The Rise and Rise of Ethereum (ETH), Add 10 Percent in 24 Hours

The Rise and Rise of Ethereum (ETH), Add 10 Percent in 24 Hours

 
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Latest Ethereum (ETH) News

The unregulated nature of cryptocurrencies does welcome elements or entities keen on fleecing genuine investors. That’s precisely why the US SEC is yet to approve a Bitcoin Exchange-traded fund with Jay Clayton insisting that the market is rough, rugged and should be monitored because of rampant manipulation. But it isn’t about prices alone.

Some exchanges are employing all tactics to sway public/investor perception, lying about performance as they engage in wash trading and more. In fact, the vice is so common that a Bitwise Management research revealed that 95 percent of all crypto exchanges are “dirty”, manipulating prices and volumes.

It is perhaps with this background that the founder of ConsenSys and the co-founder of Ethereum, Joseph Lubin, admit that there is price manipulation. At the Fluidity Summit Conference in Brooklyn, Lubin says:

“All prices on the planet are being manipulated, any time that well-resourced actors can get in there and do something; you have to expect them to do that. So we need to build better systems.”

Even so, that isn’t deterring them from contributing towards the development of the ecosystem. Together with Vitalik, they have donated 1,000 ETH to MolochDAO. The smart contract will pool resources and from their developers wishing to launch projects can source liquidity from. A further 2,000 ETHs was donated from ConsenSys.

ETH/USD Price Analysis

Ethereum Daily Chart--May 14.png

At spot rates, Ethereum (ETH) is one of the best-performing assets adding 20.9 percent in the last week and up 10 percent in the last 24 hours. However, a stand out is not the trading range neither is it volatility but the confirmation that there is demand for the second most valuable coin in the space.

As it is, Ether is trading within a bullish breakout pattern, firm above $170 as bulls break-off and trade above Q1 2019 highs confirming that the path of least resistance is defined. Because of May-11, high-volume upswing, every low is technically a buying opportunity. With prices trend towards $250, the best approach for both set of traders—risk-averse or aggressive, it to fine-tune entries, buy on dips with a safety net at around $180 or May-11 lows but with a target of $250 for a very healthy risk-reward ratio.

Banking on this is the strong buy momentum now that bull bars are banding along the upper BB which is, in turn, diverging away from the middle BB as participants step up, ramping up their longs.

Chart courtesy of Trading View—CoinBase

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.