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The crypto winter might be coming to an end and after 11 months of deep frost, it’s a scramble for honors. And it’s not about individual coins recouping their losses and realigning as they post massive gains in the last 24 hours, exchanges are doing their best to improve user experience. CoinBase, one of the world’s largest and conservative crypto exchange is rolling out goodies for users. As a “crypto first” exchange, the platform is releasing a new feature, Convert.
This tool allows platform users to convert from one coin to another without using third party applications as ShapeShift or Changelly. Support is available for Bitcoin, Ethereum and four other coins. But as a for-profit company, CoinBase will charge one percent for every conversion. However, depending on prevailing market conditions, fees can vary.
Starting today, you can convert one crypto to another on Coinbase. Conversions are available between Bitcoin (BTC) and Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), or Bitcoin Cash (BCH).
It's Day 8 of 12 Days of Coinbase. Learn more: https://t.co/VshJf7FOMZ pic.twitter.com/wLyJPfkKcA
— Coinbase (@coinbase) December 17, 2018
Meanwhile, data from Santiment indicate that more than 400,000 ETHs flew from ICO wallets in the last 30 days. Even though data was inconclusive on whether these coins found their way to exchanges, we can only speculate that this activity meant liquidation.
Kyber Network spent 67,290 ETHs from mid-November but their wallets still hold 5,560 ETHs after raising $50 during their successful ICO. Other noteworthy sellers during this bear freeze include Aragon, SingularDTV as well as Status.
ETH/USD Price Analysis
At spot prices, ETH is up 4.4 percent against the USD and $7 away from the all-important resistance level. From previous ETH/USD trade plan, sellers are technically in charge unless there are solid breaks above $100. This is a round number and a psychological level that could propel ETH above $130 and even $160 cancelling the bear breakout pattern of Dec 6.
Trend and Candlestick Formation: Bearish, Breakout Pattern
The path of least resistance is southwards and the perpendicular falls from $160 cement our trend preview. But there is hope for bulls if and only if there are high-volume close above $100. As reiterated above, this expansion would cancel the minor bear breakout pattern of Dec 6 as bulls find the necessary momentum to rally towards $160. This is another important resistance level and previous support of Oct-Nov 2018.
Volumes: Increasing, Bullish
Though ETH/USD is range bound and oscillating within a tight $17 range with floors at $83, gains above $100 could ignite buyers aiming at $160. But this is subject to the level of market participation. Ideally, the breakout above $100 should be accompanied by above-average volumes exceeding Dec 7, 1900 HRs bar—321k versus 179k.
If that is the case and recent lower lows act as a catapult for the next wave of higher highs, then our ETH/USD trade plan will be as follows:
Buy: $100, $130
Stop: $90, $110
Targets: $130, $160, $250
All Charts Courtesy of Trading View
This is not Investment Advice. Do your own Research.
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