereum developers released Homestead, there has been growing internal talk about the addition of Ether to the Cashila platform. Although it remains unclear whether or not this new service will be a standalone platform or just a part of the current services, the plan is to let Cashila users exchange between EUR and Ether on-the-go. In return, this should bring additional liquidity to both markets.

Cashila Co-founder Jani Valjavec stated:

“Buying Ether is currently too hard for an average person. That’s why we’re building the easiest possible way for one to buy and securely store Ether.”

To make the process of buying and selling Ethereum a lot more convenient for users, the company has been actively developing a new unnamed service. Although the name remains unknown for now, we do know the new service will let users buy and sell Ether with just one click, at a fixed price.

Additionally, the new service will support both the ETH and EUR wallet, allowing for quick conversions between both types of currency. Last but not least, it will be possible for EU customers to deposit and withdraw funds through SEPA, assuming one live sin any of the countries supporting this payment method.

Low Costs And No Verification Needed

One of the biggest drawbacks for novice users is how they have to go through a thorough verification procedure before being able to buy Ethereum on most exchanges. Cashila is taking a different approach, as users will not need to provide any documentation to verify their identity. However, there will be an EUR 1,000 trading limit in place, which can be lifted by submitting the necessary documents.

Most convenient exchange solutions charge – sometimes rather high – fees for that particular service, but Cashila wants to keep the costs a slow as possible. Based on the information we have received, there will be a 1% fee applied to trades, and conversions to SEPA can be done any working day. Moreover, storing ETH can be done through the secure online wallet, which will support 2FA for all the key actions.

What are your thoughts on this new service announcement by Cashila? Are you looking forward to giving it a try? Let us know in the comments below!

Source: Press Release Via Email

Images courtesy of Cashila, Ethereum, Shutterstock

The post Cashila Announces Convenient Buy and Sell Feature For Ethereum appeared first on Bitcoinist.net.

Cashila Announces Convenient Buy and Sell Feature For Ethereum

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