bullish Breakout: Zusteuert der Ether Preis Zurück Vor $300?

The ether-U.S. Dollar (ETC/USD) exchange rate appears to be responding positively to shocks caused by regulatory actions in China.

Immer noch, the recovery hasn’t exactly been a downhill jog. Äther, which was just finding its footing following China’s ICO ban, took a dive to $198 on Friday – the lowest level since July 31 – after major Chinese exchanges announced they would shut down ether-yuan trading under pressure from regulators.

The sell-off in the cryptocurrencies was short-lived, obwohl, as investors realized that the exchange crackdown would not affect crypto-to-crypto trading. The second largest cryptocurrency by market capitalization soon recovered, and is back around $285 heute.

Des Weiteren, expectations are that Chinese investors will likely continue to participate in the market via offshore exchanges. So, cryptocurrencies regained their poise on Monday.

Other news developments may also be helping to lift the cryptocurrency.

EINnew version of ethereum’s Geth node software wurde veröffentlicht Friday – an update that includes various protocol changes for the upcoming “Metropole” Fest Gabel. Astraleum is currently on target to activate the so-called Byzantium hard fork within the next month.

Anderswo, ethereum co-founder Vitalik Buterin, während speaking to TechCrunch Montags, notably predicted the platform will match Visa’s transaction capacity in acouple of years.

Bitcoin is processing a bit less than three transactions per second,” er sagte. “Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa.

With China seemingly out of the way, investors may push ether back above its 50-day moving average level of $300. Wie pro CoinMarketCap, ether has lost 0.92 Prozent im letzten 24 Std.. Zum Zeitpunkt der Drucklegung, the currency is trading at the $285 Ebene. Auf einer wöchentlichen Basis, die digitale Währung nach unten 5.3 Prozent, due to the China dip.

Bullish falling channel breakout

Tages-Chart

An upside breakout (as seen on the chart above) is usually the first sign of a bearish-to-bullish trend change.

Investopedia definesfalling channelas the price action contained between two downward sloping parallel lines.

In ether’s case, a bullish falling channel breakout can be observed, though it still needs to break above the 50-day moving average level of $300 – in which case, prices could test $345–$350 levels (resistance being offered by the trend line sloping upwards from the July 16 low and July 29 niedrig].

Auf der Unterseite, nur ein Bruch unter $198 would revive the bearish view and shall open doors for a sell-off to falling channel support of $170-160.

Broken fence image via Shutterstock

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Quelle: Coindesk