Weiss Gives Ethereum 'B' Rating — Weak Breakout On News (ETH)
Hi friends! Welcome to this update analysis on Ethereum! As many of you know, today marks the release of the Weiss Ratings cryptocurrency report, in which the U.S. securities rating agency has publicized it's official grading of several currencies in the sector. Enter Ethereum! Weiss has disclosed, in it's ratings report, that Ethereum was awarded grade B, due to it's "benefits from more readily upgradable technology and better speed, despite some bottlenecks." This rating was actually higher than Bitcoin's C rating, which drew some fire from experts in the space. Some argued that the agency had "overvalued the transaction capacity of Ethereum," and "undervalued the protocol stability, security, and decentralization of Bitcoin." Regardless, these developments have produced mild volatility across the space, as traders digest the news, and sort through the methods that Weiss used to determine the final ratings.
Ethereum didn't make any powerful moves on the news, but it did manage to quietly sneak above the top of the downtrend channel. Looking at the four hour chart, we can see that ETH will soon have to contend with the 50 EMA (in orange,) if it continues to tiptoe higher. On the MACD, we can see that there has been a bullish crossover, and recent volume has been mostly controlled by the buyers. At this point, traders should pay close attention to the 50 EMA and the top of the downtrend channel. If Eeth has a sustained breakout above the 50, that could be confirming evidence that the breakout is real. Such a move, would also increase the likelihood that we may have just formed a higher low, and we could then assess the possibility of a higher high. However, if ETH falls back into the downtrend channel, that would clearly indicate a failed breakout, and a lower low would still be expected.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
Ethereum didn't make any powerful moves on the news, but it did manage to quietly sneak above the top of the downtrend channel. Looking at the four hour chart, we can see that ETH will soon have to contend with the 50 EMA (in orange,) if it continues to tiptoe higher. On the MACD, we can see that there has been a bullish crossover, and recent volume has been mostly controlled by the buyers. At this point, traders should pay close attention to the 50 EMA and the top of the downtrend channel. If Eeth has a sustained breakout above the 50, that could be confirming evidence that the breakout is real. Such a move, would also increase the likelihood that we may have just formed a higher low, and we could then assess the possibility of a higher high. However, if ETH falls back into the downtrend channel, that would clearly indicate a failed breakout, and a lower low would still be expected.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-