Ethereum / Bitcoin
ETH/BTC
At the time of writing this, the price of ETHEREUM met his old friend "the downtrend" again.
The price is 0.02502705 satoshis and as I mentioned before a downtrend started from August 20, 2018 it was confirmed on June 6 and February 24, 2019, also the last days of February until March 7 of the year in In course, the price met the downtrend again and received a strong rejection to the downside, lowering the price from 0.02798000 to 0.02031500 in just one month.
on April 18 the bulls tried again to break this downtrend but the price stalled until April 29 when the downtrend re-imposed itself on buyers giving a strong rejection to the downside bringing the price of 0.0258200 back to 0.02031500
As of today the price is being debated among the bulls trying to change the trend and the downtrend trying to impose itself
A symmetrical triangle
a symmetric triangle has been formed, indicating a high probability of an upward rebound if confirmed in the next few days we could see that the price could go up to 0.03020600
that's at best and if there is a big bullish momentum.
But if a descending triangle is formed and a rejection by the bears and the downward trend then we could see a drop in the price taking us up to 0.02031500 per exchange.
We are certainly in a time of great opportunity and both litecoin and ethereum remain a favorite in the community.
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Litecoin/ Bitcoin
LTC/BTC
May 14 was a historic day for Litecoin as it reached record lows, never before has LTC been so cheap. Well, that day I got to buy a LTC for 0.00444090 although we are still at low prices since when writing this the price is around 0.00481313
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You can see on the chart how our 20 period EMA crosses our 60 period EMA a crossover means a high probability of a bullish move.
After the price reached its minimum point it has had a bullish rebound, in 3 weeks the value of the LTC / BTC pair recovered 12%
1 Remember that the main trend is downward
2 Movement in one month remains at one side
3 EMAS crossing
4 low volume in LTC / BTC transactions
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My forecast is that the bulls will continue to advance and the next stop would be in the resistance that sellers have mounted located at the price of 0.00553000
as we can see in the image if we rely on the fibonacci kink a hot level would be 0.5% and 0.618%
And in between these levels is the resistance that I mentioned before. For me that would be a great entry point since the movement is bearish and a slight reversal to the upside favors us to leverage the large bearish momentum.
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Relevant fundamentals:
Ethereum continues to lead the Blockchain ecosystem's altcoins not only in market capitalization but also in user-by-development activity according to Flipside.
With a market capitalization market exceeding $ 26 billion, Ethereum tops the overall ranking with a score of 969 on the FCAS metric established by the Flipside firm, with EOS and Chailink very close in second and third place at 930 and 920 points respectively.
Ethereum 2.0 has been subject to delay for a long time and should be released later this year, as its founder Vitalik Buterin has hinted on several occasions through his official Twitter account.
The report details that the total volume of Ethereum dapps transactions in Q1 2020 was $ 5.64 billion, an increase of 652% compared to the same period in 2019, when only $ 743 million were totaled.
The reason lies in the growth fueled by DeFi projects that have become the essence of Ethereum growth since 2019, with the highest volume of transactions, the report details.
ETH 2.0 is on the way
A big topic of discussion in 2020 so far, Ethereum 2.0 is essentially an update to the Ethereum network, aiming for scalability. The update brings with it a Proof of Stake, or PoS, consensus, causing asset holders, called stakers, to validate the network instead of miners.
Recent comments from ETH 2.0 testing network coordinator Afri Schoedon do not yet have a firm release date for the effort.
Ethereum 2.0 has been the subject of significant media coverage in recent weeks, with some industry participants viewing the event as a bullish catalyst for the crypto market.
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SOURCES OF FUNDAMENTALS :
