were sharper with near-identical daily price movements than that of the king’s and hence, greater volatility. In the past 24 hours, the queen peaked at $1,255 but eventually went down to the low at $1,070. Finding stability in the $1,160-$1,170 range, at the time of writing, Ethereum is trading hands for $1,171. 

Out of the total 28 technical indicators the majority are signaling towards buy, with nine at a neutral position and only three buy signals. Eight of the oscillators are neutral, two are at a buy position, and one at sell. 14 of the moving averages are signaling buy whereas one indication is at neutral and two at sell. 

In his Ethereum price prediction, Analyst Crypto Guru is expecting ETH to hit the $2000 price level but more likely to drop down towards $1000 before turning bullish. Guru has identified an ascending triangle in the price action of Ethereum. Per the analyst, Ethereum dived towards the 0.382 Fibonacci level, which lies at the price level of $1,010. The analyst believes that Ethereum’s price action is fading even though it pulled itself back up from the 0.382 Fibonacci level. The cryptocurrency is at a crucial stage currently.

Its upcoming price action will determine the trajectory it takes for the foreseeable future. The analyst suggests that if Ethereum fails to break the $1150 resistance levels, it will likely be heading back to the 0.382 Fibonacci level where Ethereum will also find the support of exponential moving average (EMA) 89 at around $1,000.

Per the analyst, the hopeful target of $2,000 will only be achieved if the cryptocurrency breaks out from the ascending triangle to the upside. The first indication of this break-out will be Ethereum closing above the $1,150 mark. After which, the analyst’s first price target will be at $1,450. In the long-run, the analyst predicts a price value of $5,000 to $20,000 to be achieved by Ethereum in the next few years.

The reach towards the $2,000 price level is also confirmed by analyst Harison HBN who has identified a key support line in his Ethereum price prediction. The steep ascending support line is pushing the cryptocurrency towards an optimistic price level of $2,000. Per the analyst, Ethereum is close to touching the all-time high of $1,400, which is also near the 0.786 Fibonacci resistance level. Once it crosses that level, it will become more likely that the cryptocurrency smashes resistance levels to reach $2,000.

Analyst Trade Station is not as hopeful for the cryptocurrency in their Ethereum price prediction. Station believes that the current consolidation of Ethereum is as good as it’s going to get. Based on the historic trends observed during the 2018 bull-run, Ethereum seems to be heading for strong corrections, in the near future. Per the analyst, Ethereum price was moving at the same level it is now, in the 2018 bull run. The cryptocurrency consolidated in the $900 region before it crashed hard in 2018. The analyst believes that Ethereum touching the $900 price level could be an indication of the upcoming corrections.

data.

What Happened: Polkadot surged 49.74% on a 7-day basis, while Bitcoin and Ethereum gained 0.49% and 9.29% at press time.

See Also: Is Ethereum a Good Investment?

DOT had left behind XRP in terms of market cap on Thursday to become the fourth-largest cryptocurrency by market cap.  The cryptocurrency has since then settled for the number five spot.

XRP has a market cap of $13.33 billion, while DOT’s is $12.43 billion. 

At press-time XRP was trading 0.57% at $0.29, while DOT soared 21.24% at $13.95. 

Why It Matters: The buzz around scalable blockchain networks and hype surrounding Decentralized Finance (DeFi) are factors that have led to the price appreciation in DOT, reported Cointelegraph. 

The cryptocurrency co-founded by Gavin Wood — also a co-founder of ETH — rivals Ethereum as it allows smart contracts to be implemented in an ecosystem comprised of smaller blockchains.

See Also: Why This Ethereum Alternative Is Grabbing Eyes Amid Crypto Markets Carnage

Polkadot is said to have the ability to process data in a more efficient manner, allowing for decentralized applications to run without facing scalability issues, as per Cointelegraph. 

The cryptocurrency is likely to support large-scale DeFi protocols in the future along with dApps. 

Some traders in Asia are using DOT prices to forecast prices of BTC and point to a parallel with another EOS, which was used to foretell Bitcoin prices in the 2017 bull market, reported CoinDesk.

After BTC peaked out in 2017, many investors and traders moved their profits into EOS, which lead to that coin reaching its all-time high at end of April 2018. 

DOT reached its all-time high of $14.86 on Thursday.

Price Action: BTC traded 2.92% higher at $38,395.79 and ETH traded 9.29% higher at $1,205.81 at press-time. On Thursday, Grayscale Bitcoin Trust (OTC: GBTC) closed 7.88% higher at $43.53.

drive the price forward.

According to CryptoQuant data, the amount of ETH held on the exchanges decreased by 10 percent in a period of 24 hours. Cryptocurrency analysts began to talk about a liquidity crisis when a similar picture occurred for Bitcoin.

Nugget News founder Alex Saunders thinks this shift in Ethereum reserves could have a positive impact on the price. 

window.coinzilla_display = window.coinzilla_display || []; var c_display_preferences = {}; c_display_preferences.zone = "325fe079eb73cc7840"; c_display_preferences.width = "300"; c_display_preferences.height = "250"; coinzilla_display.push(c_display_preferences);

remember what happened when the supply of bitcoin on the exchanges was unable to meet BTC demand. The BTC price quadrupled in 90 days.

he shared his views on Twitter.

— Alex Saunders 🇦🇺👨‍🔬 (@AlexSaundersAU) January 14, 2021

Based on a market value of $140 billion, ETH has a circulation supply of 114 million, and more than 2.4 million of the circulating supply are held in the deposit contracts filed for Eth 2.0. There are chances that ETH bull rally is coming soon.

Read: SEC Investigator Behind $ 1.3 Billion XRP Lawsuit Resigns

mark. 

During the same period, the institutional investment firm added 4,618 BTC to its portfolio at a current value of $182 million. Including last quarter’s intake of $3.3 billion, which is mostly BTC, Grayscale’s crypto portfolio sits at $27.6 billion.

Bitcoin isn’t the only coin to see strong support since January 13 with the entire crypto market adding $137 billion to surge once again past a $1 trillion market cap.

Since Bitcoin’s halving late last year, approximately 900 BTC are being mined each day. According to crypto analytics platform Glassnode, however, on average only one-third of those are actually being sent to exchanges since July 2020.

During the same period, Grayscale has purchased roughly 224,930 Bitcoin, equating to more than 1,200 BTC per day. Not taking into account other institutional investors, the available supply is quickly drying up.

Not all stats suggest institutional investors are playing a core role in crypto’s price however with Grayscale’s Ethereum Trust not receiving the same interest over the last month. The balance has actually reduced by 6036 Ether since December 9 when it reached an all-time high of 2.94 million ETH. During that period, Bitcoin rose by 116%, but Ethereum increased by more than 122%.

industry of digital assets has since been created. Despite the cryptocurrency’s longevity and staying power, there’s still debate amongst policy makers, regulators, and even investors, if the asset class should be defined as “money.”

A recent survey conducted by the International Monetary Fund has respondents overwhelmingly saying “yes” that Bitcoin and other altcoins are indeed money, and should be viewed as such.

Bitcoin price is trading at under $40,000, a few thousand from its recent high. And while a drop of that magnitude in the past would bring forth obituaries about Bitcoin, today, its viewed as an opportunity to get in slightly cheaper.

Investors and institutions are voting with their capital that the cryptocurrency will outperform the dollar and help to offset the coming bout of hyperinflation. Bitcoin is up more than 500% against the dollar since the pandemic struck, and while the short-term trend might be taking a breather, the long-term trajectory has always been up.

BTC is now the 16th world’s largest currency and climbing. It could some day become the global reserve currency, and be the first non-sovereign currency that’s used worldwide. There’s been over $10 trillion in value transacted across its network. Yet for some reason, there’s still debate over if cryptocurrencies are money.

The word currency is in the name, and Satoshi Nakamoto had every intention of his invention acting like money. And according to the general public, they also view cryptocurrencies as “money.”

The International Monetary Fund’s official Twitter account recently shared a survey asking followers if “digital currencies” are “really money?” Out of nearly 100,000 votes, the poll is currently leading around 80% in favor of crypto as money.

The IMF is a global organization consisting of “190 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade,” and more.

— IMF (@IMFNews) January 14, 2021

Recently, central banks in the US received the green light to begin using digital currencies to transfer money. Each passing day, cryptocurrencies take another step toward becoming “money.”

The debate exists, however, because although Bitcoin itself can easily be used as “money” to spend, few who buy the cryptocurrency plan on using it that way. But this is how superior forms of money first emerge. Owners of the old form of money begin to exchange it for what they perceive as the better form of money, and hold onto it because they believe it is more valuable.

Eventually, when enough people do this, the currency itself becomes undeniably money on its own. Could this be the path crypto is currently on?

and even more over the past six months. Other cryptocurrencies aside from BTC have also done well.

But what is behind the ongoing bull market? A Singapore-based trading desk suggests that the Bitcoin rally is largely a byproduct of institutional inflows entering the Bitcoin market via Grayscale. Grayscale Investments is a digital asset manager focused on institutions based in New York.

Prop trading company and liquidity provider QCP Capital commented on Friday morning that Bitcoin’s recent rally has largely been a byproduct of Grayscale’s Bitcoin Trust, an institutional investment product for BTC.

Bitcoin began to show signs of weakness (spot buying pressure shifting to futures buying pressure) when Grayscale temporarily suspended inflows at the end of December.

The sell-off peaked early this week when the fund suspension came to an end, QCP explained:

“Previously we highlighted GBTC as too big to fail in our new year update, and the sell-off on Monday/Tuesday peaked at the end of their 2-week fund suspension to new investors. On Wednesday they reopened again and this stemmed the selloff, as ~5k of BTC was added to their fund in just the 2 days since.”

— QCP Capital (@QCPCapital) January 15, 2021

The firm believes that this is a sign that Grayscale’s inflows are actually a large amount of the demand for Bitcoin on the spot side:

“No doubt GBTC flows will remain the driving force for the market, at least until a US ETF is approved – something which we don’t yet foresee anytime soon.”

On the technical outlook for BTC, they seem to be certain that the overall macro trend remains bullish for the leading crypto asset.

Bitcoin held its parabolic uptrend this past week despite falling as low as $30,000, traders say.

They added that while the increased volatility has begun to be a worrying sign, it is thus far “perfectly consistent with an exponential trend at this stage.”

Earlier this past week, analysts noted that the extremely high volume seen in the Bitcoin market on Monday’s $30,000 correction was likely a sign that a reversal was near.

Volume spikes are often indicative of price reversals, as they mark an exhaustion of either a bull trend or a bear trend.

One reason that some are concerned is that there has been development in the Mt. Gox case that may result in an influx in the supply of Bitcoin to the market.

COINLAB SAYS AGREEMENT SUBJECT TO CREDITOR ACCEPTANCE

CREDITORS CAN CLAIM 90% of BITCOIN THEY ARE OWED FROM MT. GOX

— light (@lightcrypto) January 15, 2021

A prominent Singapore bank said Bitcoin and other public cryptocurrencies present a “new frontier” for contactless payments and digital money, one that’s past their days of being dismissed by bankers.

East Asian nations are forging ahead with their digital currency and blockchain plans, with most being largely lenient towards large-cap digital assets like Bitcoin.

Singapore’s financial regulatory authority announced that it is evaluating whether to allow crypto derivatives to be traded in the nation.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Both Bitcoin and Ethereum have faced sharp declines over the past few hours despite the move to $40,000 on Thursday.

The price of Bitcoin has recovered strongly overnight, rising from around $34,000 to $38,500.

Bitcoin bounces at $30k support to allay fears of a complete capitulation.

like bitcoin cash, ethereum, and monero have all jumped in value while bitcoin has seen a decent drop.

** This post has been updated to reflect the recent bitcoin (BTC) price change at 3:33 p.m. (EST) on Sunday, January 10, 2021.

Check out all the latest cryptocurrency price action in real-time at markets.Bitcoin.com.

What do you think about the coins that have seen significant gains while bitcoin prices have slumped? Let us know what you think about this subject in the comments section below.

Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.

playing it safe. This article takes a look at Bitcoin Cash in both short and long-term time frames to determine if things have changed or whether it will.

It is advised to read a previous article before getting into this article.

On the 1-hour chart, BCH is respecting the rounded bottom support as it has tested it more than thrice in the last month. Moreover, the buying pressure pushed the price by $100 from $260 to $360 in 4 days. Currently, the price is near the local top, and is looking to take a jab at it again, especially after two failed attempts, both in the last two weeks of December.

With bitcoin surging higher, things seem to be both in a bull run and not, since some altcoins are doing well while others are struggling. One common theme across most altcoins is that their value in terms of BTC is reducing at a faster pace with every step that bitcoin takes.

Perhaps the most that BCH can do now is try to overcome the local top that ranges from $373 to $383, a $10 barrier. So, on a short-term time frame, the chances to scalp are looking good.

The one-day chart shows a clear picture of the multi-year rounded bottom pattern that has been holding up since mid-2019. As mentioned in a previous article, a good time to enter a long trade would be in the range of $309 to $328. This assumes that there will be a retracement from BCH soon, which will depreciate the price by 9% to 14%. This makes sense considering the aforementioned local top that has prevented the price thrice on the daily time frame from breaking out.

In an extremely bearish scenario, we can expect BCH to retest the rounded bottom and then proceed with breaking the local top and head higher. On a lower level, BCH is looking good for scalps, however, on the higher time frame, one needs to be cautious as to where BCH might go. There are equal chances of retracement to the aforementioned range or a breakout of the local top.

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Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

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Bitcoin Cash to witness some bulls in the horizon after a prolonged bear run

and as expected the value of other cryptos including its hard fork, Bitcoin Cash [BCH] has also been rallying. However, the digital asset has currently been facing downward pressure as its price fell by almost 7% in the past 24 hours.

At the time of writing, BCH was being traded at $417, while its lowest point was noted at $400 according to the daily candle.

Bitcoin Cash one day chart

BCH’s daily chart outlined the cryptocurrency’s growing price within an ascending channel. The ascending channel has pushed through various resistances and caused the price of BCH to surge to a new high at $505.

As the hard fork of BTC continued to trade above $400, it is witnessing selling pressure, which would be an opportunity for the traders to short the coin and gain during the selling pressure.

Reasoning

The Relative Strength Index has just dipped under the overbought zone given the sell-off it was witnessing while writing. This pressure might have been induced by the Bitcoin downtrend visible at $38k. This pressure in the BTC market could push the price further down.

Whereas, the Awesome Oscillator has not yet reflected these changes in the market. It was currently showing strong Green bars indicating strong buying of BCH, but as the red daily candle takes shape, AO will reflect the dropping buyers’ momentum and increased selling.

However, the trend in the market remained bullish as the 50 moving average also remained well under the price bars. Even if the price drops, the trend may not reverse on a whim.

Position

Entry: $410 Stop-Loss: $422 Take-Profit: $384 Risk-to-Reward: 2.23

Conclusion 

The Bitcoin Cash market has been noting a falling value of the digital asset in a bullish market. This could provide a brief opportunity for the traders to take profit to the next support at $384.

Bitcoin futures volume hits an ATH of $100 billion

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

is slightly below the multi-year high of 481 that was reached yesterday. Other cryptocurrencies like Bitcoin, Ethereum, Stellar, and Cardano are also in the red.

Bitcoin Cash has been a laggard in recent months. The price has jumped by about 200% from its lowest level in 2020. While this is a good performance, it has lagged other popular digital currencies like Stellar and Cardano. 

In fact, relatively younger cryptocurrencies like Polkadot and Cardano are bigger than it in terms of market capitalisation. The same is true also when you look at its valuation. The Bitcoin to Bitcoin Cash ratio has surged to 1:90 while the Ethereum to BCH ratio has jumped to 1:2.8. 

Bitcoin Cash price is dropping today because of the uncertainty about the future of digital currencies after Bitcoin soared to above $40,000 yesterday. Some previous BTC speculators have started exiting, which has put the price under pressure. In most periods, BTC tends to be correlated with other currencies.

Turning to the daily chart, we see that the BCH price has rallied substantially in the past few months. It is now attempting to move above the psychological level of $500. It remains above the shorter and longer moving averages. 

It is also slightly below last year’s high of $497 while the accumulation and distribution indicator has continued to rally. Therefore, in the near term, the Bitcoin Cash price will continue rising as bulls aim for the next resistance at $500.

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reach $11.5, provided it does not lose the $9.5-region in the coming hours. OMG Network was strongly bullish, but could see a pullback to $3.49.

Bitcoin Cash noted a bearish divergence between the price and momentum as it approached the $460-level of resistance. The trading volume was subdued and the Stochastic RSI also flashed overbought.

The most recent trading session saw BCH recording losses, making it likely that BCH could see a move to the support at $414 over the next few hours.

This move would only be a pullback, however, as the trend behind BCH was bullish and further gains can be expected over the coming days.

DOT appeared to form an ascending triangle pattern on the charts, a bullish pattern that highlighted an upward breakout. A trading session close below $9.51 would invalidate this idea.

The OBV noted strong buying volume behind DOT’s recent gains and the trading volume has been high, even as upside momentum slowed down.

A close above the pattern would confirm a breakout while closing below $9.51 would imply that $9 could be tested over the next few days.

The outlook for DOT was bullish and a move towards $9 will be considered to be only a pullback.

The 20 SMA (white) on the 4-hour chart was racing to catch up with the strongly bullish OMG. Multiple levels of resistance were flipped to support over the past week, but a minor pullback seemed also to be on the cards.

In the short-term, the $4-level was of interest to the bulls and bears. Selling pressure forced the price back as it attempted to rise above $3.9 over the past 24 hours.

The MACD showed that bullish momentum was still present, but had slowed down. Over the coming hours, $3.7 and $3.49 levels will be of interest to the bulls.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.

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showed the likelihood of facing stiff resistance at $0.03 and was poised to lose another level of support. Algorand could drop as low as $0.38 due to the bearish pressure, although $0.39 can be expected to stall the bears.

The OBV noted quite a bullish development for BCH – the past few hours of selling saw nowhere near the amount of selling volume on BCH, in comparison to the buying volume over the past two weeks.

The OBV was still in an uptrend and, once the large-cap correction is over, BCH can be expected to move upward once more.

Until such a time, the Fibonacci retracement levels can be expected to serve as support levels. The confluence between the 38.2% level and horizontal support, both in the vicinity of $450, makes this area a strong region of support.

The Gann fan lines from $0.0237 swing low highlighted lines of potential support and resistance for TRX. The 2:1 line, alongside $0.03 and $0.0287 horizontal levels, are important to the price over the next few hours.

The RSI sank below neutral 50 to indicate bearish pressure. This presented a move beneath the 2:1 line for TRX as a likely scenario.

This means that $0.03 would become a strong region of resistance, which could push TRX to test $0.0287 and possibly cede it to the bears.

ALGO saw a double top pattern form for ALGO (white) as it was unable to push past resistance at $0.5. The valley of the pattern sat at $0.43, and the price moved with strong momentum beneath this mark.

The pattern projects a target of $0.38 over the next few trading sessions, and it is possible that heightened selling pressure would push ALGO back beneath the $0.375 level it broke out of recently.

The MACD showed strong bearish pressure as it moved beneath the zero line. The $0.39 level can offer some support to ALGO but is likely to be lost to the bears soon. Whether the bulls can mount a recovery quickly remains to be seen.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.

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