On Friday, December 8, 2023, ethereum's trading concluded with a 4% rise, settling at $2,358. This jump occurred within a daily trading range from $2,245 to $2,385. Underlying this upward trajectory was ether's market cap of $283 billion, accompanied by a strong 24-hour trading volume of $26.75 billion. Oscillators and moving averages present a nuanced yet predominantly optimistic perspective for the second-largest crypto asset by market capitalization, suggesting the possibility of future upswings.
Ethereum
Oscillators and Moving Averages
Regarding oscillators, the relative strength index (RSI) currently stands at 72.8, reflecting a neutral and balanced market stance, which implies a continuing positive sentiment for ethereum (ETH). Similarly, the Stochastic oscillator, at 87.2, mirrors this neutral trend. However, the commodity channel index (CCI) at 173.1 slightly tilts towards bearish tendencies, hinting at potential overvaluation or exhaustion in the short-term.
Diversity is observed among other oscillators as well. The momentum indicator, marked at 311.2, points towards a negative outlook, suggesting a possible weakening in the current price trend. In contrast, the moving average convergence divergence (MACD) level at 98.4 signals a bullish trend, indicating an underlying positive momentum that may support a continued upward movement in the near term.
Moving Averages
Moving averages further affirm a bullish scenario for ETH. Across various timeframes (10, 20, 30, 50, 100, 200 days), both the exponential moving average (EMA) and simple moving average (SMA) consistently indicate upward momentum. This concordance among moving averages (MAs) strongly suggests a prevailing bullish market sentiment, indicating that the current uptrend could be sustainable in future trading sessions.
4-Hour Chart Analysis
The 4-hour chart analysis illustrates an overall uptrend marked by successive higher lows and higher highs, a clear indicator of bullish conditions. However, the analysis of trading volume reveals a lack of consistent increase in buying volume, an ideal indicator for confirming a robust uptrend. This discrepancy advises traders to exercise caution when seeking confirmation of the trend's strength.
Daily Chart Analysis
The daily chart analysis for ETH reinforces this optimistic outlook, displaying strong bullish candles indicative of significant buying interest at lower price levels. Volume spikes on the daily chart support this positive trend, particularly on days with heightened trading volume, further cementing the argument for ETH's ongoing bullish momentum.
Bull Verdict
Ethereum's price action on December 8, 2023, indicates a strong bullish trend, underlined by consistently positive signals from moving averages and bolstered by key patterns in the 4-hour and daily charts. The convergence of technical indicators, including the buy signals from MACD and the unanimity in moving averages, points towards sustained upward momentum.
Bear Verdict
Despite the bullish trend observed on December 8, 2023, ethereum's market action shows signs of caution that could indicate a potential bearish reversal. Oscillators like the CCI and momentum indicator suggest an overvaluation and weakening of the current price trend. The lack of consistent buying volume in the 4-hour chart analysis raises questions about the strength of the uptrend.
Register your email here to receive weekly price analysis updates directly in your inbox:
What are your thoughts on ether's market action on Friday morning? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
How is gold taxed by Roth IRA?
The tax on an investment account is based on its current value, not what you originally paid. If you invest $1,000 in mutual funds or stocks and then later sell them, all gains are subjected to taxes.
The money can be withdrawn tax-free if it's deposited in a traditional IRA (or 401(k)). Taxes are only charged on capital gains or dividends earned, which only apply to investments longer than one calendar year.
These rules vary from one state to another. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. You can delay until April 1st in Massachusetts. New York is open until 70 1/2. You should plan and take distributions early enough to cover all retirement savings expenses to avoid penalties.
Should You Buy Gold?
Gold was once considered an investment safe haven during times of economic crisis. However, today many people are turning away from traditional investments such as stocks and bonds and instead looking toward precious metals such as gold.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
This could be changing, according to some experts. Experts believe that gold prices could skyrocket in the face of another global financial crisis.
They also pointed out that gold is gaining popularity due to its perceived value, and potential return.
These are some things you should consider when considering gold investing.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. It is possible to save enough money to retire without investing in gold. However, when you retire at age 65, gold can provide additional protection.
- Second, ensure you fully understand the risks involved in buying gold. Each account offers different levels of security and flexibility.
- Remember that gold is not as safe as a bank account. Losing your gold coins could result in you never being able to retrieve them.
So, if you're thinking about buying gold, make sure you do your research first. You should also ensure that you do everything you can to protect your gold.
What is a gold IRA account?
The Gold Ira Accounts are tax-free investment options for those who want to make investments in precious metals.
You can buy physical gold bullion coins at any time. To invest in gold, you don't need to wait for retirement.
Owning gold as an IRA has the advantage of allowing you to keep it forever. When you die, your gold assets won't be subjected to taxes.
Your heirs will inherit your gold, and not pay capital gains taxes. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
To open a gold IRA, you will first need to create an individual retirement account (IRA). After you have done this, an IRA custodian will be assigned to you. This company acts like a middleman between the IRS and you.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual returns.
After you have established your gold IRA you will be able purchase gold bullion coin. The minimum deposit required to purchase gold bullion coins is $1,000 You'll get a higher rate of interest if you deposit more.
Taxes will be charged on gold you have withdrawn from an IRA. You'll have to pay income taxes and a 10% penalty if you withdraw the entire amount.
However, if you only take out a small percentage, you may not have to pay taxes. However, there are some exceptions. For example, taking out 30% or more of your total IRA assets, you'll owe federal income taxes plus a 20 percent penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. You'll be facing severe financial consequences if you do.
What are the pros & con's of a golden IRA?
An Individual Retirement Plan (IRA) has a major advantage over regular savings accounts. It doesn't tax any interest earned. An IRA is a great way to save money and not have to pay taxes on the interest you earn. There are some disadvantages to this investment.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. You might also not be able to withdraw from your IRA until the IRS deems you to be 59 1/2. If you do withdraw funds, you'll need to pay a penalty.
You will also need to pay fees for managing your IRA. Most banks charge 0.5% to 2.0% per annum. Others charge management fees that range from $10 to $50 per month.
Insurance is necessary if you wish to keep your money safe from the banks. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. It is possible that you will be required to purchase insurance that covers losses of up to $500,000.
If you choose to have a gold IRA you will need to establish how much gold to use. Some providers limit the amount of gold that you are allowed to own. Others allow you to pick your weight.
You'll also need to decide whether to buy physical gold or futures contracts. Gold futures contracts are more expensive than physical gold. Futures contracts allow you to buy gold with more flexibility. They allow you to set up a contract with a specific expiration date.
You'll also need to decide what kind of insurance coverage you want. The standard policy does not include theft protection or loss caused by fire, flood, earthquake. It does offer coverage for natural disasters. You might consider purchasing additional coverage if your area is at high risk.
Insurance is not enough. You also need to think about the cost of gold storage. Insurance doesn't cover storage costs. Banks charge between $25 and $40 per month for safekeeping.
To open a IRA in gold, you will need to first speak with a qualified custodian. A custodian keeps track of your investments and ensures that you comply with federal regulations. Custodians cannot sell your assets. Instead, they must hold them as long as you request.
After you have decided on the type of IRA that best suits you, you will need to complete paperwork detailing your goals. You should also include information about your desired investments, such as stocks or bonds, mutual funds, real estate, and mutual funds. The plan should also include information about how much you are willing to invest each month.
Once you have completed the forms, you will need to mail them to your provider with a check and a small deposit. The company will review your application and send you a confirmation letter.
When opening a gold IRA, you should consider using a financial planner. Financial planners have extensive knowledge in investing and can help determine the best type of IRA to suit your needs. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.
Statistics
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
finance.yahoo.com
investopedia.com
cftc.gov
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not legal – WSJ
How To
Gold Roth IRA guidelines
You should start investing early to ensure you have enough money for retirement. It is best to start saving for retirement as soon you can (typically at age 50). It is important to invest enough money each and every year to ensure you get adequate growth.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles allow you the freedom to contribute without having to pay tax on your earnings until they are withdrawn. These savings vehicles can be a great option for individuals who don't qualify for employer matching funds.
It's important to save regularly and over time. If you don't contribute the maximum amount, you will miss any tax benefits.
—————————————————————————————————————————————————————————————-
By: Jamie Redman
Title: Ethereum Technical Analysis: ETH Bulls Break Upper Resistance Levels
Sourced From: news.bitcoin.com/ethereum-technical-analysis-eth-bulls-continue-to-break-upper-resistance-levels/
Published Date: Fri, 08 Dec 2023 14:15:12 +0000
