ETH Archives - FaithMightFX

June 1, 2021June 1, 2021

THE NEXT CRYPTO BULL RUN: BITCOIN AND ETHEREUM

Since Bitcoin was launched in 2009, price has maintained a strong bullish movement with about 410,000% gain, from $0.09 in 2009 to its current price at $36,700. The current $BTC market capitalization stands at $678Billion. Ethereum, on the other hand, is the second largest crypto with current market capitalization at $299Billion after its launch in 2015.

This signifies that most crypto assets are less than a decade. Ethereum has since its inception has been publicly accepted by Crypto traders and investors. Hence, the reason for the bullish movement. Just like other markets, the crypto market is a bull and bear market. High leverage usage must have wiped off some accounts due to greed. Currently, the crypto market is about $1.62Trillion with Bitcoin and Ethereum having over 61% of the market share. There are other thousands of cryptos newly introduced e.g. Ripple, Dash, Tether, Litecoin, Cardano etc. all of these make up the remaining 39% share of the crypto market.

Bitcoin, in June 2020, was below $10,000. As at today, Bitcoin is above $36,000. Ethereum in June 2020 was below $300, the price of Ethereum today stands at $2,600. In the last one year, Ethereum has done far better than Bitcoin in investment gains. Both Bitcoin and Ethereum reached an all-time high in 2021. Ethereum reached $4,370 in may 2021 and Bitcoin reached $63,000 in March 2021. With Bitcoin and Ethereum having 61% of the total crypto market, they both have a major influence in the price movement of other coins. The increased acceptability of Bitcoin and Ethereum will determine the acceptability of other coins.

After the all time high was reached in March 2021 at $63,000, price was almost halved after it reached $31,200.

About $30,000 was wiped out in the price of Bitcoin last month, which made it the worst month in Bitcoin history with 41% lost from the highest price. Bitcoin has a very strong resistance at $43,980, a bullish breakout from this level might result in a fake out as price on the weekly chart is currently in the lower region of the Bollinger bands. The recent dip affected most of the assets in the Crypto market. Price of $BTC might rally towards $44,000, but the bears might push the price lower to reach $19,000. If a dip occurs, this will reflect in the prices of other cryptos. The next dip might also push price of Ethereum to $1,500.

September 28, 2018September 28, 2018

Ethereum Buyers Lose Interest

Hope was temporarily restored to the buyers of Ethereum in March 2018 after the heartbreak late last year. Not quite long, the hope dwindled in April 2018 when a downtrend began. Many people have lost hope in cryptocurrencies generally due to the unforseen nature. RSI shows two oversold points on the chart but the momentum for downward continuity is still high. The present price level for $ETHUSD is at 217.50. If price moves downward, the next support level should be around 170.00. Any breakout of price below 170.00 could lead to a major fall of $ETHUSD.

Meanwhile, since there was a breakout downward from the resistance level, price has not been able to find itself back above the resistance level. The trendlines A and B also shows another mini breakout has occurred for a continuous downtrend. The oversold points on the RSI could be deceptive for a buy. Only scalpers can benefit now from the upward movement. The price fall of $ETHUSD might not be debatable in the next few days.

August 22, 2018August 28, 2018

THE JOURNEY OF CRYPTOS CONTINUE

Having been oversold for a while, Bitcoin continues moving in a direction majorly for long term traders and hope will be restored soon for some profit. Bitcoin went down last week to $6000 from a previous resistance level of $8,300. Since then, it has held on to a strong support level and might increase its value only for a short while. Its next resistance might be $6,800. However, this is dependent on the number of buyers to go long, if not, it continues shorting.

For Ripple, the next major resistance might be 0.4140 but since its ranging now, so it seems indecisive. The major reason for a buy is because it has been oversold for the past weeks just like bitcoin.

For Ethereum, it has been oversold at $278 to 1 Ethereum for 2 weeks. The next major resistance might be $395. This could also be a swing for a continuous downtrend.

Indications showing for the next few weeks: The more buyers, the higher the price of crypto currencies and new resistance levels will develop. For now, it is ranging and it’s not too good to enter trades in a ranging market.

January 17, 2018August 28, 2018

New Year, New Markets

Happy new year! It is 2018 and the only market that doesn’t sleep now is the cryptocurrency market. This is a brand new market being created right before our very eyes. What a time to be alive! No matter the asset or investment vehicle, human nature still reigns supreme. And in a pure market where human nature reigns (and not algos), technical analysis works so beautifully. But if you trade based on the news, you’ve been in for a wild ride. While the king of cryptos is Bitcoin ($BTC.X), 2017 saw an explosion in blockchain innovation that allowed many other coins to be created by just about anybody. This explosion in coins led to an explosion in wealth creation as buyers and sellers raced to the markets. Traders, investors and techies from the West to Zimbabwe have been making money in cryptos and everybody wants in.

Seeing the frenzy for information, I decided to host my first investment event, “What is Bitcoin, Anyway”. I rescheduled this event 3 times since September. I was originally going to talk about the importance of investing. (*yawn*) I forgot to order food. I also forgot to send out invitations. It was my first event! I was concentrating so hard on getting the talk and presentation right that the event production went right out the window. LOL oh well. Thankfully, my office is in a WeWork so the venue hid my blunders well. I had a good audience and the presentation was so well received that I was asked to do another.

Yes, I will have another crypto event despite the crash in cryptocurrencies right now all across the board. While I understand the hesitancy in buying cryptos, I also think it is irresponsible to write off any investment opportunity due to ignorance. However, it is also irresponsible to invest, in a market this new and still unregulated, alone or naive. Do as much learning as you can. Read, watch and ask questions. Hire an investment adviser. Get a mentor. Every investment story is the same, so always do your homework — trade what you see, not what you hear.

And stay tuned for my next event, First Friday Pasadena. February is the #crypto edition?

January 16, 2018August 28, 2018

Is It Really A Bloodbath?

Cryptos are finally making news today and not because of the a 3,000% move in a few weeks. No, every digital coin and token is down today and down BIG. It’s blood in the streets now that Jamie Dimon has repented for ever calling Bitcoin a fraud. Markets can be so ironic sometimes that it is poetic. Warren Buffet has to be grinning from ear to ear as he said it was going to end very badly anyway. He must also be buying but that’s a musing for another day.

Well, thankfully, I don’t trade off the news. You’d be in a pickle right now as to what to do with all those coins and tokens you bought yourself for Christmas. Confess now. We all bought some. The smartest of us only sold and even then, we sold too early.

The Fibonacci levels will tell you something different on different charts. So I’ll zero in on ethereum because ether is the only coin falling right now from all-time highs. Many of the alternative coins, the forked coins and Bitcoin itself have been consolidating lower since the 2nd week of January 2018. With the euphoric year that 2017 was for cryptocurrencies, you have to love the narrative already shaping for what 2018 will be. But looking at this chart, is it really a bloodbath yet?