Crypto Industry News:
Hashrate is one of the key indicators of the condition of the blockchain-based on Proof of Work. Specifies the barrier that a potential attacker must overcome to perform a 51% attack, as well as the general interest of cryptocurrencies by users. In this respect, the Ethereum network seems to be at risk.
Currently, the increase of hashrate is a missing element for the Ethereum community. In the case of ETH, this indicator is still below 42% in relation to the records of all time achieved in August 2018. Bitcoin also reached historical peaks when it comes to hashrate, but since then it has defeated levels by 22%.
This is one of many measures illustrating the division of cryptocurrency markets in 2019. In previous years, all cryptocurrencies were changing simultaneously, regardless of whether prices were falling or rising. But now it seems that investors have enough time to find out which projects are worth the support and which are not. This results in a general price split (more or less half of the cryptographic currencies are below the prices of December 2018), as well as the division of the PoW network hashrate. Until now, Bitcoin and Litecoin are the only major poW tokens that have achieved the hashrate record in 2019.
According to the data, Bitcoin Cash, Bitcoin SV, and Ethereum lag behind their hashrate records. And although this may not seem an important issue, it opens up these chains to the potential for attack. Currently, carrying out a 51% attack on the Bitcoin network for 1-hour costs over 850,000. dollars, while the attack on Ethereum for an hour can be done for just over 100 thousand. dollars. Bitcoin SV is the most vulnerable to manipulation among PoW tokens, with an attack cost of only 11,000. dollars.
Technical Market Overview:
The ETH/USD pair has moved higher after the market bounced from the level of $199.67 and now the price is testing the 385 Fibonacci retracements again. The technical support made after the swing low at the level of $190.94 is getting closer and closer, so there is a high probability, that if the bulls will not break through the rest of the Fibonacci retracement, it will be tested soon as well.
Weekly Pivot Points:
WR3 - $294.64
WR2 - $266.38
WR1 - $246.13
Weekly Pivot - $217.90
WS1 - $196.02
WS2 - $167.35
WS3 - $146.40
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume soon.
