Nixse
0

Ethereum Might Face Violent Reversal, Is It Ready For It?

Ethereum (ETH) further struggles due to the ongoing vicious and volatile market environment caused by the coronavirus pandemic and recession on the horizon.

However, after a historic market collapse that wiped out almost all of the asset’s gains so far this year, ETH might be ready for a violent reversal. And this was following a pair of dragonfly doji have formed two weeks in a row on ETH/BTC price charts.

Ethereum started 2020 as bullish as it can be. It surged more than 100% in just a couple of short months. And this was because of the rapid growth of the decentralized finance industry; they typically consider ETH as its backbone.

In addition to that, the number two cryptocurrency by market cap spearheaded the market in rallying. Also, Ethereum and other altcoins broadly outperformed Bitcoin (BTC) during this time.

Unfortunately, the coronavirus crippling the economy became too much for ETH to withstand. Thus, ETH and the rest of the cryptocurrency market came tumbling down. Which placed a new low for the year on USD pairs.

Then, for the ETH/BTC pair, things seem to be more bullish now that the asset has stabilized after the crash.

 

Double Dragonfly Doji

Ethereum retraced significantly against Bitcoin following the early 2020 breakout caused the altcoin to outperform the first-ever crypto. Despite that. ETH/BTC is showing signs of a sharp reversal.

Based on the weekly ETH/BTC price charts, the past two weeks in a row have finished with dragonfly doji candlesticks.

A dragonfly doji happens when the asset’s high, open, and close prices are approximately the same.

If Ethereum can hold at the new levels – given the candlestick formations at the bottom of the swing -, a powerful boost might be next.

But, with all of the uncertainty circling financial markets currently because of the coronavirus and coming recession, the indecision of the dragonfly doji is luring attention to could be nothing more than a pause for air before downside continues.

 

Brave Tokens

Meanwhile, the open-source pay-to-surf browser, Brave, will soon have more options for trading its signature token.

In a blog post of April 6, the platform revealed that they would soon support trading for Brave’s Basic Attention Token (BAT). Aside from that, users will be able to deposit BAT into their Gemini accounts on April 24, with trading to start soon after that.

The blog post explained, “BAT is the sixth digital asset available for trading on the Gemini platform. joining bitcoin, ether, bitcoin cash, litecoin, and Zcash.”

The platform will offer USD, Bitcoin, and Ethereum trading pairs for BAT. Ans this will be for both continuous order book and automated block trading system.

Also, they can earn the crypto asset associated with the browser by participating in particular activities. Such as opting into viewing ads Brave blocks typically.

With most of the world limiting their exposure to COVID-19 through self-quarantine measures, Brave has shown a spike in its number of users. Head of Marketing Des Martin revealed on April 1 that over one million new people had logged into the browser in March alone.



You might also like
Leave A Reply

Your email address will not be published.