ETH/USDT BUY | S6W1 | Team Trading Contest Post for Team-Frontline
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The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
The Ethereum Cryptocurrency
Ethereum is known to be the second most famous cryptocurrency after bitcoin. The Ethereum is known to be a decentralized and open source Blockchain known as the Ethereum Blockchain. The Ethereum was conceive in the year 2013 which is the native token of the Etherem Blockchain. It was founded by the famous programmer Vitalik Buterin with its initial date of release 30 July 2015.
The developers and team behind the Ethereum project include;
- Ethereum foundation
- Hyperledger
- OpenEthereum
- EthereumJS
The main characteristic of the platform is that it allows users to deploy permanent and immutable decentralized applications into the Blockchain.
With tits transition and upgrade to Ethereum 2.0 has included the transition of the Ethereum to the proof of stake consensus mechanism as it is thus aimed at increasing the sharding and transaction throughput.
Statistics on Ethereum
The Ethereum has a current price of $2705 and ranked #2 on the coinmarketcap based on its $326 billion market capitalization. Other statistics can be seen in the screenshot below.
Exchanges to trade Ethereum
We can trade the Ethereum on numerous exchanges which include; Binance, Easymark, Coinbase, Phemex, Deribit, Bitstamp and many others.
Some of the pairs to trade include;
- ETHPERP
- ETHUSDT
- ETHBNB
- ETHBUSD
- ETHBTC
And many others.
Why are you optimistic on this token today, and how long do you think it can rise?
Why I am optimistic about Ethereum
The main reason I am optimistic about this token is that it is one of the highest traded token in the market. With a daily traded volume of about $13 billion, it is quite evident that the token has a great volatility as well as liquidity level to find appropriate exit points.
From my analysis, I am using the 1 hours timeframe meaning that I am a scalp trader. Normally the Ethereum is great coin with a high background. I think my take profit level will be touched in less than 3 hours.
How to analyze the token? (Using the analysis knowledge learned from professors’ courses)
Buying the ETH/USDT crypto pair
For the trade setup, I will use the 1 hour timeframe being a scalp trader. For my indicators, my main indicator to be used will be the Ichimoku indicator. Beside the Ichimoku indicator, I a going to use the market structure break to find my proper entry and exit. The buy order from the Ichimoku indicator is seen when we have the prices break the kumo cloud and the blue line going above the red line.
As explained above, my trade entry will be done using the market structure break and the Ichimoku indicator. We follow the steps below;
We begin by using the impulsive Elliot wave’s tool to draw the market structure as seen which are the lower lows and lower highs.
We then look out for the formation of a higher low in a downtrend which is seen by the breaking of the last lower high point.
Further analysis is seen with the Ichimoku as the prices break the kumo cloud upward and the blue line goes above the red line.
For the trade exiting, it will be setting proper stop loss and take profit levels. The stop loss will be set below the kumo cloud and the take profit to the previous lower high point.
Your plan to hold it for a long time or when to sell?
My plans of holding
Since I am doing leverage trading, I don’t actually intend to hold the Ethereum trade for a long time. I prefer doing my scalp trading using shorter timeframe to get my profits and leave based on technical analysis.
In this case, I will be existing this trade in less than 12 hours.
Do you recommend everyone to buy and the reasons for recommending/not recommending?
My Recommendations about Ethereum
Based on the aforementioned statistics about the Ethereum project, one can see that it is a great project worth investing in.
Based on my technical analysis, we can see a perfect layout of the market structure which is known to work 70% of the times it appears.
In this regards, I highly recommend Ethereum trading to anyone.
Conclusion
I have explained the Ethereum project, the main roads map, it’s founders and team and done a statistics of th token.
Also, I have provided the various pairs of the token and the various exchanges we can trade them in.
Beside that, I have shown a technical analysis on the token using the market structure break and the Ichimoku Indicator and I recommend the trading and holding of the Ethereum crypto.