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ETH Spiked 50% On Binance, Just To Crash 50% Immediately After

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Atypical performance isn’t something new for cryptocurrency assets. Flash crashes and massive positive wicks have taken place in the past.

Just yesterday, ETH went through something similar. The price of the asset shot up by almost 50% only to crash immediately down to $197 and settle to where it’s currently trading on Binance.

ETH Price Going Crazy on Binance Perpetual Contract

In the span of a few hours yesterday, October 28th, the price of ETH on Binance’s perpetual contract went parabolic.

In a single massive candle, ETH shot up to $571, charting a 45% increase before retracing back to its regular trading price at around $390. While this might sound awkward enough, that’s not all.

A couple of hours later, the price wicked to the downside, touching a low of $197, charting a decline of about 50%, and immediately returned to its regular rates.

Commenting on the matter was Aaron Gon, VP of Binance Futures, who said:

This happened on ETHUSD Perp futures. It was caused by one trader, both ways. We believe this may be intentional sabotage from a competitor. The trader lost lots of money himself. But also caused other stop orders to trigger. We will make a few changes to reduce in the future.

ethusd_chart
ETh/USD. Source: Binance.

Since then, the price of ETH has stayed relatively stable, and it’s currently trading at around $387 for a 6.6% decrease in the past 24 hours.

No Strangers to Flash Moves

As mentioned above, the community is absolutely no stranger to massive wicks of the kind. CryptoPotato reported in late November 2019 that ETH went through a flash crash on the popular cryptocurrency exchange Poloniex.

Back then, the price fell by as much as 20%. The main difference is that it was trading against Bitcoin.

On another occasion, Bitcoin’s price dropped to a low of $680 trading against the USDS stablecoin. This also happened on Binance back in December 2019.

Flash moves of the kind are usually categorized by their speed. In other words, the price would move in any direction, charting a massive decrease or increase in a few seconds or minutes, and it would then return back to its standard range.

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Source: https://cryptopotato.com/eth-spiked-50-on-binance-just-to-crash-50-immediately-after/

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A ‘Santa Claus Rally’ for the Stock Market?

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Since 1969, 34 out of 45 years have seen a late December rally. Here are 5 reasons why a Santa Claus rally might not happen this year.

This kind of rally refers to the fact that in about two-thirds of years since 1969, late December has seen a stock market rally, averaging a 1.4% gain. 

This year, vaccine optimism combined with new stimulus seems poised to once again jingle Wall Street’s bells. A piece in Bloomberg, however, provides five charts and reasons why this market rally is already overbought and overblown, so this year might be more coal than eggnog.

Source: https://www.coindesk.com/santa-claus-rally-stock-market

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Etherereum Faces a Slight Selloff as Analysts Eye Downside Move to $550

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  • Ethereum broke below $600 once again following what appeared to be a sustained bout of trading above this level
  • The selling pressure seen here has proven to be quite intense, and may continue slowing the crypto’s ascent
  • The crucial resistance level to watch closely sits at $620, as this level has sparked numerous rejections for the cryptocurrency
  • If ETH is to gain any near-term momentum, $600 must be firmly reclaimed
  • One trader believes that there’s going to be further blood before Ethereum can see any upside
  • He is setting his sights on a move down towards $550 today, noting that the break below $600 marked a technical breakdown

Ethereum has been closely tracking Bitcoin’s price action as of late, which has exposed it to seeing some notable downside.

The selling pressure seen by the entire market as of late has all come about solely due to Bitcoin’s continued inability to make any meaningful progress towards breaking above its $19,800 resistance.

A rejection just below this level yesterday is what sent ETH spiraling below $600.

One trader is now setting his sights on a move to $553, noting that he will place bids here in hopes of it seeing a deeper retrace today.

Bitcoin’s Latest Rejection Sends Ethereum Spiraling Lower

At the time of writing, Ethereum is trading down just over 4% at its current price of $592. This marks a notable decline from its daily highs of $625 set around this time yesterday when bulls attempted to post a fresh breakout.

The resistance at $620 was too significant for the cryptocurrency, however, and Bitcoin’s rejection at $19,500 perpetuated this latest move lower.

Where it trends next will likely depend on Bitcoin’s continued reaction to the $19,000 region.

Trader: ETH Likely to Plunge Towards $550 Before Finding Support

Ethereum, much like Bitcoin, has been setting higher lows with each rejection that it faces. This is a positive trend that speaks to bulls’ present strength.

If sustained above its current price levels, this rejection could also mark a higher low. However, one analyst believes that it will soon break this trend and plunge all the way down to lows of $553 before finding support.

“ETH Will prob bid $553 if we get a strong sell off today.”

Ethereum

Image Courtesy of Chase_NL. Source: ETHUSD on TradingView.

How Bitcoin trends coming few hours and days should provide some serious insights into where Ethereum and the entire market will trend in the days and weeks ahead.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/etherereum-faces-a-slight-selloff-as-analysts-eye-downside-move-to-550/?utm_source=rss&utm_medium=rss&utm_campaign=etherereum-faces-a-slight-selloff-as-analysts-eye-downside-move-to-550

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XRP, Polkadot, DigiByte Price Analysis: 04 December

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Ordinarily, Bitcoin’s price movements would have a uniform effect on the rest of the altcoin market. However, that wasn’t the case over the previous week since many of the market’s alts found alternate trajectories. While the likes of XRP and Polkadot surged on the charts on the back of their bullish movements, DigiByte failed to register many gains, noting losses instead.

XRP

Source: XRP/USD on TradingView

One of the industry’s most popular altcoins, XRP’s price movement got a new lease of life recently after it hiked exponentially towards the end of November. While many in the community understandably expected corrections to ensue, the altcoin’s price hasn’t depreciated by much. Instead, it has consolidated its position after having risen by over 17% on the price charts in the last week alone. At the time of writing, XRP was noting YTD returns of over 223%.

Interestingly, the cryptocurrency’s indicators were more ambivalent as while the Parabolic SAR’s dotted markers were well above the price candles and highlighted a degree of bearishness in the market, the Chaikin Money Flow was holding steady above 0.20 to suggest consistent capital inflows.

XRP was one of the cryptocurrencies chosen by Binance recently for its Quarterly Coin-Margined Futures contracts.

Polkadot [DOT]

Source: DOT/USD on TradingView

Polkadot [DOT], the cryptocurrency ranked 9th on CoinMarketCap’s charts, was one of the cryptos to react positively to Bitcoin’s renewed push to breach its 2017 ATH. Interestingly, while BTC and many alts registered corrections as soon as the former had touched its previous ATH, DOT continued to climb and consolidate on the charts. In fact, over the previous week, DOT was up by over 13.6%, a hike that came on the back of a week that saw it falling instead.

The mouth of the Bollinger Bands was contracting somewhat, indicating that volatility might be in check in the near-term. On the contrary, the Awesome Oscillator still flashed green in favor of the market’s bulls.

Polkadot, in its efforts to further decentralize the web and support independent validators, recently announced the launch of the Thousand Validators Programme in December 2020.

DigiByte [DGB]

Source: DGB/USD on TradingView

DigiByte’s price movement over the past week was completely contrary to the movement noted by the other altcoins in the article. While the likes of XRP and Polkadot climbed, DGB fell, with the cryptocurrency failing to recover from its fall on the 27th, having noted losses of over 12% since. In fact, at the time of writing, DigiByte was trading closer to its local bottom than its resistance level on the charts.

Oddly enough, DGB’s technical indicators didn’t really highlight the bearishness the price charts seemed to suggest. While the MACD line was hovering just above the Signal line, the Relative Strength Index was holding steady between the overbought and oversold zones.

Source: https://eng.ambcrypto.com/xrp-polkadot-digibyte-price-analysis-04-december

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