Archives February 2020

ETH Price Analysis

Ethereum Price Analysis

After struggling to clear the $278.50 and $280.00 resistance levels, Ethereum price started a major decline. As a result, ETH to USD traded below the key $260.00 and $251.75 support levels.

Ethereum Price

Looking at the 2-hours chart, Ethereum price even settled well above the $250.00 level and the 50 simple moving average (2-hours, purple). During the decline, the bulls made a few attempts to protect losses below $250.00, but they failed.

More importantly, the price declined below a major contracting triangle with support near $256.60 on the same chart. It opened the doors for more losses below $245.00 and $240.00.

Finally, the price traded close to the $230.00 support level and formed a new weekly low at $231.15. It is currently correcting higher and trading near the $236.00 level. An initial resistance is near the $242.25 level.

It coincides with the 23.6% Fib retracement level of the downward move from $278.12 to $231.15. If there is an upside correction above the $242.50 level, the price could recover towards the $251.75 and $255.00 resistance levels.

The 50% Fib retracement level of the downward move from $278.12 to $231.15 is also near the $254.63 level. Conversely, Ethereum price might continue to move down below $232.00 and $231.15.

In the mentioned case, the price could heavily below $225.00. The next major support is seen near the $220.00 and $218.00 levels.

Overall, Ethereum price is trading near the key $230.00 support area. Therefore, it could either start a fresh increase towards $254.63 or extend decline towards $220.00.

Bitcoin Becoming A “Currency of Choice” Will Push BTC Price Up 2,500% – Tim Draper

  • Bitcoin correction may end up being more than that but we’re in for an interesting ride
  • Tim Draper still holding to his prediction of BTC at $250,000 in 2023 beginning
  • When the time to make the switch comes, “Bitcoin is going to be the big winner”
  • Warren Buffett is a critic because Bitcoin is a “huge threat” to his holdings

Bitcoin has been extremely volatile for the past two weeks, trying to stay above the important psychological level $10,000 but unable to as yesterday we went down below $9,500.

Bitcoin might be in correction but according to venture capitalist Tim Draper, we are in for an “interesting ride.” Draper, the founder of Draper Associates, in an interview with CNBC said,

“I have been out of the market for about six months, it felt pretty lofty for me and I kind of moved most of my stuff to crypto and Bitcoin. It’s kind of a safe haven now and I think this correction may end up being more than that… we’re in for a kind of an interesting ride.”

Bitcoin – A “Currency of Choice”

Draper reiterated his Bitcoin price prediction for Bitcoin that sees the digital asset hitting $250,000 in the next three years.

“I’m still holding to my prediction I think Bitcoin in 2022, Or at the beginning of 2023, will hit $250,000 and that is a big move from where it is here.”

The reason behind such a bold prediction is Bitcoin becoming a “currency of choice.” Draper explains that currently bitcoin isn’t as easy to move around but eventually it will be and then people will have a choice.

And then, they won’t choose to pay the banks two and a half to four percent every time one swipes their credit card. The choice will be the currency that’s “frictionless, open, transparent, global, and not tied to any political force,” he said.

At some point, Draper feels people are going to make that switch and at that time, “bitcoin is going to be the big winner.”

Enormous Risk

Although he didn’t reveal how much of his net worth is in bitcoin and crypto, he did say, “a lot of it.”

“It’s a lot, it is a lot a lot and it is just better in the long term,” said Draper.

But what kind of risk endemic to other holdings if we see an increment of over 2,500 percent in Bitcoin by 2023.

“Enormous risk, I wouldn’t hold a bank if you paid me to own the bag. I wouldn’t hold an insurance company right now. I mean that they are not in good shape going for the next 10 years, things are going to change. very big.”

He also points out how the millennials prefer bitcoin over dollars as it’s a better currency to hold.

Bitcoin a “Huge Threat” to Crypto Critic Warren Buffett’s Holdings

Draper also commented on long term crypto critic Warren Buffett reinstating his dislike for crypto by saying that they don’t have any value and he doesn’t own any crypto and neither will he ever.

“That is hilarious, he owns 50% of his holdings are banks and insurance companies, they are not going to do well in this new decentralized economy, of course, he’s not going to like it.”

Draper said Buffett sees bitcoin and cryptos as a “huge threat to his holdings.” Draper said,

“Clearly he’s not gonna want this new currency that is completely, everyone knows, is so much better than what we have out there and these currencies that are tied to fiat government. I think they’re just gonna be a relic of the past, it’ll be like holding drachmas and Frank’s.”

Ethereum (ETH) Price Analysis (February 24)

• Price now trades in the range above the resistance level.
• The crypto is in a strong up move. Buyers are in control of the market trading in the upper resistance level.

ETH/USD Medium-term Trend: Bullish

• Resistance levels : $280, $300, $320
• Support levels: $110, $100, $80

The coin continues in a bullish trend zone in its medium-term outlook. Ethereum is forming an ascending triangle and looks bullish.

The bearish momentum returns within the range yesterday after a drawdown of $256.30 in the support area by the bears. With the formation of a bullish marubozu candle, $262.13 the price rises to $276.20 in the resistance area during the yesterday session.

The daily opening candle today at $275.59 in the support area is bearish. This further drops to $266.06 in the support area.

With the price above the two EMAs and the stochastic signal pointing up at around level, 71% suggest that ETHUSD momentum in price is in an uptrend in the medium-term perspective.

ETH/USD Short-term Trend: Bullish

ETHUSD short-term outlook continues in a bullish trend market. The close of the 4-hourly session yesterday candle $275.59 with a wick suggests exhaustion of the bullish momentum hence the bears’ brief return.

The bears’ pressure on the cryptocurrency at $275.29 in the support area led to a drop in price as the 4-hourly session opens today.

The crypto further drops to $266.06 in the support area. Price is above the two EMAs and trades around the resistance area within the range imply the momentum in price of the coin is in an uptrend.

Bitcoin Price (BTC) Signaling Fresh Rally To $10,300

Bitcoin price declined recently below $9,820 and tested the $9,420 support area. BTC to USD is currently rising and it could rally towards the $10,000 and $10,300 resistance levels.

Key Takeaways: BTC/USD

  • Bitcoin price is slowly rising towards the key $9,820 resistance area against the US Dollar.
  • BTC/USD is facing hurdles near $9,810, $9,820 and a contracting triangle on the 2-hours chart (data feed from Bitstamp).
  • Ethereum is up 3% and it is likely to grind higher towards the $270.00 pivot level.

Bitcoin Price Analysis

This week, there was a major downside correction in bitcoin price below the $10,020 and $9,820 support levels. BTC to USD even spiked below the $9,460 support level.

Bitcoin Price Analysis

Looking at the 2-hours chart, bitcoin even settled below the $9,820 level and the 50 simple moving average (2-hours, purple). Finally, there was a break below the $9,400 area and the price traded as low as $9,317.

Recently, it started an upside correction above the $9,600 level and the $9,650 resistance. Besides, the price climbed above the 23.6% Fib retracement level of the key drop from $10,298 to $9,317.

However, the price is now facing a couple of key hurdles near $9,810, $9,820 and a contracting triangle on the 2-hours chart. The 50 simple moving average (2-hours, purple) is also near the $9,800 level to act as a resistance.

More importantly, the 50% Fib retracement level of the key drop from $10,298 to $9,317 is near $9,807 to stop the upward move. Therefore, a clear break above the $9,800 and $9,820 levels is needed for a sharp upward move towards the $10,000 and $10,020 resistance levels.

Any further gains could lead the price towards the $10,300 resistance level. Conversely, the price could fail to clear the $9,820 area and the 50 simple moving average (2-hours, purple).

In the mentioned case, bitcoin price could resume its decline below the $9,600 level. The main support is near the $9,460 level, below which there is a risk of a major decline towards $9,081. The overall trend is positive and BTC could rally if it clears the $9,820 resistance.

SmartCoin Outperforms Bitcoin Year To Date

With over 70% of SmartCoin holdings exposed to Ethereum, SmartCoin has outperformed Bitcoin year to date. This clearly demonstrates the importance of buying at the right time and at the right price. Our average price is $125 per Ether and at the time of writing is trading at $282.04 per Ether, this growth has been achieved in less than 2 months. At the same time, Bitcoin has risen from $6700 to $10,127.