At the height of late 2017-2018 ICO mania, blame was laid squarely on platforms as Google, Twitter and Facebook. The reason? Well, their global reach and lack of checks to filter out ads that promote crypto scams dominated. Lead by China and South Korea, the search engine giant and social media platforms as Facebook and Twitter followed suit blocking ICO and crypto related ads. Steps have been made and some as Facebook and Google have backtracked from their hard liner stance.
Even still, according to their latest crypto advertising policy, interested crypto exchanges seeking to roll out ads must first get approval and restrict their reach within the US and Japan only. Following Decenter’s queries on why Google were blocking off “Ethereum”, the response has been unsatisfactory. It is even a source of debate at Reddit where users have strong reasons to believe that the company has other ulterior motives to de-platform projects and have been notorious for using their monopolist status to muzzle legitimate startups.
While it is true that Ethereum was one of the many platforms that scam ICOs rode on, Google’s motivation to curb scams and impose outright ban on anything crypto is counter-productive.
A user, ThePlague while on Reddit said:
“It might be a desire to prevent scams, but there certainly can be other motivations as well such as de-legitimizing a payment system and technology that they can’t control. It may sound paranoid, but they do have a history of using their various platforms to push their agendas.”
At spot prices, ETH is a top performer in the top 10, adding 7.3 percent at the time of press. What’s more interesting is that bulls are finding their stead and after last year’s deep correction that saw prices tank more than 90 percent, it is likely that ETH prices will bounce back, breach $170 and spur a rally with feasible targets at $250 or October 2018 highs.
As mentioned before, ETH is trading within a larger bear breakout trend. At spot prices, the failure of bulls to confirm yesterday’s gain will usher in a wave of sellers as the third phase of a classic bear pattern prints out with targets at Dec 2018 lows at $70.
Therefore, it is of prime important that conservative traders wait for a high-volume break and close above $170 as prices break away from Dec 2018 consolidation. Meanwhile, aggressive traders can initiate long positions now that ETH found support at the 50 percent Fibonacci retracement level.
In a double bar bull reversal pattern—and as Fibonacci retracement rules dictate, ETH prices may expand above $170 ideally to $250.
In an accumulation, a stand out—volume wise—has to be Nov 20 bar—1.5 million versus 450k average. Even Jan 14 bar pales in comparison—380k versus 362k average.
Moving on, we need to see heightened activity ahead of the hard fork. Flight from exchanges to hard wallets may be a reason for yesterday’s increasing demand. But if the transition is smooth, volumes may spike and ETH may break above $170. It will be ideal if it is at the back of high volumes—above Dec 24—1.232 million versus 591k.
It’s likely that Constantinople may open doors for ETH and in that case, a rally from the 50 percent Fibonacci retracement level anchored on Dec high low would mean the following ETH/USD trade plan is valid:
Target: $170, $250—Oct 2018 highs
All charts courtesy of Trading View—BitFinex
This is not Financial/Investment Advice. Do your Research.
At the height of late 2017-2018 ICO mania, blame was laid squarely on platforms as Google, Twitter and Facebook. The reason? Well, their global reach and […]
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