ETH USDT Finished the Week With an 8% GrowthSep 23, 2019
As our readers probably know, last week a decision has been made to increase the amount of gas in the Ethereum blockchain up to 10 million. As a result, the network’s capacity went up, which allowed to cut down the number of unconfirmed transactions from 118,000 to 51,000.
According to bitinfocharts data, an average commission per Ethereum transaction in the past few days went as high as $0.419, but today it has already dropped to $0.327, although it is important to remember that in the early days of September it was just below $0.150.
It is also noteworthy that the increase in the amount of gas in the blockchain not only improved the network’s capacity and reduced the number of unconfirmed transactions but also helped boost the value of ETH. Over the past week the ETH/USDT rate grew from $189 to $224.
As we can see, the technical resistance level of $200-$203 has been breached and the price has stabilized at above this significant mark. Despite the corrective drop in the ETH/USDT value, this pair concluded the week at an 8% gain. Buyers can expect its continued upsurge to $230-$235, until the price returns to under this level.
After a period of strong growth of XRP/USDT to $0.3263, the price crashed to $0.270, and the pair finished the week with a modest gain of 4.3%. Most likely, the impulsive upswing was due to the Ripple’s management’s attempts to convince the investors that XRP growth would be beneficial for the company, and the massive sales of the coin were aimed at expanding the token’s application base. On August 1 the company sold 1.8 billion XRP, with an additional 1 billion XRP sold on September 3.
According to the company’s top officials, the money received in payment for these sales is being used to develop RippleNet and support other initiatives involving XRP, such as Dharma and Forte. Furthermore, Ripple’s representatives continue to insist that the token rate will very soon change for the better.
The pump didn’t last long but the buyers were still able to finish off the week in the green. Keeping in mind that the technical support breach level is at $0.265, active XRP/USDT buys may now trigger another wave of sales.
We have seen a similar situation in the BNB/USDT pair, in which the buyers were able to test the resistance at the psychological level of $23.00.
The investors’ optimism was caused by the tweet by the CEO of CZ Binance, who utilized the so-called verbal interventions. By reassuring and cheering the investors he was able to bring the BNB price back to its highest value since the beginning of September – the top boundary of the “wedge” – the breach of which would have potentially triggered a strong upward movement.
As can be glimpsed from the RSI, a bullish divergence has formed, which confirmed the buyers’ preparedness to return to $25.00. But even today we’re seeing the consolidation of BNB near a highly significant psychological and technical support level of $20.00. This means that the likelihood of the breach of this level is increasing. If this scenario comes to pass, the sellers’ nearest target will be the $17.00 mark.