Greetings everyone, I am delighted to be part of this week's crypto academy which is comes in a form of trading contest. I hope everyone is doing good and hoping for the best in life. Before I continue, I will to thank our noble professors in the people of @dilchamo and that of @shemul21 for giving us such a great opportunity to take part in this week's contest. I am with the best team which is the Team Frontline and I hope to put out my best and also record good trades. I will move ahead to make my post for my fifth trade for the week.
Ethereum(ETH) is the next token I will be making my trade on. This is a blockchain which is decentralized in nature and has a lot of popularity in the crypto market. The activities that do take place in the blockchain of Ethereum are very fast as well as secured and free from hackers. The Ethereum blockchain produces a token which is the ETH and has a good stand in the crypto market. The Ethereum blockchain is just like that of the Bitcoin blockchain but has certain elapses that Bitcoin doesn't. The founder of this token is known as Vitalik Buterin. The white paper of the Ethereum idea was brought to the limelight of crypto market in the year 2013 and then launched in the year 2015. Since the invention of this token, it has taken the position of the second largest crypto coin in the market and has remained at that spot till date. This shows how the ETH token has a great impact in the market. The fact this token is the second largest token does not quality to be competing with Bitcoin because, the price action of BTC also affects that of ETH since it is also an Altcoin.
In the Ethereum blockchain, the mechanism that is been used is the proof of stake protocol consensus mechanism. This mechanism enables various users to who have a hold of the ETH token to make validations of various transactions that do take place in the blockchain network. Also, the Ethereum blockchain allows decentralized applications to operate on the network without any hindrance. This makes the network active and secured as well as clear as every individual can see what is happening in the network.
Let's Look at the Fundamental analysis if the ETH token with the help of the CoinMarketCap.
In making Fundamental analysis of the ETH token, I will do so by making good use of the CoinMarketCap.com to help me get the statistics of the token so as to help us analyze the coin and know if it is a good time to into the trade of the coin as well.
From the Screenshot above which was taken from the CoinMarketCap, I will make a tabulation of the statistics of the ETH coin and explore it's meanings below to help us make good decisions when going into the trade of a coin.
| Token | ETH |
|---|---|
| Price | $2,627.19 |
| Rank | 2 |
| Number of Watchlists | On 2,539,850 watchlists |
| Market Capitalization | $314,347,064,530 |
| Volume | $21,325,735,860 |
| Circulating Supply | 119,724,499.44 ETH |
| Maximum Supply | 119,724,499 |
From the statistics of the ETH coin, it shows that the token is doing well in the crypto maker just that we are currently in a downtrend market therefore affecting all the crypto coins. As we know, it the second largest crypto currency and for that matter it is ranked 2 in the market. This shows how it will also affect other coins with it's price trend. The number of watchlists shows the number of traders or individuals that are monitoring the price of the coin and also people that have invested largely into it. It's market cap is also at a good rate as well as the Volume of the coin. The amount of ETH coins that are in circulation of the crypto market can be known as we have it there are the circulating supply which is a very huge number been supplied.
The stats of the ETH coin is very good and shows that there is a possibility of an uptrend to occur once the whole crypto market turns to spike up.
Exchanges where the ETH token can be traded for with other crypto pairs
| No | Exchange |
|---|---|
| 1. | Binance |
| 2. | Coinbase |
| 3. | Huobi Global |
| 4. | Kraken |
| 5. | Poloniex |
| 6. | Bitfinex |
| 7. | FTX US |
| 8. | Gemini |
| 9. | Bitstamp |
| 10. | Zaif |
This and many more are the exchanges where the ETH coin can be traded for with a verified account, one is good to go.
Let's look at some technical analysis on the ETH token with the help of the Trading View platform
From the technical analysis I am to make, the chart above is the screenshot of ETH/USDT crypto pair. It can be seen that, I have spotted my levels of support and that of resistance which can be seen clearly on the chart. My level of support is placed right below the price of the coin. That is, for the price to hit or get to the support level then we are going to experience a very market in terms of the ETH token. On the other hand, my Resistance level was placed high above the price of the coin indicating that, for the price to get the level of resistance, then we have a very high spike in the price of the ETH token.
I added a moving average indicator to help me get areas whereby were entering the trade of the ETH token will be profitable. Thus, the Moving indicator helps traders get entry and exit points in order to make successful trades. With the current signal that was been showed by the Moving average indicator in the market, it can be seen that the price of the ETH token is right above the indicator meaning we having an uptrend in the market and for that matter a very good position to enter the trade.
Looking at the trend pattern of the chart, the movement of the price has been in lows and highs as the price isn't stable but moves up and down. This can be seen clearly by the Moving average indicator indicating that. This also makes it as an advantage for traders that do trade within days or short terms, they will be able to execute such short trades. But with traders like me that do prefer long term trades, they will have to wait in order to make great amounts of profits.
Why I am Optimistic on this Token Today and how long do I Think it will Rise.
I have always been optimistic of this token but for reasons of low funds and also this token has always been in an uptrend for while prevented me from buying it. But with respect to this contest as an opportunity given to me to be able to enter this trade. Since I have always been very optimistic about , this served as a great opportunity to go into the trade of this token. Moving further, from the current trend of the price of the token, it clearly shows that, there will be an uptrend in the price of the token. With these signals and many more, it serves as a good point to go into the trade of the ETH token.
The ETH token as the second largest token in the crypto market will rise in due time. We are currently going through a general downtrend of the prices of various crypto currencies in the market which has affected a lot of coins. After this general downtrend , there will be a rise in the ETH token in due time and it will break its highest high price it has ever hit before.
Therefore, I am planning to make hold of the ETH coin for a very long time and invest more funds into this coin when the time is due. This will help me accrued a lot of profit if there is going to be an uptrend in the price of the token.
Do you Recommend everyone to buy and the reasons for recommending/not recommending
I do recommend to everyone to buy the ETH coin as it has a very bright future of rising to a very high point. Therefore this is a good position to enter the trade of the coin to record profits at the end. In addition, the more traders we have in the trade of the ETH coin, it will put pressure on the price of the coin to make it rise to a good point. As there will be a lot of buy order in the market of the token. I therefore recommend to everyone to buy the ETH coin.
Let's have a look at my real trade with the help of the Poloniex exchange platform.
I made my real trade of the ETH token with the help of my verified account on the Poloneix exchange platform. I was able to place my buy order with the help of the order book since it tells me which orders have been placed and those still pending. Therefore I placed my order and it successfully went through in the spot wallet. I will make checks on it and report on Saturday when filling out my Google form.
Screenshots of my trade are below.
In conclusion, I am very honored to be part of the Team frontline as I make my final post on my trades made.
Ethereum is decentralized blockchain that has a very secured technology where we have various decentralized applications built on them. The token of this network is the ETH coin which I have traded for in my Poloneix exchange. The ETH token is the second largest coin in the crypto market and has a lot of popularity in the market with a lot of traders buying and selling this coin. The current trend of this coin is in an uptrend since that was seen clear in my technical analysis.
I am very grateful to out noble professors @dilchamo21 and @shemul21 for giving us a great opportunity to take part in this contest trading and I hope to be successful.
Thank You.