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Ethereum Price Prediction: ETH/USD Floats Around $1244, Bearish Reversal incoming?

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ETH Price Prediction – January 23

Looking at the daily chart, Ethereum (ETH) has been trading in a tight range since the first week of this month.

ETH/USD Market

Key Levels:

Resistance levels: $1500, $1600, $1700

Support levels: $1000, $900, $800

ETHUSD – Daily Chart

According to the daily chart, ETH/USD has been surging immensely since breaking above the 9-day and 21-day moving averages pushing above $1200 to reach as high as $1272 today. However, ETH/USD seems to be struggling with specific resistance at $1244. However, the Ethereum price also spiked lower two days ago to bounce into the $1081 support.

What to Expect from Ethereum (ETH)

Currently, the price of the coin is changing hands above the 9-day and 21-day moving averages and the bulls are performing too well in pushing it to the upside. In other words, any reversal to the south may likely welcome the resumption of the bears into the market which could probably drag the coin towards the critical supports at $1000, $900, and $800.

Nonetheless, the technical indicator  RSI (14) is preparing to cross above the 60-level and move to the upside, which indicates the continuation of the bullish trends and further resistance may be found at $1500, $1600, and $1700 levels.

Comparing with BTC, the Ethereum (ETH) is currently changing hands at 0.038 BTC after witnessing some bullish moments in the last two days while the current trend of the coin still remains the same as the bulls are now pushing the coin above the 9-day and 21-day moving averages.

ETHBTC – Daily Chart

Moreover, if the bulls could forge ahead, breaking above the channel could meet the resistance level at 0.042 BTC and above. However, Ethereum is currently preparing for more upsides and may soon cross above the upper boundary of the channel in the positive moves. Meanwhile, the technical indicator RSI (14) is likely to cross into the overbought region, which suggests the bulls may fully step into the market.

Source: https://insidebitcoins.com/news/eth-usd-market-57

Blockchain

Dogecoin becomes the most popular cryptocurrency

TL;DR Breakdown Doge now more popular than altcoin About Doge crypto Meme cryptocurrency, Dogecoin, now ranks as the most popular digital asset even ahead of Bitcoin, the number one cryptocurrency by market capitalization. According to data from crypto tracker ICO Analytics, Dogecoin became the most popular cryptocurrency after it was mentioned last month on Twitter […]

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TL;DR Breakdown

  • Doge now more popular than altcoin
  • About Doge crypto

Meme cryptocurrency, Dogecoin, now ranks as the most popular digital asset even ahead of Bitcoin, the number one cryptocurrency by market capitalization. According to data from crypto tracker ICO Analytics, Dogecoin became the most popular cryptocurrency after it was mentioned last month on Twitter more than any other cryptocurrency.

ICO Analytics notes that Dogecoin commanded 10.4 percent of all crypto-related mentions on the social media platform in February, with Bitcoin recording 10.1 percent of all crypto-related mentions. Dogecoin was mentioned ten times more than Uniswap—an Ethereum-based decentralized exchange that has 17,000 active users.

About Dogecoin cryptocurrency

Dogecoin came into existence in 2013 as a joke featuring a Shiba Inu dog as a mascot. The coin is now valued at over $6.5 billion, with many celebrities, tech experts, and investors having a stake in the meme coin. One of the coin’s biggest fan is the world’s richest man, Elon Musk, the CEO of electric car makers Tesla. The CEO never stopped tweeting about the crypto, even stating that the coin would go to the moon in one such tweet.

While Musk continued talking about the altcoin on Twitter, the crypto continued to gain popularity on TikTok, another social media sparking a Dogecoin’ Challenge’, which trended for several days. The coins’ popularity has led the altcoin price to surge. The crypto went from less than $0.002 in January 2020 to an all-time high of $0.083 last month a 4050% increase.

However, the crypto has also faced a series of criticism, with one single address holding more than 27 percent of the coins’ total supply. It is believed that the coin price is usually artificially pumped. Elon Musk detests the coin for this reason. The monopoly of investors also has slowed down active development for the coin and is one reason investors are afraid of taking on the coin, according to Elon Musk.

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Source: https://www.cryptopolitan.com/dogecoin-now-most-popular-cryptocurrency/

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Bitcoin Primed for New All-Time Highs as Retail Interest Returns

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/bitcoin-primed-new-all-time-highs-retail-interest-returns/

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This Bitcoin Metric Shows Just How Far Away The Top Could Be

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Bitcoin price is still more than 10% away from the highs set last month, and bulls have been struggling to regain the powerful momentum they had on the way up. However, while price action is feigning signs of being exhausted, blockchain data shows that growth in actual Bitcoin adoption is still on a steady, parabolic incline and is nowhere close to peak levels historically.

According to a top cryptocurrency market researcher, this suggests the current uptrend has nowhere near concluded, and a new record in a key metric will be reached before it is all said and done.

Blockchain Data Shows When Retail Arrived, User Adoption In Action

As Bitcoin price action soars, the cryptocurrency making headlines and becoming the subject of water cooler talk and online chatter once again, has also lured new users to the technology en masse.

RELATED READING | “WONDERFUL” SHARK TANK INVESTOR SHIFTS PORTION OF PORTFOLIO TO BITCOIN AND ETHEREUM

Technically, Bitcoin’s current uptrend has been the most powerful in its history, but fundamentally, as healthy as things are, it hasn’t reached the user growth rates seen at the last major peak.

bitcoin metric top Willy Woo

On-chain data shows user growth hasn't peaked yet, compared to last cycle | Source: glassnode

According to data shared from glassnode by crypto analyst and Bitcoin researcher Willy Woo, the 365-day net growth moving average of Bitcoin “entities” or users, hasn’t reached the same highs as 2017.

Until user adoption catches up with the former peak set back then, Woo says the top is still a far ways off.

Bitcoin Adoption Rate Suggests Trend Is “Just Warming Up”

Woo not only expects the current cycle to reach that previous growth rate, but exceed it. Which is why he claims the current “bull market is just warming up.”

Retail, as Woo points out as arriving in January, suggests the second-phase of the crypto market uptrend has begun according to Dow Theory. The public participation phase can last for some time, but eventually things get over extended and correct.

bitcoin metric top

How far does the leading cryptocurrency go from here? | Source: BTCUSD on TradingView.com

Before that happens, however, the leading cryptocurrency by market cap is expected to reach prices of $100,000 or more per coin. If price discovery has already taken each coin to a price of more than $50,000 each and the trend is just “warming up” as Woo claims, how far do things actually go?

RELATED READING | FRACTAL FROM LAST BULL RUN SAYS BITCOIN WILL HIT $100K BY MAY

No one knows for sure, but Woo’s user adoption metric could be a key tool in timing when to exit any positions in the cryptocurrency, or to consider the trend as changed and to start turning strategies toward shorting bounces instead of buying the dip.

Featured image from Deposit Photos, Charts from TradingView.com

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Source: https://bitcoinist.com/this-bitcoin-metric-shows-just-how-far-away-the-top-could-be/?utm_source=rss&utm_medium=rss&utm_campaign=this-bitcoin-metric-shows-just-how-far-away-the-top-could-be

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