Ether Recovers As Bitcoin Struggles To Get Out of Purgatory

In this issue we take a closer look at Venmo, which just opened its doors to cryptocurrency for its 70 million users. Meanwhile, as bitcoin loiters in purgatory Ether is making fresh attempts to lead the market onward.

Let’s dig in.

Venmo Customers Can now Exchange Four Cryptocurrencies

Paypal’s sister company, Venmo, has opened the doors to cryptocurrency capabilities for its over 70 million users.

The senior VP and general manager at Venmo, Darrell Esch, said: “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

Earlier in April, it was revealed that payment giant MasterCard was part of a funding round for Ethereum-focused Software firm ConsenSys, helping to raise $65 million. JPMorgan was also a major contributor, among various investment firms, showing a change of heart in old-school institutional temperance towards cryptocurrencies.

Check out the full article here!

Technically speaking

Ethereum leads the way?

Since Monday’s report, BTC/USD has continued to traverse within an unappealing range between $57,600 and $53,100.

Meanwhile, ETH/USD steamed ahead to $2,368, potentially in an attempt to lead the market higher. As it happened, ETH/BTC pushed through the ₿0.041 level and remains bullish at the time of writing. As noted on Monday, bitcoin normally leads the market and Ethereum and altcoins follow in sequence — but this rule of thumb wasn’t respected during Tuesday trading.

As such, this fresh turn of events paints a fairly straight-forward picture. Unlike, bitcoin, Ethereum did not lose high time-frame structure on the daily time-frame. The breakout level marked below $2,130 remained in tact as high time frame (HTF) price-action superseded lower time frame (LTF) chop.

Since the low, ETH/USD traversed higher to $2,368 and continues to press forward at the time of publishing ($2,378).

It remains to be seen whether Ether’s new-found bullish impetus will translate into a wide-spread market recovery. However, that scenario is unlikely should bitcoin lose $55,000 and venture to lower support levels. In this case, it would be overly optimistic to expect ETH/USD to be unaffected.

Bitcoin stuck in purgatory

BTC/USD appears to be in purgatory, bouncing between heaven and hell. On lower time frames, $55,000 is a key support level which continues to act as a strong bid-zone for now.

As long as price trades below the 4-hour 200-ema, bitcoin’s prospects are less clear than those of ethereum. Now that Sunday’s carnage is well and truly over, it’s high time bitcoin bulls showed signs of strength.

Levels to watch

  • Daily close above $60,000 signals momentum move to $70,000
  • Daily close below $55,000 signals a move to the 20-weekly EMA ($42,000–45–800)

One thing is certain, bitcoiners are currently playing defensively, which is understandable given the record-breaking amount of liquidations on Sunday. As bulls find their footing (or not), it’s worth appreciating the fact that midrange arguments for either side rarely make for compelling bets even though the levels are fairly clear.

On a final note, the newly-launched Ether Exchange Traded Funds ( ETFs) have registered a total of $43 million in day-one volumes. The inflows into these funds are surely a net positive for Ether.

Catch you next time.

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Christopher Attard
Founder of Chris on Crypto
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