Ethereum price analysis: ETH/USD bulls gather energies for another assault on $230 handle

Ethereum, the second largest coin by market value, is capped by a critical $230 handle, trading at $229 at the time of writing amid weak momentum.
  • ETH/USD stays below $230 after a short-lived breakthrough.
  • Ethereum developers demonstrate strong support for the platform.

Ethereum, the second largest coin by market value, is capped by a critical $230 handle, trading at $229 at the time of writing amid weak momentum. The coin is 1.6% higher on a day-on-day basis, but unchanged since the beginning of Tuesday. Ethereum’s current market value is $23.4B, while the average daily trading volume is registered at $1.47B, in line with long-term average figures.

What’s going on

While it’s been a tough year for Ethereum, the network is still the choice No.1 for dApps developers and smart contract-based projects. About 1,000 developers participated in the hackathon that took place in San Francisco from October 5 to October 7. Moreover, developers have been flocking to Ethereum platform despite price decrease with the number of users downloading ETH application for developers increased substantially by the end of the first quarter.

Many people blame Ethereum for the ICO market bubble and a lot of scams related to the initial coin offerings, but the revolutionary potential of the “World’s first decentralized computer” still fascinates the tech guys and motivate them to work on viable real0life use cases for Ethereum’s technology.

Ethereum’s technical picture

ETH/USD escaped from a short-term triangle pattern with bullish breakthrough; the price touched $232, but a strong selling interest located above critical resistance, pushed the coin back inside the range.

Currently, the coin is supported by the former resistance area $225. It is strengthened by a confluence of SMA levels (1-hour chart) and a short-term upside trendline from October 3 low at $214. Once this area is cleared, the sell-off may continue towards the above-said October 3 low and psychological $200.

The upside is capped by $230 handle and $238 (DMA50). This hurdle needs to be cleared to unlock the way towards the long-term resistance of $250.00.

ETH/USD, 1-hour chart


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How much money you can make if you start mining Bitcoin today

Cryptocurrency mining was a great way to earn a passive income at the height of the craze around blockchain-based tokens, but growth has slowed …

Cryptocurrency mining was a great way to earn a passive income at the height of the craze around blockchain-based tokens, but growth has slowed since the prices of cryptocurrency normalised over the last year.

Whereas miners could previously pay off their rigs in a few months, buying cryptocurrency mining hardware is no longer an easy way to earn money.

Earlier this year, we compared the profitability of several cryptocurrency mining rigs, finding that the payback periods for the hardware had increased drastically as the prices of major digital currencies fell.

There are two main types of cryptocurrency mining machines – GPU mining rigs and Application-Specific Integrated Circuit (ASIC) miners.

These different cryptocurrency miners provide varying levels of profitability depending on which tokens they are mining and the fluctuating prices of the tokens themselves.

To determine the potential earnings of a cryptocurrency miner today, MyBroadband compared the profitability of mining various cryptocurrencies to the prices of the required hardware.

Profitability

We compared the pricing for five mining rigs available for purchase from Bitmart, comprising two GPU mining rigs and three ASICs.

The potential earnings for each mining rig was calculated using CryptoCompare’s profitability calculator tool and converting the result to South African rand.

We then used the price of the hardware and its daily earning potential to calculate the amount of time needed to recoup the cost of each mining rig.

Below are the five mining rigs we compared, along with their hash rates when mining the cryptocurrency they are most suited to:

  • Avalon 821 – Bitcoin @ 11TH/s
  • Antminer D3 – Dash @ 19.3GH/s
  • Antminer V9 – Bitcoin @ 4TH/s
  • Thorium 6x RX 570 Mining Rig – Ethereum @ 144MH/s
  • Thorium 6x GTX 1060 Mining Rig – Ethereum @ 120MH/s

Major cryptocurrencies like Bitcoin and Ethereum remain the most popular cryptocurrencies among miners, although it should be noted that users can use a service like NiceHash to dynamically alter what they mine depending on profitability.

Below are the prices, daily earnings, and payback periods calculated for each of these five mining rigs.

Miner Price Daily Earnings Payback Period
Avalon 821 R9,999 R36.11 277 days
Antminer D3 R11,999 R28.80 1 year 52 days
Antminer V9 R9,199 R13.12 1 year 336 days
6x GTX 1060 Mining Rig R44,999 R27.91 4 years 152 days
6x RX 570 Mining Rig R55,499 R33.28 4 years 208 days

Don’t forget electricity

It should be noted that using powerful hardware to perform computationally-expensive tasks such as cryptocurrency mining can take a heavy toll on your electricity bill.

The earning potentials above were calculated without accounting for power costs, which can be significant.

For example, the cryptocurrency miner that MyBroadband used cost us R1,238 to run for a full month, which is equal to around R39 every day.

This means that if you are paying for your own power in South Africa, it is unprofitable to run a GPU mining operation, where the daily power costs currently outstrip daily earnings.

Providing the hardware with sufficient cooling is also a major consideration, as most mining rigs generate a lot of heat and noise.

Looking at the data above, it is apparent that while some users may be able to make a small profit mining digital currency, it is no longer profitable for the majority of users.

Now read: Mining cryptocurrency on a Huawei P20 and Galaxy Note 9 – This is how much we made

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Venezuela Bitcoin Trading Hits New Record As Maduro Confirms Petro Launch

Venezuela posted its largest-ever Bitcoin trading volumes last week, data compiled October 6 confirms, as the country announced several new …
PetroNews

Wilma Woo

Wilma Woo| Oct 08, 2018 | 21:00


Venezuela posted its largest-ever Bitcoin trading volumes last week, data compiled October 6 confirms, as the country announced several new economic shake-ups.


7 Days, $7 Million

Statistics covering P2P trading platform Localbitcoins show that Venezuelans converted a total of 1073 BTC ($7.1 million) in the week ending Saturday — the most since records began in 2013.

The previous record came in September with 898 BTC ($5.95 million) exchanged during week three, with the following week taking third place with 879 BTC ($5.82 million), Bitcoinistreported at the time.

Traders continue to turn to cryptocurrency in Venezuela to circumvent the government’s increasing stranglehold on the economy and rampant hyperinflation which persists despite a currency redenomination in August.

Petro, the country’s highly-controversial government-issued cryptocurrency, is set for a rebranding and release in November, President Nicolas Maduro announced October 2.

Petro Fails To Convince

On Friday meanwhile, vice president Delcy Rodriguez revealed the next step towards reliance on Petro, stating all new passport applications and extensions could only be paid using it from today.

The price of a new passport will be 2 petros (7200 sovereign bolivars, currently $115) — roughly four times the national minimum wage, Bloomberg notes. Extensions will cost 1 petro.

A migration police force, ostensibly aiming to “preserve citizen security and migratory control,” will also appear, as statistics show 5000 citizens flee Venezuela every day.

Petro’s identity problems continue to plague the project at international level and among ordinary citizens critical of the Maduro regime.

In August, sources told tech publication Wired that the cryptocurrency constituted was worse in nature than the hyperinflated Reichsmark in Germany during the Weimar Republic.

Tied to oil reserves, the publication also noted state oil company PDVSA’s debts totaled $45 billion — far in excess of Petro’s alleged $5.9 billion market cap.

“To put it bluntly: it’s a scam on top of another scam,” Wired summarized.

What do you think about Venezuela’s Bitcoin trading record? Let us know in the comments below!


Images courtesy of Shutterstock, LocalBitcoins.

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Justin Sun Bullish on TRON Development Community, BitTorrent Merger

In addition, he took the opportunity to make a minor jab towards Ethereum and the ETH coin, stating that he believed TRX’s development community …

TRON (TRX)–Justin Sun, the outspoken and headline-making founder of TRON and the TRX token had strong words to say over the development of his currency. In particular, Sun lauded the development team behind TRON, including the TRON Foundation and open-source development community, as being one of the primary driving assets for the cryptocurrency. In addition, he took the opportunity to make a minor jab towards Ethereum and the ETH coin, stating that he believed TRX’s development community outpaced that of Ethereum in both volume and activity.

Speaking in an interview with Investopedia published on Friday, Sun expanded upon his reasoning for the advantages of TRON’s development community over that of rival currency ETH,

At TRON we always emphasize the importance of accessibility and our dedication to the community. That’s why we made sure to deliver on our goals of being faster and cheaper than Ethereum, providing an easy-to-use and affordable network to our vibrant community of talented developers. Not only that, we made sure to back our strong technical capabilities with a global support system that spans across various platforms, including Telegram, Slack, WeChat, and email, providing personalized and prompt technical support to the community.

In addition to taking the opportunity to boast his coin’s features over that of Ethereum, the second largest cryptocurrency by market capitalization, Sun was also asked about his road map for guiding TRX into the top ten of market cap–with the coin sitting just outside at the eleventh position. Among the reasons Sun gave, he highlighted building upon the decentralized application ecosystem as a pathway for TRON to potentially dominate, in addition to building out the brand via greater recognition with the high profile BitTorrent acquisition. In his words, the founder called for the merging of the current TRON platform and BitTorrent to create a novel project, one that will drive greater development interest and provide more substance for the TRX investment and user base,

There are a few steps, but it starts with making our decentralized application ecosystem more robust. We’re aiming to complete one of our key milestones in the fourth quarter: to combine TRON and BitTorrent and create a unique and outstanding product. We will leverage TRON’s blockchain expertise to enhance the decentralized BitTorrent protocol, which has over 100 million monthly active users.

Despite the TRON founder’s claims that the TRX development community outpaces that of Ethereum, CCN has pointed out that volume for events such as the recently held Hackathon would paint a different picture. According to the news outlet, San Francisco’s most recent Hackathon included 1,000 developers committed to further growing Ethereum–a volume that TRON would currently find hard to match. However, Sun believes that superior utility through TRX and the TRON platform will eventually lead to outperforming the competition. While BitTorrent provides a unique proposition for the cryptocurrency to tap, TRX also offers advantages in the realm of smart contracts, an industry that has traditionally belonged to Ethereum,

The TVM is fully compatible with Ethereum’s EVM. Additionally, it costs a fraction of one TRX to support smart contracts on the TVM and to create TRON accounts. Because the cost is so minuscule, we say “almost free”. By comparison, creating and supporting contracts on Ethereum and EOS can cost a user more than $10.

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Tezos (Pre-Launch) Trading Down 12% Over Last Week (CRYPTO:XTZ)

Tezos (Pre-Launch) (CURRENCY:XTZ) traded 16.1% lower against the dollar during the 24 hour period ending at 19:00 PM E.T. on September 16th.

Tezos (Pre-Launch) logoTezos (Pre-Launch) (CURRENCY:XTZ) traded 16.1% lower against the dollar during the 24 hour period ending at 19:00 PM E.T. on September 16th. One Tezos (Pre-Launch) coin can now be purchased for $3.26 or 0.00049283 BTC on cryptocurrency exchanges including Coinone, Gatecoin, Gate.io and HitBTC. Tezos (Pre-Launch) has a market capitalization of $0.00 and $1.57 million worth of Tezos (Pre-Launch) was traded on exchanges in the last 24 hours. Over the last seven days, Tezos (Pre-Launch) has traded 12% lower against the dollar.

Here’s how related cryptocurrencies have performed over the last 24 hours:

  • XRP (XRP) traded 1.9% higher against the dollar and now trades at $0.49 or 0.00007374 BTC.
  • Stellar (XLM) traded 2.3% higher against the dollar and now trades at $0.25 or 0.00003749 BTC.
  • Tether (USDT) traded 0% higher against the dollar and now trades at $1.00 or 0.00014996 BTC.
  • TRON (TRX) traded down 0.9% against the dollar and now trades at $0.0266 or 0.00000400 BTC.
  • Binance Coin (BNB) traded up 0.2% against the dollar and now trades at $10.52 or 0.00158196 BTC.
  • NEO (NEO) traded up 2.7% against the dollar and now trades at $18.54 or 0.00278673 BTC.
  • Tezos (XTZ) traded 2.8% higher against the dollar and now trades at $1.35 or 0.00020299 BTC.
  • VeChain (VET) traded up 4.8% against the dollar and now trades at $0.0137 or 0.00000206 BTC.
  • Maker (MKR) traded up 24.8% against the dollar and now trades at $773.90 or 0.11634009 BTC.
  • OmiseGO (OMG) traded 1.2% higher against the dollar and now trades at $3.52 or 0.00052855 BTC.

About Tezos (Pre-Launch)

Tezos (Pre-Launch) (CRYPTO:XTZ) uses the hashing algorithm. Its genesis date was July 1st, 2017. Tezos (Pre-Launch)’s official message board is www.tezos.ch. Tezos (Pre-Launch)’s official Twitter account is @tez0s. Tezos (Pre-Launch)’s official website is www.tezos.com. The Reddit community for Tezos (Pre-Launch) is /r/tezos and the currency’s Github account can be viewed here.

Buying and Selling Tezos (Pre-Launch)

Tezos (Pre-Launch) can be purchased on these cryptocurrency exchanges: Gate.io, HitBTC, Gatecoin and Coinone. It is usually not presently possible to purchase alternative cryptocurrencies such as Tezos (Pre-Launch) directly using U.S. dollars. Investors seeking to trade Tezos (Pre-Launch) should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Coinbase, Changelly or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Tezos (Pre-Launch) using one of the aforementioned exchanges.

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