Ethereum Price Movement
Similar to bitcoin, Ethereum (ETH) has experienced a 2% increase in value against the U.S. dollar on Friday. The price range for ETH in the past 24 hours has been between $2,024 and $2,111, showing a volatile but upward trajectory. Currently, Ethereum has a market capitalization of $250 billion and a 24-hour trading volume of $17.56 billion.
As of December 1, 2023, Ethereum (ETH) displays a mixed bag of indicators. The current price of ETH is $2,081 per unit. The relative strength index (RSI) sits at 58.4, indicating a balanced market position. The Stochastic oscillator also shows similar neutrality with a reading of 78.2. However, the commodity channel index (CCI) suggests a bearish outlook with a reading of 129.9, which is echoed by the Momentum indicator at 51.9. On the other hand, Ethereum's moving average convergence/divergence (MACD) leans towards optimism at a level of 9.4.
Moving Averages and Price Patterns
The moving averages for Ethereum paint a promising and positive picture. Across various time frames (10, 20, 30, 50, 100, and 200 days), both the exponential moving average (EMA) and simple moving average (SMA) indicate bullish tendencies. The EMAs notably surpass their SMA counterparts, reinforcing the strength of the current bullish momentum in Ethereum markets.
Looking at the 4-hour chart of ETH/USD, we can see a positive trajectory characterized by escalating highs and lows, following a rebound from a solid support point at $1,520. The daily chart further confirms this bullish pattern, showing a recovery from a significant slump to around $877, followed by a consistent uptrend. Both charts indicate consolidation near the $2,100 mark, which could be a pivotal point for future price directions.
Considering Ethereum's current market stance, a cautious optimistic perspective is warranted. For those considering long positions, a breakout above the $2,150 resistance level, accompanied by a surge in volume, could confirm a favorable entry point. On the other hand, a pullback to established support levels may also present entry opportunities. When it comes to exit strategies, placing a stop loss just below recent swing lows or established support levels can help mitigate risks. Additionally, capitalizing on profits at previous peaks or resistance zones could enhance returns.
Bullish and Bearish Views
The market indicators and moving averages for Ethereum, particularly the alignment of EMAs over SMAs across different timeframes, along with the formation of higher highs and lows on the 4-hour and daily charts, strongly suggest a bullish trend. The consolidation around the $2,100 level, followed by a potential breakout above the $2,150 resistance, further supports this optimistic outlook.
Despite some bullish signals, the bearish indications presented by the commodity channel index (CCI) and the moderate stance of the Momentum indicator cannot be ignored. These suggest underlying uncertainties in the market and the potential for downward movement. Moreover, the consolidation near the $2,100 mark may act as a significant barrier for Ethereum, potentially leading to a downturn.
To receive weekly price analysis updates, register your email here:
What are your thoughts on Ethereum's market action on Friday morning? Share your opinions in the comments section below.
Frequently Asked Questions
How does a gold IRA account work?
You can purchase gold bullion coins in physical form at any moment. You don't have to wait until retirement to start investing in gold.
Owning gold as an IRA has the advantage of allowing you to keep it forever. Your gold holdings will not be subject to tax when you are gone.
Your heirs can inherit your gold and avoid capital gains taxes. It is not required that you include your gold in the final estate report because it remains outside your estate.
To open a Gold IRA, you'll need to first set up an Individual Retirement Account (IRA). Once you've done so, you'll be given an IRA custodian. This company acts as a middleman between you and the IRS.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required forms to the IRS. This includes filing annual reports.
After you have created your gold IRA, the only thing you need to do is purchase gold bullion. Minimum deposit required is $1,000 You'll get a higher rate of interest if you deposit more.
Taxes will apply to gold that you take out of an IRA. You will be liable for income taxes and penalties if you take the entire amount.
However, if you only take out a small percentage, you may not have to pay taxes. However, there are exceptions. However, there are exceptions. If you take 30% or more of your total IRA asset, you'll owe federal Income Taxes plus a 20% penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. A violation of this rule can lead to severe financial consequences.
How much do gold IRA fees cost?
Six dollars per month is the fee for an Individual Retirement Account (IRA). This fee includes account maintenance fees as well as any investment costs related to your selected investments.
You may have to pay additional fees if you want to diversify your portfolio. These fees will vary depending upon the type of IRA chosen. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.
Most providers also charge an annual management fee. These fees are usually between 0% and 1%. The average rate is.25% per year. These rates are usually waived if you use a broker such as TD Ameritrade.
Which precious metals are best to invest in retirement?
These precious metals are among the most attractive investments. They are both easy to trade and have been around for years. They are a great way to diversify your portfolio.
Gold: This is the oldest form of currency that man has ever known. It is very stable and secure. It's a great way to protect wealth in times of uncertainty.
Silver: Silver has always been popular among investors. It is an excellent choice for investors who wish to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinium: Platinum is another form of precious metal that's becoming increasingly popular. It is very durable and resistant against corrosion, much like silver and gold. However, it's much more expensive than either of its counterparts.
Rhodium – Rhodium is used to make catalytic conversions. It is also used in jewelry-making. It's also relatively inexpensive compared to other precious metals.
Palladium: Palladium has a similarity to platinum but is more rare. It's also more accessible. It's a popular choice for investors who want to add precious metals into their portfolios.
How much of your portfolio should you hold in precious metals
This question can only be answered if we first know what precious metals are. Precious metals refer to elements with a very high value relative other commodities. This makes them very valuable in terms of trading and investment. Today, gold is the most commonly traded precious metal.
There are however many other types, including silver, and platinum. The price of gold fluctuates, but it generally remains stable during times of economic turmoil. It is not affected by inflation or deflation.
The general trend is for precious metals to increase in price with the overall market. However, the prices of precious metals do not always move in sync with one another. The price of gold tends to rise when the economy is not doing well, but the prices of the other precious metals tends downwards. Investors expect lower interest rate, making bonds less appealing investments.
The opposite effect happens when the economy is strong. Investors choose safe assets such Treasury Bonds over precious metals. Because they are rare, they become more pricey and lose value.
Diversifying across precious metals is a great way to maximize your investment returns. Furthermore, because the price of precious Metals fluctuates, it is best not to focus on just one type of precious Metals.
Who owns the gold in a Gold IRA?
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.
The purchase of gold can protect you from inflation and price volatility. But it's not smart to hold it if your only intention is to use it.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
You should consult a financial planner or accountant to see what options are available to you.
- 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)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- 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)
- Do You Need a Gold IRA to Get Retirement?
- What are the Options? Types, Spreads, Example and Risk Metrics
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement account
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
Tips for Investing Gold
Investing in Gold remains one of the most preferred investment strategies. There are many advantages to investing in Gold. There are many options for investing in gold. Some people prefer to buy gold coins in physical form, while others prefer to invest in gold ETFs.
You should consider some things before you decide to purchase any type of gold.
- First, check to see if your country permits you to possess gold. If the answer is yes, you can go ahead. You can also look at buying gold abroad.
- The second is to decide which kind of gold coin it is you want. You have options: you can choose from yellow gold, white or rose gold.
- The third factor to consider is the price for gold. It is best to begin small and work your ways up. Diversifying your portfolio is a key thing to remember when purchasing gold. Diversifying assets should include stocks, bonds real estate mutual funds and commodities.
- Lastly, you should never forget that gold prices change frequently. Keep an eye on current trends.
By: Jamie Redman
Title: Ethereum Technical Analysis: ETH Momentum Falters After Reaching $2,100 Barrier
Sourced From: news.bitcoin.com/ethereum-technical-analysis-eth-momentum-stops-short-after-hitting-2100-barrier/
Published Date: Fri, 01 Dec 2023 15:00:14 +0000