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51% Attack on Ethereum Classic Confirmed

Price Predictions
Fri, 01/11/2019 - 16:11
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  • Cryptocurrency exchange Gate.io confirmed that a successful 51% attack on ETC indeed happened and that it resulted in a loss of approximately 40K ETC

Cover image via U.Today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Cryptocurrency exchange Gate.io confirmed that a successful 51% attack on ETC indeed happened and that it resulted in a loss of approximately 40K ETC, the equivalent of roughly $184,000 at the time.

Gate.io publicly stated they will cover the loss entirely, so their clients won’t be affected. They have also raised the confirmation number to 500, implemented a new 51% attack detection and urged ETC devs to build a new consensus mechanism to better protect the network against this type of attack.

As it was expected, Ethereum Classic’s price is going south, but then again, most coins are headed that way so maybe the 51% attack is not the main culprit.

Chart Analysis – ETC/USD

On Jan. 6, Ethereum Classic made a final attempt to break the resistance at $5.63, but failed and started to drop sharply, now trading at 4.55 against the US Dollar, having shed 12.50% in the last 7 days.

 ETC/USD

The major support at 4.63 was recently broken and it is currently being re-tested from below, which is a pattern seen often after a break. If the price will be rejected lower from here, the level will turn into resistance and the break will be confirmed, which means we will probably see an extended period of downside price action.

The RSI is oversold and the last few candles show long wicks in their lower part, suggesting there’s a small trace of bullish pressure, but probably not enough to offset the selling pressure.

Support zone: 4.00 as psychological level, followed by 3.57

Resistance zone: 4.63 (potential resistance) and the moving averages

Most likely scenario: drop into 4.00 area

Alternate scenario: timid rally based on the oversold position of the RSI

About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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Price Predictions
Sat, 03/28/2020 - 18:19
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  • Can Bitcoin (BTC), Ethereum (ETH), and XRP recover fast from yesterday's dump?

Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

As expected, a sharp decline of the cryptocurrency market has occurred. The rates for the majority of prospective coins have gone down, and all of them are now in the red.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

Below are the main features for Bitcoin (BTC), Ethereum (ETH), and XRP:

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$114,625,532,228

$6,266.60

$34,497,792,526

-6.13%

Ethereum

ETH

$14,204,254,634

$128.80

$11,469,005,003

-5.80%

XRP

XRP

$7,431,913,709

$0.169268

$2,702,595,687

-3.89%

BTC/USD 

Our most recent Bitcoin (BTC) price forecast came true as the growth was not accompanied by the trading volume. Instead, a sharp decline took its place to $6,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Looking at the 4H chart, the main crypto is currently trending sideways despite yesterday's decline. The $6,000 level serves as strong support based on the high buying volume.

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In this case, the rate is unlikely to fix below this area. As a short-term projection, Bitcoin (BTC) is about to trade between the between $6,000-$6,350 range, which is mentioned on the chart.

At press time, Bitcoin was trading at $6,252.

ETH/USD

Ethereum (ETH) has accompanied Bitcoin (BTC) concerning yesterday's decline. The decrease in price for the main altcoin has constituted 5.47%.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Ethereum (ETH) is also unlikely to face a continued decline. According to the Bollinger Band, the coin is about to break out shortly. However, the liquidity is low on the weekends is low and a sideways trend prevails. To sum it up, Ethereum (ETH) is going to be located between its support line at $128.39 and the resistance level at $141.

At press time, Ethereum was trading at $128.16.

XRP/USD

XRP has shown the smallest price decrease compared to Bitcoin (BTC) and Ethereum (ETH). Its rate has gone down by 3.20% since yesterday.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

Even though the rate of XRP has fallen the least, its trend is more bearish than Bitcoin (BTC) or Ethereum (ETH). Looking at the 4H chart, the lines of the Moving Average Convergence/Divergence (MACD) indicator has just entered into the red, confirming the presence of bears. Furthermore, the selling trading volume remains high. All in all, XRP holders might expect the rate to move near its support zone at $0.16 shortly.

At press time, XRP was trading at $0.1680.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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