Ethereum: the price does not benefit from the fork
Ethereum: the price does not benefit from the fork
Trading

Ethereum: the price does not benefit from the fork

By Federico Izzi - 9 Dec 2019

Chevron down

The week begins with a prevalence of negative signs following a weekend spent with a clear prevalence of signs over parity, although not particularly lively, not even for the price of Ethereum which has undergone the Istanbul fork

Source: COIN360.com

Sunday recorded the lowest daily trading volume since last October, when BTC prices were 2-300 points above today’s prices, within a cage that before the strong movement in October had characterised the bimonthly period with narrow deviations and a particular generalised boredom on the part of operators. 

It has been a weekend that tries to give signs of consolidation for the leading cryptocurrencies. During the weekend, Tezos (XTZ) stood out and rose, revising the values of the beginning of August. 

On a weekly basis, Tezos has been among the top 100 since last Monday with a gain of over 30%. Today it continues in this bullish direction, albeit with less intensity, and is now among the best three of the top 20, with a gain of just over 3%. 

Leo is also positive, just above parity, but the best of the big is IOTA that, with a rise of over 1.5%, tries to get out of the grip of the 20 cents where it fluctuated around since last November. 

Among the best stands Algorand (ALGO), which rose by about 9%, scoring a rise that since last Friday has gone beyond 25% bringing prices back to 33 cents of a dollar, levels abandoned in mid-September last year. 

Algorand, with today’s rise, is among the first three of the day. The other two are Energi (NRG), which earns 12%, and RIF Token (RIF), which rises just over 7%.

On the opposite side, the worst crypto is Mindol (MIN) with -20%. Profit-taking has prevailed after the recent rises. Then there is Enjin Coin (ENJ), which loses 9%, and Kyber Network (KNC), which recedes 6%.

The market cap, like over the weekend, continues to fluctuate around $205 billion in capitalisation. The dominance of Bitcoin fluctuates just below 67% while the uncertainty of Ethereum gives way to other altcoins. 

Although Ethereum has undergone the Istanbul fork without any difficulties at the network level, this has not done well to the price that continues to move below the threshold of 150 dollars, stagnating on this threshold for three weeks now. This brings Ethereum’s dominance back below 8%

Ripple gains fractions of a percentage and is just above 4.8%. Ripple tries to recover the 23 cents, although at the moment without confirmation and continues to cause investors to lose interest also in terms of volumes. Ripple is, in fact, the 5th most traded crypto of the last 48 hours behind Bitcoin, Ethereum, EOS and Bitcoin Cash. 

Bitcoin chart by Tradingview

Bitcoin Price (BTC)

Bitcoin again tries to push itself unsuccessfully above 7,700 dollars, where the bearish resistance re-emerges, rejecting the price just below the threshold of 7,500 dollars. 

This would seem to be a level that BTC is trying to consolidate to try the bullish attack above $7,900, a level of resistance that Bitcoin has already tried to break twice in the last 4 weeks. 

For BTC it is necessary to consolidate above 7,500 and not to push below 7,100 dollars again, level of support on a monthly basis. The $7,900 break-up will be positive.

Ethereum chart by Tradingview

Price Ethereum (ETH)

The situation of Ethereum remains definitely unchanged despite the fork, with prices that continue to move below the threshold of 150 dollars

The upward attempts that took place yesterday above this level have not been able to go beyond 152 dollars, highlighting how for ETH there are actually no buyers who would give a signal of validity of a rise that would aim to touch 158 dollars, levels of resistance in the short term that coincide with the highs at the end of November.

The Istanbul fork has not caused any problems for the Ethereum network at the moment, however, there is no excitement on the part of investors that is usually expected when there are such important network implementations.

ETH remains in a dangerous limbo close to the lows of the last six months, recorded with a lunge that seems to have ended with the lows of November 25th at $133. For ETH it is necessary to provide a reversal signal as soon as possible.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.