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ETH Price Needs To Close Above $240 To Reverse Losses

The Ethereum latest news show that the ETH price needs to close above $240 if it wants to reverse its losses. The cryptocurrency declined heavily after many rejections near $250 against the US dollar. Now, it is recovering but it must settle above $240 to start a fresh increase. Over the past week, Ethereum failed […]

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The Ethereum latest news show that the ETH price needs to close above $240 if it wants to reverse its losses. The cryptocurrency declined heavily after many rejections near $250 against the US dollar. Now, it is recovering but it must settle above $240 to start a fresh increase.

Over the past week, Ethereum failed to settle above the $250 resistance level against the US dollar. As a result of that, the ETH price started a major decline below the $245 and $240 support levels.

This decline was initiated after there was a break below a key ascending channel with support at $244 on the 4-hours chart of ETH/USD. The pair later broke the $230 support and the 100 simple moving average (on 4 hours).

ethereum price eth
The Ethereum price performance lately. (Source: TradingView.com)

After this, the Ether price traded as low as $225 and started an upside correction. This is how it broke the $230 and $232 resistance levels. Still, the ETH price needs to go above $240 in order to reverse its losses and make things easier considering its steep fall from $250 highs to $225 lows.

It sees like there is a major hurdle forming near the $238 and $240 levels. Here, the 61.8% Fib retracement level of the decent decline from $250 to a $225 low is also near $241. Therefore, a successful break above the $240 resistance zone is likely to push the price into a positive zone.

After this one, the next key resistance is near the $250 level above which the price of ETH could surge towards $265. On the downside, there is decent support forming near the $234 level and the 100 simple moving average on 4 hours. If ETH fails to stay above the $234 support line, it could continue to move down below the $230 position.

Additionally, the main support lines are near the $225 and $222 levels, below which ETH is likely to accelerate towards the $205 and $200 support levels. The technical Indicators for the Ethereum price right now are as following:

  • 4 hours MACD – The MACD for ETH/USD is slowly moving in the bullish zone.
  • 4 hours RSI – The RSI for ETH/USD is currently just below the 50 level.
  • Major Support Level – $230
  • Major Resistance Level – $240

While the Bitcoin news and ETH price updates are posting losses today, there are coins like Binance Coin (BNB) and Bitcoin SV (BSV) which are gaining some percentages. In the top 20, the most notable gain today is the one of the Crypto.com (CRO) token which rose by 1.71% following the positive news that we recently shared.

Source: https://www.dcforecasts.com/ethereum-news/eth-price-needs-to-close-above-240-to-reverse-losses/

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Bitcoin and Cryptocurrency Market Roundup for the Week Gone By

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Bullish headlines are sending Bitcoin to the skies, with large-cap coins surging to new 2020 highs after PayPal announced on Wednesday it will be integrating cryptocurrency.


The good news continued as the week progressed. America’s biggest bank JP Morgan released a report on Friday claiming Bitcoin is a better investment prospect than gold, and Kanye West dropped Bitcoin bombs on the world’s biggest podcast — telling Joe Rogan that Bitcoiners “really have a perspective on what the true liberation of America and humanity will be.”

As the cryptocurrency market surged, Bitcoin cast off the shackles of its recent correlation with the S&P 500. This fulfills the prophecy of legendary investor Paul Tudor Jones, who called Bitcoin the “fastest horse in the race” back in May, and appeared on CNBC on Thursday to reaffirm his commitment.

This Week’s Highlights

  • PayPal Embraces Bitcoin
  • JP Morgan Flips Bullish

PayPal Embraces Bitcoin

487 million US citizens will be brought to the crypto table over the next few weeks as payment giant PayPal gradually rolls out functionality allowing users to buy Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

Bitcoin, which had been steadily climbing before the announcement on Wednesday, treated the news like rocket fuel: The price jumped vertically as the news hit, and quickly broke resistance at $13K.

Yet while Bitcoin has made 12% gains over the last seven days, the leading cryptocurrency has fallen behind Litecoin, which soared over 21% on the news.

JP Morgan Flips Bullish on BTC

JP Morgan, the investment bank that claimed Bitcoin was a “fraud” back in 2017, has changed its tune.

The Wall Street giant released a report on Friday singing the praises of Bitcoin, and suggesting that the cryptocurrency has distinct advantages over gold as a safe haven asset. 

Looking ahead, the bank claims that Bitcoin could have “considerable long-term upside”, with the market cap needing “to rise 10 times from here to match the total private sector investment in gold via ETFs or bars and coins.”

The Week Ahead

Although a pullback could be expected after such a strong rally, BTC’s exuberance shows no sign of abating.

Speaking on CNBC on Thursday, billionaire investor Paul Tudor Jones said the rally is in its “first inning.” He expects more upwards momentum as investors start buying up the cryptocurrency as an inflation hedge.

If the rally continues, the next stop could be the 2019 high of $13,900. Beyond this milestone, the price is almost hitting open sky. As there is little trading history past this point, we could see heightened volatility as the cryptocurrency seeks to establish itself at this new elevation.

Source: https://bitcoinist.com/bitcoin-and-cryptocurrency-market-roundup-for-the-week-gone-by/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-and-cryptocurrency-market-roundup-for-the-week-gone-by

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Hedge Funds Failures, Bankruptcies and Pandemic Fatigue

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As cases rise and the U.S. settles in for a fresh wave of COVID-19, the economic fallout from round one is still being felt, from hedge funds to bankruptcies and beyond. 

Our main conversation is about the rise of a new wave of COVID-19 and the economic fallout we’re still trying to address. NLW discusses why we’re starting this next wave more emotionally drained, politically divided and economically fragile than we were in March.

Source: https://www.coindesk.com/hedge-funds-failures-bankruptcies-pandemic-fatigue

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SwapSpace: Quick Cryptocurrency Swaps at No Additional Fees

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[Featured content]

The cryptocurrency field is growing at a considerable rate as more companies and individuals get involved. 

As CryptoPotato recently reported, Google searches for the ‘buy crypto’ key phrase have surged to their highest point since all the way back in January 2018 – during the peak of the ICO bubble. 

Google traffic is usually a very good indicator of retail interest in the field, but institutions are not lagging behind. Another report by the giant multinational financial services corporation Fidelity Investments revealed that 36% of institutional investors own Bitcoin and other cryptocurrencies. 

Amid the growing popularity, more venues are offering seamless exchange and swaps of various crypto assets. 

One of such platforms is SwapSpace. With a particularly intuitive swapping process and over 350 coins and tokens, as well as more than 60,000 exchange pairs, the platform has managed to establish itself as one of the more convenient ones to use if you want to quickly swap your coins without having to go through a lengthy registration.

What is SwapSpace?

SwapSpace brings forward an instant aggregator of cryptocurrency exchanges. The number one priority of the company is to save time for their clients and to make the process as easy as possible. 

Users don’t have to spend excessive time searching for pairs and comparing rates, privacy features, and fees on different services. 

All they have to do is choose the most appropriate swap option from different instant exchange services for the selected exchange pair. There are no limits on the amount to be exchanged, no registration, and a process that takes no more than four quick steps. 

How Does SwapSpace Work?

Right off the bat, as soon as the user lands on the website’s homepage, they will see the swapping interface, which is particularly simplified. Here are the steps that have to be taken to successfully complete a crypto swap. 

Step #1: Select your tokens

On the homepage of the website, you’ll find the following screen: 

swapspace_1

Here, you need to choose the crypto that you want to send and the one that you want to receive. In this example, we are swapping Bitcoin for the stablecoin USDT. Enter the swap amount and hit “View offers.”

Step #2: Select the best offer

As soon as you hit that red button, this is the screen that you will get: 

swapspace_2

The platform filters the offers automatically, and you will always get the best rate displayed on top. You can choose the swap option by the rates or by exchange flow: SwapSpace offers both fixed and floating rate exchanges.

In this case, the best rate is provided by SimpleSwap, and as soon as you hit “Exchange,” you will get to the next step of the process. 

Step #3: Enter the recipient’s address

During this step, you will have to enter the address of the recipient. 

swapspace_3

In this case, we will be inputting the address that will receive the USDT once the BTC swap is completed. 

Step #4: Transfer funds to the exchange service

This is where you would have to send the coin or token that you want to swap. 

swapspace_3

The last step is just to wait for the exchange to be completed. You will be able to see all the details of the transaction, read information about the partner you’ve chosen, and the average time it takes to complete the exchange. 

That’s pretty much it. SwapSpace requires no further actions to be taken, and just like that, you’ll be able to swap your cryptocurrencies in a quick and seamless way.

It’s also worth noting that customer support works all over the clock and replies instantly. Overall reviews of the platform provided via Trustpilot are positive. There’s no limit to the amount you can swap, and there are no additional fees that you’ll have to worry about. 

Pros and Cons

As with everything, there are certain benefits and drawbacks to using SwapSpace. 

Pros: 

  • The process is very quick and simple
  • No additional fees
  • No registration
  • An abundance of cryptocurrencies 
  • Fixed and floating rates

Cons:

  • The company is relatively new, registered in 2019
  • No support for fiat currencies
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Source: https://cryptopotato.com/swapspace-quick-cryptocurrency-swaps-at-no-additional-fees/

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