Connect with us

Crypto News

Ethereum Price Prediction Daily (05-Jan): Is This Really A Bullish Rally Or A Retracement?

Published

on

Is This Really A Bullish Rally Or A Retracement? Watch this key pattern forming in the 4-hour timeframe

Ethereum price prediction from a previous analysis ETH Bulls Fighting Back! Bearish Pattern Invalidated. What Next?

In our previous Ethereum analysis ETH Bulls Fighting Back! Bearish Pattern Invalidated. What Next? we warned our readers that despite the current bullish rally in the Ethereum price, the Altcoin is still currently trading in the bearish territory.

We also pointed out the key $1,400 level as the region that must be broken before Ethereum can really become bullish again. As far as the ETH price contiues to trade below this $1,400 resistance level, there is a very high probability that we might see the bears contiue to fight this move higher in Ethereum and try to stop it.

Well in this ETH TA, we will be painting an even better picture for you to help you understand why we are currently bearish on Ethereum and why we think the Altcoin sell-off might not just be over yet!

To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $30,000 Bonus when you fund your Bybit account with our Bybit link


Claim up to $30,030 in Bonus

Is This ETH Really A Bullish Rally Or A Retracement?

January as been good for Ethereum so far! We have seen the Altcoin bounce from a multi-month sell off and attempt to begin a new bullish surge.

However, the question traders are asking is “have we gotten to the bottom of the market or is this a bullish fakeout before the sell off resumes?”

Well, while a lot of analyst might be screaming buy..buy..buy, we would like to point out a key pattern many as negleted to see curretly forming on the 4-hour timeframe.

This Pattern is the Asceding Channel pattern and we can see Ethereum respecting it!

Is This Really A Bullish Rally Or A Retracement? Watch this key pattern forming in the 4-hour timeframe
Is This Really A Bullish Rally Or A Retracement? Watch this key pattern forming in the 4-hour timeframe

Ethereum Ascending Channel Pattern

The image above is a clear example of what this Ascending channel pattern could look like once completed. And once you compare this image with the current price action on the Ethereum 4-hour timeframe, you immediately begin to see why we are reluctant to scream buy..buy..buy like the rest of the crowd.

In the coming days, we will be keeping a close eye on this bearish pattern to see if the ETH price will continue to respect it. If the bulls cannot break through this key pattern, this would be a sign to be weary of this current rally up in Ethereum.


Claim up to $30,030 in Bonus

In Other News…

Bybit is going all out this festive season with its list of bonuses, trading competitions, and cash giveaways as the exchange celebrates its 4th-year anniversary.

Register on Bybit, sign up with our link Bybit Sign-Up and Get up to a $30,000 Bonus.

To participate in the Bybit 4th year anniversary $1M lucky draw-spin, click this link and sign-up Bybit Aniversary Trading Competition

Easy Steps From Beginner To Pro Crypto Trader

You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.

PrimeXBT Covesting: Trade Hassel Free

Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link  PrimeXBT Covesting

Recommended Bitcoin Trading Platforms:



★★★★★


★★★★★

Rating: 94%

Claim up to $30,030 in Bonus



★★★★★


★★★★★

Rating: 89%

Claim up to $4100 in Bonus



★★★★★


★★★★★

Rating: 91%

Claim up to $7000 in Bonus

! function(f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function() {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = [];
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘2432725167013202’);
fbq(‘track’, ‘PageView’);


Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto News

Why Real Regulatory Change In Crypto Has Not Happened

Published

on

Why Real Regulatory Change In Crypto Has Not Happened



Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.


Source link

Continue Reading

Crypto News

South Korea to deploy cryptocurrency tracking system in 2023

Published

on

South Korea to deploy cryptocurrency tracking system in 2023


The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.

The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.

While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:

“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”

The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.

Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report

The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.

The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.

“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.


Source link

Continue Reading

Crypto News

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

Published

on

50% of Bitcoin hashrate Controlled by Two Mining Pools

Bitcoin hashrate is becoming highly centralized, with a few mining pools controlling most of the blockchain mining power. The latest data from Mempool indicates that 50% of the total hashrate is held by Foundry USA and Antpool. 

A Highly Centralized Mining Network

Foundry USA has maintained a hashrate of over 30% of the total Bitcoin network for several weeks. It became the first mining pool of non-Chinese origin to lead the list in November 2021, following the ban on Bitcoin mining in China in the middle of the same year. 

Back then, Foundry USA contributed 17% of the total Bitcoin hashrate. Today, the US-based pool averages 34.1% of the mining power, equivalent to about 104 EH/s, considering that the Bitcoin hashrate is around 300 EH/S. 

Related Reading: First Bitcoin Mining Powered By Nuclear Energy To Open In The U.S. In Q1 This Year 

Antpool comes in second with about 18.0% of the total hashrate equivalent to about 58 EH/s. The Chinese-based pool used to be the largest Bitcoin pool but was affected by the ban on crypto mining which caused several miners in the region to migrate. 

Bitcoin Pool distribution records on Dec. 29, 2022 (3-day stats)/Mempool.com

What Is Behind This Trend?

The graph shows that over 80% of Bitcoin’s mining power is concentrated among just 5 pools. This contrasts with the beginning of 2022, when these five mining pools barely exceeded 60% of the hashrate. 

Some factors could have contributed to this rise. One of which is the location of the servers of the said pools. The closer the servers are to the pools and mining facilities, the lower the information transfer latency. This means that a miner will likely get more shares in the mining process and earn more Bitcoin (BTC) by connecting to a closer server. 

Bitcoin hashrate difficulty
Bitcoin hashrate difficulty for January/CoinWarz.com

Another factor is the financial incentives offered by these major mining pools. Bigger mining pools can consistently distribute profits to their members, who pay a commission for mining with their resources, driving more miners to their ecosystem. This is evident with the high mining difficulty in recent weeks due to the bullish movement of Bitcoin, making it difficult for smaller mining pools to be profitable. 

Related Reading: Why The S&P 500 Could Help Send Bitcoin Soaring Higher

However, Bitcoin’s highly centralized mining system poses significant dangers to the cryptocurrency. The miners could agree to reject transactions that do not meet a specific parameter leading to a 51% attack. 

We’ve seen such attacks occur on other Proof-of-Work blockchains like Ethereum Classic, which could be a problem for Bitcoin. In addition, these pools are recognized companies and could face pressures from regulatory agencies trying to control activities on the Bitcoin network. 

Bitcoin Price

So far, Bitcoin is still maintaining its bullish trend, with the leading cryptocurrency up by 40% since the start of the year. As of the time of writing, Bitcoin is trading at $23,400, according to data from Tradingview.com. 

Bitcoin Price on January 28| Source: BTCUSDT on Binance, TradingView
Bitcoin Price on January 28| Source: BTCUSDT TradingView

Featured image from Pixabay, charts from Trading View, Coinwarz, and Mempool


Source link

Continue Reading

Trending