Ethereum’s decline beneath a key bullish trendline that had been previously supporting its price action may be a dire sign of what’s to come The payment service provider Azimo, in cooperation with a Thai bank, enables international remittances via RippleNet. Binance Launchpad has announced its second token sale. This has resulted in the price of BNB breaking $15.50 and set to erase past losses in March. Ethereum is currently correcting higher from the $148 monthly low against the US Dollar. ETH price is now facing a couple of key hurdles near the $158, $162 and $164 levels. According to recent data, the size of the Ethereum (ETH) blockchain has grown to roughly 4 TB, and is on track to reach 5 TB by the end of 2020. Notably, in just one year the size of the Ethereum (ETH) blockchain has doubled. This has made it impossible to run a true full Ethereum… Read more
Ethereum has seen some notable overnight losses that have slightly outpaced those posted by Bitcoin and many other major altcoins, with ETH erasing a portion of the gains that were incurred as a result of its recent rally.
This downturn has led the crypto to decline beneath a key bullish trendline that had been previously supporting its price action, with this potentially proving to be a dire sign of what’s to come next.
This also comes as multiple traders note that they are targeting further short-term downside for the cryptocurrency.
At the time of writing, Ethereum is trading down over 4% at its current price of $153, which marks a notable decline from daily highs of $165 that were set at the peak of the crypto’s rebound seen yesterday afternoon.
This rally came about in tandem with that seen by Bitcoin and proved to be highly fleeting, with ETH and most other cryptocurrencies plummeting after BTC faced a strong rejection at $7,200.
Over a one-week period, Ethereum is trading down from highs of $175, and just set fresh lows at $152 earlier this morning.
Prior to today’s drop, the crypto had found significant support at $155, although bull’s inability to hold it above this level seems to point to some underlying weakness amongst buyers.
This has led one popular pseudonymous trader on Twitter to note that he is currently shorting the second largest cryptocurrency, with a near-term downside target set at $145.
It is highly probable that Ethereum will continue closely tracking Bitcoin in the hours and days ahead, which means that this potential drop could hinge on BTC breaking below the support it is currently finding around $6,600.
One grim byproduct of this recent selloff is that Ethereum has declined beneath a critical ascending trendline that had been guiding it higher in the time following its capitulatory plunge to the sub-$100 region on March 12th.
Another popular trader on Twitter spoke about this trendline in a recent tweet, offering a chart showing that a sustained bout of trading below this level could lead it to drop another 10% before it finds some slight support.
“We might need a pump here to reclaim uptrend – would be a pity to retrace 10% to retest support,” he noted.
This 10% near-term downside target highlighted on the above chart coincides closely with the target offered by the first aforementioned trader, indicating that a movement to this level could be imminent in the days and weeks ahead.
Featured image from Unsplash.
Azimo brings international instant transfers to Thailand by ripple
The payment service provider Azimo, in cooperation with a Thai bank, enables international remittances via RippleNet.
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Digital payment service provider Azimo has partnered with Siam Commercial Bank (SCB), the oldest bank in Thailand, to process international transfers from Europe to Thailand via RippleNet.
According to the official press release of April 9th, the problem of expensive and unreliable remittances should be solved. Accordingly, the partnership enables payments from Europe to Thailand in less than a minute.
As a rule, international payments between Europe and Thailand often take more than a full working day. However, Azimo can settle British pounds and euros into Thai baht almost immediately.
Michael Kent, co-founder and chief executive of Azimo, explains that similar payment systems for international instant transfers already exist in many countries. To this end, he adds:
“Thailand recently introduced an instant transfer payment network, and by working with the country's largest bank, we can reduce the time it takes to make international transfers from 24 hours to an average of 22 seconds. This makes it cheaper and faster to send money to Thailand than within Europe. ”
As data from the World Bank show, Thailand is one of the most important target countries for international remittances, so almost 6.7 billion US dollars flow into the Asian country every year. Nevertheless, it is one of the most expensive countries to send and receive money.
The newly announced collaboration comes just a short time after Azimo has already deployed RippleNet for the Philippines. In the coming month, the service will also be expanded to other countries.
As Cointelegraph reported on January 8, the SCB had previously partnered with Ripple to bring a blockchain-based smartphone app to the market that enables cheap international transfers.
Binance Launchpad Announces New Project, BNB Breaks $15.50
Opening the twitter page belonging to the Binance crypto exchange always has a level of excitement to it. Every day, there is always a new development or an announcement further stating the case that Binance Coin (BNB) could be one of the best assets to consider as a long term hold.
Just yesterday, April 13th, the team announced Cartesi as the second project of 2020 on their LaunchPad platform. The token sale will be carried out on the 21st of this month with the standard ticket claim by holders of BNB. The exchange further explained it will be taking hourly snapshots between the 14th of April (00:00 UTC) and 21st of April (00:00 UTC) to determine the eligibility of BNB holders. The team also provided the following details about the Token sale:
A complete description of the terms of the token sale can be found here.
Cartesi has a vision of building an operating system for Dapps. The projects enables complex computations to run in a Linux environment, outside of the blockchain without compromising decentralization. By doing so, it will make Dapps more powerful, cost-effective, easier to create and portable.
In our previous analyses of Binance Coin (BNB), we have correctly foreshadowed that the coin would break both the $14 and $15.50 resistance levels. Initially, we were inclined to declare BNB in bear territory but we however flipped our stance after the team at Binance kept announcing new developments almost daily. The most recent development being the acquisition of Coinmarketcap and the launch of Bitcoin Options on the platform.
Further revisiting our 6-hour BNB/USDT chart, we observe the following:
(Feature image courtesy of Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
Source: ethereum worldnews.com
Author: John P. Njui·Altcoin NewsOpinion·April 14, 2020·2 min read·108 views
Ethereum Price Approaching Key Hurdle But Can Bulls Make It?
Ethereum is currently correcting higher from the $148 monthly low against the US Dollar. ETH price is now facing a couple of key hurdles near the $158, $162 and $164 levels.
- Ethereum is slowly recovering higher after trading as low as $148.
- The price is trading above the $152 level, but the bulls are facing a lot of hurdles.
- Yesterday’s followed two bearish trend lines are active with resistance near $160 and $164 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair could only turn bullish once it clears the $164 resistance and settle above $165.
After settling below the $160 level, Ethereum started a fresh bearish wave against the US Dollar. ETH price broke the $155 support to move further into a short term bearish zone.
Besides, there was a break below the $150 level and settled below the 100 hourly simple moving average. The price traded to a new monthly low at $148 and it is currently correcting higher.
It broke the $152 resistance level to start a correction. Ethereum surpassed the 50% Fib retracement level of the key drop from the $164 swing high to $148 low. However, the price is now facing a couple of hurdles near the $156-$157 area.
The 61.8% Fib retracement level of the key drop from the $164 swing high to $148 low is also likely to act as a key hurdle. More importantly, yesterday’s followed two bearish trend lines are active with resistance near $160 and $164 on the hourly chart of ETH/USD.
If there is a break above the 100 hourly SMA, the price might test the upper trend line. A successful close above the $164 and $165 resistance levels is needed for a clear direction. The next key resistance is near the $175 level. Any further gains could lead the price towards the $185 and $188 levels.
If Ethereum fails to continue above the 100 hourly SMA or the $160 resistance, there are chances of another bearish reaction. On the downside, an initial support is near the $152 level and a connecting bullish trend line on the same chart.
There is also a key support forming near the $145 area (as discussed in the weekly analysis). If the bulls fail to hold the $145 support area, there is a risk of more losses towards the $132 and $130 levels.
Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising and it is above the 50 level.
Major Support Level – $152
Major Resistance Level – $160
Image from unsplash
Author: Aayush Jindal
The Ethereum Blockchain Has Ballooned To 4 TB, And It Would Probably Take A Couple Of Years To Download – Crypto.IQ |
According to recent data, the size of the Ethereum (ETH) blockchain has grown to roughly 4 TB, and is on track to reach 5 TB by the end of 2020. Notably, in just one year the size of the Ethereum (ETH) blockchain has doubled. This has made it impossible to run a true full Ethereum (ETH) node, which is known as an archive node, on a regular computer, and even if someone had enough TB to download the whole Ethereum (ETH) blockchain it could take 2 years.
The reason that the Ethereum (ETH) blockchain is getting so big so fast is that every decentralized application (dApp) and platform which runs on Ethereum (ETH) generates tons of transactions, and it seems the blockchain data generated by all of the users, dApps, platforms, and programs on Ethereum (ETH) is steadily accelerating.
Indeed, as of September 2019 the Ethereum (ETH) blockchain was only about 200 GB according to the reports of a Twitter user who downloaded the whole thing.
Notably, even when the Ethereum (ETH) blockchain was 200 GB, it took 35 days to download it. Now that it is 4 TB, it would take approximately 2 years to download the entire Ethereum (ETH) blockchain.
It gets worse. With 2-3 TB being added to the Ethereum (ETH) blockchain every year, it would take longer than a year to download one year of Ethereum (ETH) blockchain data, making it impossible to ever catch up and synch an archive node, at least for regular users with regular internet.
That being said, it is still possible to run an Ethereum (ETH) full node, which is much more lightweight since it only records a ledger of verified transactions, unlike archive nodes which store complete snapshots of the Ethereum (ETH) blockchain for every moment Ethereum (ETH) has existed.
It is perhaps a concern that archive nodes are becoming quite centralized in the sense that there are fewer and fewer of them as time goes on due to the blockchain bloat. If one day they disappear, then it will no longer be possible to figure out the balance of an Ethereum (ETH) address at a given point in time in the past. Although this would limit blockchain analytics and forensics for Ethereum (ETH), maybe it could be written off as a privacy feature.
Author: April 13, 2020 / by Crypto.IQ