Trading Competition - Crypto Academy / S6T3 - Homework post for pelon53
It's really interesting to join with the crypto trading completion back again. This week, I hope to join with professor @pelon53 with the team investors. The project that I have chosen today is Ethereum.
Ethereum is an open-source platform for decentralized applications. That means there is no external control by any of the parties. This platform can be used to create tokens, NFTs, finance apps, exchanges and many more. These days NFTs are the most trending part of this platform.
The transactions of this network work through a smart contract. That can be programmable to do transactions without involving any third parties. Solidity and Vyper are the coding languages used by this network to write smart contracts.
Vitalik Buterin, Mihai Alisie, Anthony Di lorio, Charles Hoskinson, Amir Chetrit, Joseph Lubin, Gavin Wood, and Jeffrey Wilke are the founders of this Eth network.
When using the Ethereum network, there is a gas fee associated with it. That means we should pay a small fee for the service we get. Eth is the currency that is used to pay these gas fees.
Exchanges that can be traded are WhiteBIT, Digifinex, Binance and Bitfinex.
When we see the use cases of Ethereum, we can expect that this will come even close to bitcoin by value. The founders of this network and many more market analysers have predicted this. There is much more news related to this topic on the internet. So, i also think this will be huge in the future.
Market cap : $374,933,092,336
Current value : $3,124.09
Max price : $4,878.26
As you can see in the screenshot from the trading view, I used a 1-hour chart with 50 periods of EMA to analyse. You can clearly see that the 50-period curve is acting as a support in many occasions and this time also SAR clearly indicates its direction change. So I can consider this as a buying opportunity.
In this screenshot by using trendlines, the market is clearly in a bullish trend. As I have shown here, the horizontal line is acting as a support and it is a good point to my trading entry.
In here RSSI indicator shows a neutral position. But considering the above reasons, I made a good entry for my trade.
Today my plan here is to make a binance future trade for the short term. I want to make a buy position by analysing the market condition. My stop loss and take profit values are mentioned below.
Ethereum is a very good investment for both short term and long term traders. Currently, it holds 2nd place in the crypto market. So, it’s a project that can be trusted and there are no issues with it. So, I think everyone who likes to invest in crypto should try this coin.
We all hope of NFTs right. Most of the non-fungible tokens are based on the Ethereum blockchain. So, there will be a huge potential in the future. The world is moving into virtual concepts and the virtual assets we own will be very valuable in the future. We should do proper research on these NFTs based on Ethereum and can do a better investment.