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Leading Binance Trader Expects Ethereum to Rocket Higher After 30% Drop

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  • Ethereum has dropped around 30% from its recent year-to-date highs after the U.S. dollar underwent a bounce.
  • The leading cryptocurrency currently trades for $370, $120 shy of the $490 highs, but fell as low as $315.
  • Ethereum remains in a positive state on a macro time frame, analysts say.
  • One trader, a leading trader on Binance’s futures platform, expects the cryptocurrency to soon enter a parabolic uptrend.
  • His assertion has been echoed by another top trader, one who predicted that Bitcoin would under a V-shaped reversal in March.

Ethereum Set to Surge Higher: Top Binance Trader

Ethereum is set to explode higher in the coming months, Logan Han, a leading trader on Binance recently asserted.

He recently shared the chart seen below, which shows that ETH’s price action looks extremely similar to how it looked towards the end of 2017, prior to the exponential explosion that took place at the start of 2018. This analysis suggests that Ethereum is primed to undergo an exponential rally in the weeks ahead.

Han’s chart suggests that the coin will set a new all-time high towards the end of the year.

Han previously suggested that Ethereum is forming a falling wedge over a medium-term time frame that is set to bring the coin towards $500 in the coming weeks.

This latest prediction is just an extension of this previous prediction.

Chart of ETH's price action since the end of 2017 with analysis by crypto trader Logan Han (@loganhan_ on Twitter).
Chart from TradingView.com

Short-Term Outlook Strong

On a shorter-term basis, analysts see reasons to be optimistic about Ethereum. One trader recently said that if the coin flips $380 into support, it will be cleared to move even higher in the weeks ahead back towards $400:

“ETH / USD: Think the market is looking to make a full recovery if price get flip $380 into support but that said current price action is looking very bullish and its great to have flipped $360. The chance of retesting $280 gets less and less each day we hold above these levels.”

Ethereum

Image Courtesy of Cactus. Chart via TradingView.

What may stop Ethereum’s ascent in the near term, though, is Bitcoin dropping on news of a delay to the U.S. stimulus bill. The bill resulted in some of the ongoing rally that has taken place in global markets, Bitcoin included.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc, 
Charts from TradingView.com
Leading Binance Trader Expects Ethereum to Rocket Higher After 30% Drop





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Analysts Think Ethereum Will Surge as Bitcoin Holds $13,000 Support

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  • Ethereum has undergone a strong 10-15% rally over the past seven days that has brought it as high as $420.
  • The coin is expected to move towards $433 to “catch up” to Bitcoin.

Ethereum Expected to Surge As Bitcoin Holds Key Supports

Ethereum has undergone a strong 10-15% rally over the past seven days that has brought it as high as $420. The coin currently trades for $412 as it positions to move higher.

The strength in the price of ETH comes as Bitcoin has held the $13,000 support, which many feared would mark the top of the rally. Bitcoin currently trades for $13,150.

With BTC holding above $13,000, ETH is expected to move towards $433 to “catch up” to Bitcoin.

One analyst shared the chart below, showing that ETH will likely move to $433 before the weekend finishes, then continue towards the yearly highs at $490 by the end of the month.

Chart of ETH's price action over the past few weeks with an analysis by crypto trader Steve (@Thetradingtramp on Twitter). 
Source: ETHUSD from TradingView.com

Other analysts agree with this sentiment. One crypto-asset trader shared the chart below, showing that Ethereum’s recent price action has allowed it to flip the $407 horizontal into support. This suggests that it will push towards the next important horizontal level at $445 in the days ahead.

Image

 

Chart of ETH's price action over the past few weeks with an analysis by crypto trader Nekoz (@CryptoNekoz on Twitter).  
Source: ETHUSD from TradingView.com

Ethereum Has Strong On-Chain Trends

Ethereum has decent on-chain trends that suggest the uptrend will persist in the days ahead.

Santiment, a blockchain analytics firm, shared the chart below just recently with the following comment:

“There is good news and bad news for #Ethereum’s quest to again surpass the $420 price barrier. The good news is that miners aren’t selling, and there is a big increase in new $ETH addresses being created, and pre-existing addresses have shown an increase in activity. The bad news is that social sentiment is bordering on euphoric territory, and daily active deposits have jumped in a big way.”

Ethereum

Chart of ETH's price action over the past few months with an overlay of miner balances. Chart from Santiment

As the company notes, there are a few reasons to be concerned, namely around Ethereum social sentiment and the number of daily active deposits to exchanges.

Bitcoin rallying higher would likely be enough to drive ETH higher in the days ahead, though.

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Price tags: ethusd, ethbtc, ethusdt, btcusd, btcusdt, xbtusd
Charts from TradingView.com
Analysts Think Ethereum Will Surge as Bitcoin Holds $13,000 Support





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Ethereum researcher Virgil Griffith files motion to dismiss North Korea conspiracy charge

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Virgil Griffith, the former Ethereum Foundation researcher accused of conspiring to violate U.S. sanctions against the Democratic People’s Republic of Korea, filed a motion on Thursday to dismiss the charge against him on the grounds that prosecutors from the Southern District of New York have failed to properly state Griffith’s crime. 

Griffith, 37, was arrested by FBI agents on Nov. 28th, 2019 following a presentation at a conference in North Korea in April. 

Prosecutors allege that at the conference Griffith rendered services to the North Korean government in the form of “valuable information” he provided to DPRK officials, and that he “participated in conversations” about how to use blockchain technology to avoid sanctions. 

Griffith, meanwhile, contends that his presentation was a “highly general speech based on publicly available information.”

Thursday’s motion to dismiss the charge now hinges on whether or not planning and giving this presentation can be interpreted as a conspiracy to violate sanctions. 

In the motion, Griffith argues that because he was not paid for his attendance and was not under contract as a consultant, he was not providing a “service” to the DPRK, and that his speech is protected from U.S. government prohibition under the First Amendment. 

Additionally, Griffith argues that his presentation explicitly falls under an exemption in the International Emergency Economic Powers Act for the sharing of “information” and “information materials.” 

The motion added: 

“If the speech Mr. Griffith purportedly gave is not ‘information,’ then nothing is.” 

As Cointelegraph has previously reported, Griffith’s case has divided the crypto community. 

In December, Ethereum co-founder Vitalik Buterin defended Griffith, saying:

“I don’t think what Virgil did gave DPRK any kind of real help in doing anything bad. He delivered a presentation based on publicly available info about open-source software. There was no weird hackery ‘advanced tutoring.’ […] Virgil made no personal gain from the trip. […] I hope U.S.A. […] focuses on genuine and harmful corruption that it and all countries struggle with rather than going after programmers delivering speeches.”



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Ethereum’s Ongoing Breakout Suggests a Move to $500 Is Possible

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  • The price of Ethereum currently trades for $420.
  • This price is $100 higher than the September lows and around 15% higher than the coin was trading last week.
  • ETH is expected to push higher in the weeks ahead as it surmounts pivotal technical levels on a short-term basis.
  • Analysts are eyeing a move to $500 as $420 holds as support.

Ethereum Expected to Move Towards $500 as Key Levels Are Passed

Ethereum has undergone a strong rally over the past few days as Bitcoin has gained steam. The price of ETH currently trades for $420, $100 higher than the September lows and around 15% higher than the coin was trading at last week.

ETH is expected to push higher in the weeks ahead as it surmounts pivotal technical levels on a short-term basis.

One crypto-asset trader shared the chart below on October 22nd. It shows that because ETH is moving past the “major resistance” of $420, it could be cleared for a move to $500.

Chart of ETH's price action since the start of July with analysis by crypto trader Cactus (@TheCryptoCactus on Twitter).
Source: ETHUSD from TradingView.com

The expectations of a move to retest the year-to-date highs near $490 have been echoed by other market participants.

Jonny Moe, a crypto swing trader, shared the chart below after the move higher. Like the aforementioned chart, it shows that ETH’s recent move to the upside is technically important due to the resistance levels the coin is crossing

“Nice break above the $395 flat top on $ETH. ETH doesn’t always give throwbacks, so a $395 throwback is certainly possible before higher, but I wouldn’t be on it. Otherwise, this looks good for a run back near the $490 highs.”

ETH2 Around the Corner

Ethereum’s strong price performance comes as the ETH2 upgrade, also known as Serenity, has drawn closer.

In a blog post, ConsenSys developer Ben Edgington said that the ETH2 Deposit Contract is expected to be published this week. The publishing of this contract will confirm that the Beacon Chain Genesis, which will launch ETH2 officially, will launch in the next few days.

“Basically, as I understand it, we are good to go: deposit contract in the next few days; beacon chain genesis 6-8 weeks later. (This is not an official statement!). Meanwhile, be careful out there. Many fake deposit contracts and Launchpad front-ends will erupt in the coming days. Look out for the official anouncements: do not send Eth to random contracts; this is not DeFi.”

This upgrade is expected to boost Ethereum’s value proposition as it will give the coin the ability to be staked, restricting supply. On a long-term basis, ETH2 is expected to result in long-term bull trend as the upgrade increases the network’s usability.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc, ethusdt
Charts from TradingView.com
Ethereum's Ongoing Breakout Suggests a Move to $500 Is Possible





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