Ethereum is approaching the main $152 and $155 resistance levels against the US Dollar.
The price is likely to rally significantly once there is a clear break above $152.
There is a key bullish trend line forming with support near $148 on the hourly chart of ETH/USD (data feed via Kraken).
The price could dip a few points, but it remains supported near $148 and $145.
Ethereum price is trading with a positive bias versus the US Dollar, similar to bitcoin. ETH price needs to rally above $152 to continue higher in the coming sessions.
Ethereum Price Analysis
After forming a support base above $144, Ethereum started a decent upward move against the US Dollar. ETH price is rising steadily and it recently climbed above the $148 resistance area.
Moreover, there was a break above the $150 resistance and the 100 hourly simple moving average. However, the price ran into a crucial resistance area near $152, where the bears protected further upsides.
A high is forming near $152 and the price is currently correcting lower. An immediate support is near the $149.50 area. Besides, the 50% Fib retracement level of the upward move from the $146 swing low to $152 high is also near $149.
More importantly, there is a key bullish trend line forming with support near $148 on the hourly chart of ETH/USD. Therefore, Ethereum is likely to find a strong buying interest near the $149 and $148 levels.
Additionally, the 61.8% Fib retracement level of the upward move from the $146 swing low to $152 high is near the $148 level and the 100 hourly simple moving average.
If there is a downside break below the $148 support, the price could continue to move down towards the main $144 support area in the near term.
Conversely, the bulls are likely to make another attempt to surpass the $152 resistance area. In the mentioned case, there are high chances of a sharp rally above the $152 and $155 resistance levels.
The next major resistance is near the $158 level. Thus, a successful close above $158 could signal a trend change in the medium term and the price could climb towards $172.
Looking at the chart, Ethereum price is trading in a positive zone above the $148 and $144 support levels. In the short term, there could be a downside correction, but the price is likely to bounce back.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently just above the 50 level, with a few positive signs.
New Ukrainian Law Says ‘Virtual Assets’ Can Be Used for Payments
The Verkhovna Rada, Ukraine’s legislature, has approved amendments that introduce legal terms and definitions pertaining to the crypto space. The new legislation, which aims to transpose the FATF standards into national law, also identifies who is to take responsibility for the oversight of cryptocurrencies in the country.
The draft law on the prevention of the legalization of proceeds from crime and the financing of terrorism and weapons of mass destruction proliferation was supported by a significant majority in the Rada. The bill was amended to incorporate “virtual assets” which have been described as property and as a digital expression of value that can be traded or transferred and used for payment or investment purposes.
Ukraine’s anti-money laundering (AML) legislation introduces the standards for virtual assets adopted this year by the Financial Action Task Force (FATF). The members of the inter-governmental organization recently agreed to monitor and assess the implementation of the crypto requirements in different countries, as news.Bitcoin.com reported in October.
The law also introduces the term “provider of services related to the transfer, exchange and storage of virtual assets,” the crypto information outlet Forklog reveals in an article. An interesting detail is that not only corporate entities but private individuals as well will be allowed to offer such services under the new regulations.
All crypto operations will be subject to different levels of financial monitoring depending on the amount and destination of each transaction. The Ministry of Digital Transformation, which has been quite active this year, will be tasked to regulate the circulation of virtual assets in Ukraine. It will also conduct oversight to verify compliance with AML regulations in the crypto sphere.
Kiev to Increase Oversight as Part of EU Commitments
The amendments dealing with cryptocurrencies have been prepared by lawmakers from the multi-partisan parliamentary group ‘Blockchain4Ukraine’ with the help of the EU-funded expert and analytical center Better Regulation Delivery Office (BRDO) and members of the industry. They were voted on second reading this past Friday after the first reading took place on Nov. 1. The adoption of the law is part of Ukraine’s commitments under its association agreement with the EU, Ukrinform noted in a report, and will open the way for a tranche of €500 million in financial assistance.
Laws in Ukraine are typically passed on three consecutive readings. During the first one, deputies in the Rada accept the draft in principle. Then they have two weeks to propose amendments before the second reading takes place. The law is finally approved on a third reading. However, bills are often adopted during the second reading and sometimes even after the first. The status of the FATF-inspired bill on the Rada’s website is currently “adopted” and “being prepared for signing.” New laws in Ukraine are signed by the president.
During the last voting on Dec. 6, a strong majority of over 240 deputies supported the law that also incorporates provisions from EU’s Fourth and Fifth Anti-Money Laundering Directives. One of the amendments introduced during the discussions in the Ukrainian parliament reduces the initially proposed penalties for breaches of the AML legislation. Another one obliges Ukraine’s financial regulators to align their substatutory acts with the new legislation within three months of its entering into force.
The current administration in Kiev, which took power after the election of Volodymyr Zelensky as president and the general election this summer — in which his Servant of the People party won a majority of seats — has been quite positive towards the country’s crypto community. A fund established recently by the Ukrainian government will distribute $18 million in grants among startups from innovative sectors of the economy including the blockchain industry.
Do you think Ukraine has the potential to become Europe’s next regulated crypto-friendly jurisdiction? Share your expectations in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Bulgaria, which sometimes finds itself at the forefront of advances it cannot easily afford. Quoting Hitchens, he says: ”Being a writer is what I am, rather than what I do.“ International politics and economics are two other sources of inspiration.
In 10 years, perhaps, SpaceChain will deploy a network of dedicated satellites that “speak to each other” and run far more blockchain infrastructure than any single ISS wallet ever could, said Zheng. Until then, Zheng said he and SpaceChain will continue to rally toward its orbital goal.
If you’ve been on Crypto Twitter at all over the past few months, you’ve likely noticed the phrase “Bitcoin golden cross” tossed around incessantly. The reason, the leading cryptocurrency’s weekly chart is on the verge of printing what is known as a “golden cross,” when a short-term moving average crosses over a long-term one to imply bulls have control.
Some analysts have suggested that this chart formation could lead to immediate gains for the Bitcoin market, though this may not be a certainty.
Last Bitcoin Weekly Golden Cross Led to 75% Gains
In a few hours’ time, Bitcoin’s weekly chart is expected to print a golden cross of the 50-week and 100-week simple moving averages, with the former crossing above the latter. As an analyst recently pointed out, the last time this was seen, BTC surged by 75% in the four to five weeks that followed the cross.
But will this happen again?
While there will be a golden cross that is reminiscent of the one seen in 2015, there is a key difference in the backdrop now compared to back then: long-time cryptocurrency trader Sakura noted that in 2015, the market structure was decisively bullish and upward-trending in the months leading up to the 50-100 golden cross; now, Bitcoin’s chart structure is largely negative, with the cryptocurrency remaining in a downtrend that began in June, marked by lower highs and lower lows.
This difference seems to imply that Bitcoin is unlikely to see a 75% gain, which would bring the cryptocurrency to $13,000 from current prices, in the coming weeks.
But make no mistake, the cryptocurrency ball is starting to enter into the court of bulls once again, according to a number of top analysts.
Ball In the Court of Bulls
Earlier this week, Mike McGlone, a Bloomberg Intelligence analyst, released his latest cryptocurrency market outlook. In the report, McGlone revealed that he’s starting to flip bullish on Bitcoin, going as far as to say that it is only a matter of time before the asset breaches resistance at $10,000.
Per previous reports from this outlet, the analyst noted that he thinks gold will rally, and thus so will Bitcoin. Indeed, the macro picture is starting to favor alternative assets: a potential recession, restart of the trade war due to Hong Kong and Xinjiang regulations, and other underlying issues in the traditional system.
McGlone added that with the impending block reward reduction and developments in the adoption of cryptocurrencies, he would expect the asset to soon surmount $10,000.
There’s also sentiment from Adaptive Capital partner Willy Woo, a prominent analyst who recently wrote that on-chain metrics are implying that investors are bullish once again. With this in mind, he asserted that the “bottom is most likely in,” meaning that any move lower than the $6,500 plunge “will be just a wick in the macro view.” He added that the unnamed indicator also implies that cryptocurrency investors will start to front-run the impending “halving,” the block reward reduction that will be taking place in May 2020.
Since Bitcoin topped in June, mainstream haters of cryptocurrencies and related technologies, such as Peter Schiff and Nouriel Roubini, have asserted that BTC is in an “echo bubble.” While many have laughed off this sentiment as pure delusion, the charts may be telling a different story.
Will Bitcoin Fall to $3,000 Again?
An analyst going by James, whose work NewsBTC has covered previously, recently argued that Bitcoin’s current price trajectory is looking “amazingly similar” to how the cryptocurrency was trading in May and June of 2018, which was in the middle of the strong downturn that took BTC to $3,000.
He noted that in both cases, Bitcoin was rejected by horizontal resistance at $9,500, the price has found itself stuck between $7,800 and $5,700, and the RSI has entered into a “bear market zone.”
Should history repeat, Bitcoin may find itself heading back under $6,000 again, then $5,000, and maybe even under $4,000.
Why Analysts Say the Bottom is in
James’ analysis accentuates that the bottom may not yet be in, though an array of analysts have begged to differ, not agreeing with the sentiment that more pain is likely.
FilbFilb, a pseudonymous cryptocurrency trader that called the mean reversion move to the low-$3,000s in September of 2018, recently posited that the bottom is in. In the latest installment of his “Decentrader” newsletter. In it, he laid out a confluence of signs on Bitcoin’s chart, procured through the use of technical analysis.
Firstly, the analyst looked to the fact that Bitcoin bounced off the “miner’s bottom,” the price at which the average cryptocurrency breaks even when mining BTC. This is notable as the crypto market bottomed when Bitcoin interacted with the miner’s bottom in December 2018. That’s not to mention that the price chart printed an area of so-called bullish divergences at the $6,500 level.
Also, there is a “bullish (golden) cross” that is about to be formed by the 50-week and 100-week simple moving averages, while volume and price have declined in tandem, “hinting at bullish reversal.”
As reported by NewsBTC previously, Adaptive Capital’s Willy Woo has observed that on-chain momentum, which the popular analyst has long claimed is correlated with Bitcoin’s macro price trends, is “crossing into bullish” territory after a multi-month downturn.
With this in mind, he asserted that the “bottom is most likely in,” meaning that any move lower than the $6,500 plunge “will be just a wick in the macro view.” He added that the unnamed indicator also implies that cryptocurrency investors will start to front-run the impending “halving,” the block reward reduction that will be taking place in May 2020.
A List of Self-Proclaimed Bitcoin Inventors and Satoshi Clues Debunked in 2019
Since the inception of Bitcoin, a variety of unique individuals have come forward saying they invented blockchain technology. In 2019, a few more self-proclaimed Satoshis came out of the woodwork, alongside evidence pointing toward other individuals who could have used the moniker. So far, clues examined this year still haven’t revealed a smoking gun and the ‘Faketoshis’ who came forward in 2019 have all been debunked and ridiculed.
Nobody knows what makes an individual claim to be someone they are not, but in the world of cryptocurrency, this is a regular occurrence. For years now, the hunt for Satoshi Nakamoto, the inventor of Bitcoin, has made people scour the earth looking for clues to find the creator’s whereabouts. Because the passion is so strong, it has invoked a slew of live-action role players (larpers) to pretend they are Satoshi. News.Bitcoin.com reported on 2018’s list of Faketoshis who came forward last year. For instance, the community witnessed Bloomberg columnist Matthew Leising tell everyone that Satoshi Nakamoto was writing a book.
In June, armchair sleuths noticed a man from Hawaii who patented various Bitcoin Cash trademarks and owned a slew of BCH and BTC-related domains claim to be the inventor. The Hawaiin-native Ronald Keala Kua Maria’s websites say: “I am the real one and only Satoshi Nakamoto.” The community also met Phil Wilson, otherwise known as ‘Scronty,’ claimed to be part of the Satoshi Nakamoto group theory with David Kleiman and Craig Wright. In 2019, the self-styled Satoshi Nakamoto reveals continued.
The most recent larper who has come out of the woodwork claiming to be Satoshi Nakamoto is Jörg Molt. Despite the fact that Molt has luxurious hair like Fabio, claims to be the “Co-founder of BitCoin,” and even designed a “Satoshi School, no one in the cryptosphere believes he’s Nakamoto. Molt also alleges that he owns 250,000 bitcoins and reportedly told participants who attended the recent WCC Vegas Blockchain Week that he was Satoshi. Andreas Antonopoulos also took to Twitter after he found out that Molt was sharing a picture of the two at a conference. “Apparently, a German person called ‘Jörg Molt’ has been showing a selfie taken with me and telling people that we are friends — This is a LIE,” Antonopoulos tweeted. “I don’t know him at all — I have heard from others that he claims to be the founder of Bitcoin and has thousands of BTC — A LIE.”
PR Team Satoshi
In mid-August, another self-proclaimed Satoshi failed to sway the community when the Pakastani Bilal Khalid and his PR firm Ivy McLemore told the world Khalid was Bitcoin’s inventor. Now Ivy McLemore and Khalid wrote a few long essays about Chaldean numerology and Khalid losing billions worth of bitcoins (980,000 BTC) with his broken laptop. Khalid claims when his laptop crashed he lost his wallet.dat file so he sent the laptop in for repair and it returned with a brand new hard drive.
After all the essays and even a video, Khalid was quickly dismissed by the crypto community and ridiculed for his attempt. Throughout Khalid’s tall tales he said he and Hal Finney were “close allies.” These claims upset the cryptosphere and people complained about Khalid using Finney’s good name to promote a marketing ploy.
PGP Key 0x18C09E865EC948A1
A Belgium native called Debo Jurgen Etienne Guido told the community he was Satoshi Nakamoto on numerous occasions in 2019. For instance, in February Debo appeared in the comment section of one of Craig Wright’s blog posts called “Careful what you wish for…” In the comments, Debo writes: “Liar — You, Dr. Craig Wright never had any digital key to sign, and no single proof of his claims — He could not even transact one bitcoin from my whale wallet.” Debo has been around since 2015 and still posts regularly from his Twitter account.
Then in July, Debo wrote to the court dealing with the Klieman v. Wright case and testified by written letter that he was the “genuine and only originator/creator of the genesis block of the Bitcoin blockchain.” Like the rest of the self-styled Bitcoin inventors mentioned above, Debo has yet to provide any hard evidence that he is Satoshi. He claims to own the Satoshin@GMX.com email account and associated digital signature (PGP Key 0x18C09E865EC948A1).
Two More Suspects
In 2019, there were two new people who the community said might possibly be Bitcoin’s creator. In the early days, there’s been a slew of suspects that members of the cryptosphere called Satoshi for a variety of reasons. People like Hal Finney, Shinichi Mochizuki, Gavin Andresen, and Wei Dai were just a few of these characters. In May, during the Kleiman v. Wright lawsuit Document 187 called “Dr. Craig Wright’s Motion For Protective Order,” was filed in the court docket. The document contained a ton of redactions but one specific unredacted footnote revealed the name: Paul Le Roux. The 46-year-old cartel boss is in jail for building a criminal empire and lots of speculators believe he had what it takes to create Bitcoin. Even investigative journalist Evan Ratliff called Le Roux “the most credible Satoshi yet.”
In June, the crypto community started talking about comparisons between the founder of the cryptocurrency Grin and Satoshi Nakamoto. After the pseudonymous founder Ignotus Peverell left the Grin project, the community compared his ‘going away’ letter with Satoshi farewell post and they were both strikingly similar. Not much came out of the comparison because Peverell is now gone and cannot speak on his behalf. However, in November the Grin Foundation received a 50 BTC donation from a person stemming from the early days. The reason people said the donor was a ‘Bitcoin OG,’ is because the 50 BTC was mined in 2010 and was transferred to a wallet that sat idle for close to nine years.
As news.Bitcoin.com mentioned last year, Satoshi sightings and individuals claiming to be Bitcoin’s creator will probably never stop. This year, there’s been only a few Faketoshis stepping out of the closet and it’s possible these crazy kooks are realizing it’s not so easy to play Nakamoto’s part. Despite making it in a few headlines and people talking about them on social media, Faketoshis are ridiculed and laughed at regularly for their attempts. This is because some of the attempts are simply ridiculous as Satoshi likely doesn’t have hair like Fabio, Bitcoin’s creator doesn’t need a PR firm to come out, and if Debo, the Belgium native, really does have Satoshi keys, then he should probably use them.
What do you think about all the Satoshi sightings and self-proclaimed Bitcoin creators who appeared this year? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Bitcoin.com, Wiki Commons, Fair Use, and Pixabay.
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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.
Block.one, the company behind the EOSIO software, announced the beta launch date for its new social media platform Voice.
According to an official update published Dec. 5, the beta for Voice will launch on Feb. 14, 2020. First announced in June, Voice seeks to differentiate itself from the rest of social media platforms by relying upon EOS and blockchain.
The official update reads,
Voice: a blockchain-powered social network that rewires the formula in users’ favor—cutting out the opaque one-sided data auctioneering, eliminating the hidden algorithms, and cycling value back into users’ hands in the form of the Voice Token.
Users earn Voice Tokens by engaging on the platform, which the post refers to as “being you, and expressing your voice.” According to the update, users cash in on Voice Tokens in order to draw greater attention to their content, thereby creating a network where “what’s good for the platform is also good for you.”
Voice claims that “tens of thousands” of users have already registered for the beta and that the creators are working with “legislators and regulators” ahead of the launch.
Ethereum’s price action has been closely correlated to Bitcoin’s over the past several weeks, leading ETH’s price to dip into the lower-$150 region, which is where it has been able to find some levels of support.
Ethereum’s much-anticipated Istanbul hard fork has come about concurrently with ETH’s ongoing downtrend, and it appears that investors are not too enthused with this latest development, as sellers remain firmly in control of the cryptocurrency.
Ethereum Struggles to Gain Upwards Momentum Despite Istanbul Hard Fork
At the time of writing, Ethereum is trading up over 1% at its current price of $151, which marks a slight climb from its recent lows of $146 that were visited on multiple occasions over the past week.
It is important to note that Ethereum did face some resistance at $152, which appears to be a strong level of resistance for the cryptocurrency. It is important to note that ETH has incurred some upwards momentum today as Bitcoin begins moving towards its near-term resistance level at $8,000.
Ethereum has been caught within a firm bout of sideways trading ever since it faced a massive drop to lows of $135 in late-November, which appears to be an incredibly strong support level for the cryptocurrency.
One event that some investors had been looking towards as a potential bullish catalyst is Ethereum’s Istanbul hard fork, which was successfully implemented today.
Teddy, a popular cryptocurrency analyst on Twitter, spoke about this much delayed hard fork in a recent tweet, saying:
“After 950 delays #Ethereum finally completed its hard fork – Istanbul,” he noted.
Will Strong Multi-Year Resistance Force ETH Lower?
It is important to note that Ethereum has been stuck beneath one strong descending resistance level for two years, and it has shown few signs of having enough strength to break above this level.
Teddy also spoke about this resistance in a tweet, noting that it spells trouble for the future price action of the cryptocurrency.
“#ETHEREUM | $ETH: Unless Istanbul, the latest hard fork can generate a new wave of interest – this bad boy: – is hitting lower support levels and thus cover those gaps burning my eyes – look at that 2 year long resistance, NOT a scratch,” he said while pointing to the chart seen below.
Although Istanbul is unlikely to have any sway on Ethereum’s near-term price action, it is highly probable that ETH will only break above its strong resistance if Bitcoin gains some notable upwards momentum.