Regulatory fears put a damper on Ethereum traders’ $5,000 target
This week, ETH price came within 2% of a new all-time high before U.S. lawmakers announced a hearing to discuss stablecoins and the need for eventual regulation. This week Ether (ETH) price came within 2% of its all-time high, and on Dec. 2 the altcoin reached its highest price in Bitcoin (BTC) terms since May 2018. Ether hitting 0.0835 in its BTC pair represents a 229% gain for 2021, but Ether bulls might come out empty-handed from this Friday’s $680 million options expiry.ETH/BTC price at FTX. Source: TradingViewNotice the ascending channel formation initiated in mid-October, which....
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Like Bitcoin, Ethereum was pushing higher from last week’s lows, at least until the past few hours. In the span of about 30 minutes earlier today, the leading cryptocurrency dropped from $355 or so to $344, marking a small yet notable drop. This weakness and continued inability to surmount the resistances at $365-375 in the near term is sparking fears of a deeper drop. Ethereum Drop Triggers Fears of a Steeper Correction Michael Van De […]
When Bitcoin ballooned to $20,000 the last time around, the network became so congested, slow transactions put a damper on the excitement surrounding the cryptocurrency industry, and the hype and the valuations it drove all came crashing down. A similar situation happened over the summer with Ethereum, where gas fees for using the smart contract […]
Concerns are growing that the People’s Bank of China, hereinafter PBoC, may seek to curb LocalBitcoins use after the platform became the go-to replacement for the country’s Bitcoin traders. When major Chinese exchanges halted Bitcoin withdrawals due to regulatory concerns, investors moved en masse to the peer-to-peer marketplace, causing record trading volumes the week ending Feb. 11. Now, LocalBitcoins staff have taken to Reddit to curb fears that the site may become the PBoC’s next target. Adding to the unease is a decision by fellow marketplace BitKan to abide by the bank’s mandates.....
ETH price dropped to $4,400 during the Nov. 11 correction, but data shows traders expect the altcoin to surpass $5,000 soon. Ether (ETH) bulls seem excited by the recent $4,870 all-time high that was hit on Nov. 10. While it was a new high in U.S. dollar terms, ETH is still 51% below June 2017’s price in Bitcoin (BTC) terms. But it’s entirely possible that the 0.155 BTC level reached in the previous cycle reflected the overzealous expectations that were rampant during the initial coin offering frenzy. The Ethereum network’s success has caused congestion and high fees, bringing the....
The traders’ logic is the same on any market. The expectations and fears regarding any price are represented by the graph itself. But is there a direct connection between the BTC/USD and LTC/USD prices? After a downward movement Litecoin has switched to an upward trend, just as Bitcoin did. This similarity between trends is mostly dependent on USD quoting. After stopping at a long-term level of $3.12, the sellers have started closing their positions, which enabled the buyers to form an upward trend. After breaking through the medium-term level of $3.24, the buyers have held their positions....