Yesterday, the drop was finally halted after previous day 7% dump. That loss completed a full roller coaster swing from Valentine’s Day acute pump. The sudden selling was broadly panic reaction on the strong price hike of Bitcoin that surged pass key resistance level and hit 6-weeks high. Despite the big tumble, Ethereum fundamental is largely unchanged. I personally believe Ethereum remain the most popular digital asset other than Bitcoin. Thus, the price should be pick up with Bitcoin progression as the mainstream investment instrument.
Ethereum (ETH) is still the biggest altcoin and the market capitalization is around $1.2 billion, approximately 6 times larger than the second-placed altcoin, Ripple(XRP). The latest price of Ethereum is at $12.67. Most trade are done through Bitcoin. Ethereum is the second most traded digital currency after Bitcoin.
Noteworthy ETH/BTC Price Levels,
Year High 0.013500 February 14 2017
Year Low 0.007823 January 2 2017
ETH/BTC traded almost unchanged and closed at 0.01132921 yesterday on Poloniex, the biggest exchange for altcoin. Total volume traded was 354234 ETH or Ƀ4061. The doji on previous day is a welcome indication for ETH to rebound from the big successive losses for the past days. Currently, the price is trading top of the nearest support level at 0.01100830 (0.382 Fibonacci Retracement Level). Break out to the bottom would drag ETH into a lower range of another substantial consolidation tunnel that located below the price region of 0.01043320 (0.50 Fibonacci Retracement Level). The next support 0.00959730 (0.618 Fibonacci Retracement Level) is another more crucial holding band that prevent further bearish trend.
On the top, the price level of 0.01204400 (0.236 Fibonacci Retracement Level) is providing strong resistance against any short term rally. Additional hike will be less meaningful if it is break around the region of 0.01291070. But the burst on to the top will generate considerable interest that can balloned into jumbo spike beyond year peak.
Some Critical Price Levels for the Short Term
Important Resistance Levels
R1 – 0.01204400 (0.236 Fibonacci Retracement Level)
R2 – 0.01291070
R3 – 0.01350000 (Year High at February 14 2017)
Crucial Support Levels
S1 – 0.01100830 (0.382 Fibonacci Retracement Level)
S2 – 0.01043320 (0.50 Fibonacci Retracement Level)
S3 – 0.00959730 (0.618 Fibonacci Retracement Level)
The short term volatility has increased tremendously for the past few days. Therefore, any daily trade is really risky. But I expect a better return from Ethereum after the price had been under selloff since September. So, I prefer to hold ETH for the longer period. More importantly, the increases value of Bitcoin will beneficial to altcoin.
You Could also buy Ethereum/Bitcoin Futures on BitMex
Ticker Price : 0.01137
Open Interest : 6,701
Total Volume : 13,255,999
Total Turnover : 125.0005 XBT
Contract Size : 1 ETH (Currently 0.0114 XBT per contract)
The ETH derivative is in the form of a Futures Contract and allows traders to speculate on the future value of the Ethereum / Bitcoin (ETH/XBT) exchange rate. Traders need not have Litecoin to trade the futures contract as it only requires Bitcoin as margin.
Trade Ethereum on BitMex Futures
** check below for the BTC/cryptocoin exchange options
BTC Exchanges With Ethereum ETH/BTC Trading
These exhanges are part of my main trading platform. And please beware that trading cryptocurrency is very high risk in nature. So, trade only after thorough analaysis.
Some Exchanges Dealing On Bitcoin Withdrawal and Deposit Only.
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Please let us know what your thoughts on this latest cryptocurrency sensation and update us if you have any insights in the comment section below.
Chart via tradingview, data source from Poloniex, CEX.io, SimpleFX and BitMEX.
The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.