Ethereum’s Market Action Shows Signs of Bullish Momentum

Overview

On Friday, December 8, 2023, ethereum's trading concluded with a 4% rise, settling at $2,358. This jump was observed within a daily trading range from $2,245 to $2,385. Underlying this upward trajectory was ether's market cap of $283 billion, accompanied by a strong 24-hour trading volume of $26.75 billion. Oscillators and moving averages present a nuanced yet predominantly optimistic perspective for the second-largest crypto asset by market capitalization, suggesting the possibility of future upswings.

Oscillators

Regarding oscillators, the relative strength index (RSI) is positioned at 72.8, reflecting a neutral and balanced market stance, which implies a continuing positive sentiment for ethereum (ETH). Similarly, the Stochastic oscillator, at 87.2, mirrors this neutral trend. However, the commodity channel index (CCI) at 173.1 slightly tilts towards bearish tendencies, hinting at potential overvaluation or exhaustion in the short term.

Diversity in Oscillators

Diversity is seen in other oscillators as well. The momentum indicator, marked at 311.2, points towards a negative outlook, suggesting a possible weakening in the current price trend. In contrast, the moving average convergence divergence (MACD) level at 98.4 signals a bullish trend, indicating an underlying positive momentum that may support a continued upward movement in the near term.

Moving Averages

Moving averages further affirm a bullish scenario for ETH. Across various timeframes (10, 20, 30, 50, 100, 200 days), both the exponential moving average (EMA) and simple moving average (SMA) consistently indicate upward momentum. This concordance among moving averages (MAs) strongly suggests a prevailing bullish market sentiment, indicating that the current uptrend could be sustainable in future trading sessions.

4-Hour Chart Analysis

The 4-hour chart analysis illustrates an overall uptrend marked by successive higher lows and higher highs, a clear indicator of bullish conditions. However, the analysis of trading volume reveals a lack of consistent increase in buying volume, an ideal indicator for confirming a robust uptrend. This discrepancy advises traders to exercise caution when seeking confirmation of the trend's strength.

Daily Chart Analysis

The daily chart analysis for ETH reinforces this optimistic outlook, displaying strong bullish candles indicative of significant buying interest at lower price levels. Volume spikes on the daily chart support this positive trend, particularly on days with heightened trading volume, further cementing the argument for ETH's ongoing bullish momentum.

Conclusion

Ethereum's price action on December 8, 2023, indicates a strong bullish trend, underlined by consistently positive signals from moving averages and bolstered by key patterns in the 4-hour and daily charts. The convergence of technical indicators, including the buy signals from MACD and the unanimity in moving averages, point towards sustained upward momentum.

Despite the bullish trend observed on December 8, 2023, ethereum's market action shows signs of caution that could indicate a potential bearish reversal. Oscillators like the CCI and momentum indicator suggest an overvaluation and weakening of the current price trend. The lack of consistent buying volume in the 4-hour chart analysis raises questions about the strength of the uptrend.

What are your thoughts on ether's market action on Friday morning? Share your opinions in the comments section below.

Frequently Asked Questions

Does a gold IRA make money?

Yes, it is possible. But not as many as you might think. It all depends on how risky you are willing to take. If you can afford to invest $10,000 every year for 20-years, you could possibly have $1,000,000 by retirement age. However, if all your eggs are in one basket, then you will lose everything.

You need to diversify your investments. Inflation can make gold perform well. It is important to invest in assets that increase with inflation. Stocks excel at this because they rise with increased profits. This is also true of bonds. They pay interest each year. They are great in times of economic growth.

What happens when inflation is absent? Stocks fall more and bonds lose value during deflationary times. This is why investors should avoid putting all their savings into one investment, such as a bond or stock mutual fund.

Instead, they should consider investing in a mixture of different types and funds. They could also invest in bonds and stocks. They could also invest in cash or bonds.

So they can see both sides of each coin. They can see both the inflation and the deflation sides of the coin. And they will still see a return over time.

What are the pros & con's of a golden IRA?

The gold IRA is a great way to diversify your portfolio, but you don't have access the traditional banking services. It allows you to invest in precious metals such as gold, silver, and platinum without paying taxes on any gains until they're withdrawn from the account.

However, if you withdraw money before the due date, you will be subject to ordinary income tax. However, creditors will not be able to seize these funds if you default on your loan.

If you are looking to own gold without worrying about taxes, a golden IRA could be for you.

Is a gold IRA worth interest?

It depends on how much money you put into it if you have $100,000, then yes. If you have less than $100,000, then no.

The amount you invest in an IRA affects its ability to earn interest.

If you have more than $100,000 in retirement savings each year, you might consider opening a regular brokerage accounts.

Although you'll likely earn higher interest, there are greater risks. It's not a good idea to lose all of the money you have invested in the stock exchange.

However, if you only put in $100,000 per annum, you'll probably be better off with an IRA. You can do this until the market grows again.

Should you open a Precious Metal IRA

The answer depends on whether you have an investment goal and how much risk tolerance you are willing to take.

You should start an account if you intend to retire with the money.

The reason is that precious metals are likely to appreciate over time. You also get diversification benefits.

Furthermore, the prices of gold and silver tend to move together. This makes them better choices when you want to invest in both assets.

You should not invest in precious-metal IRAs if it is not your intention to use your money for retirement, or if you are unwilling to take any risks.

What is the cost of gold IRA fees

The average annual fee for an individual retirement account (IRA) is $1,000. However, there are many different types of IRAs, such as traditional, Roth, SEP-IRAs, and SIMPLE IRAs. Each type has its own set of rules and requirements. You may be required to pay taxes on earnings earned from investments that aren't tax-deferred. The amount of time you intend to keep the money must be considered. You will save money if you intend to keep your funds longer than a Roth IRA.

A traditional IRA allows for contributions up to $5500 ($6,500 if older than 50). A Roth IRA lets you contribute unlimited amounts each year. The difference is simple. With a traditional IRA you can withdraw the money when you retire and pay no taxes. On the other hand, you'll owe taxes on any withdrawals made from a Roth IRA.

Statistics

• Silver must be 99.9% pure • (forbes.com)
• SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
• Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
• The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)

External Links

kitco.com

• Live Gold Prices
  

regalassets.com

• Regal Assets – America’s Top Provider of Alternative Assets For Retirement Accounts
  

investopedia.com

• What is Options? Types, Spreads & Risk Metrics
  
• Stock Market Crash 1987 Definition
  

en.wikipedia.org

• Wikipedia: Taxpayer Relief Bill of 1997
  

How To

How to start buying silver with your IRA

How to start buying silver with your IRA – The best way to invest in gold and silver is through direct ownership of physical bullion. Bars and silver coins are the most common form of investment. They offer liquidity, diversification, and convenience.

If you want to buy precious metals like gold and silver, several options are available. You can purchase them directly from their producers, such as mining companies and refiners. You can buy them directly from the producer or a dealer who purchases and sells bullion.

This article will explain how to invest in silver with an IRA.

1. Investing in Gold & Silver through Direct Ownership – The best way to purchase precious metals is to directly go to the source. This means that you can get the bullion straight from the source, and it will be delivered directly to your front door. Some investors keep their bullion at home, while others store it in a secure storage unit. It is important to properly store precious metals when you want it to last. Many storage facilities provide insurance coverage against fire, theft, and damage. However, even with insurance you could lose your investments due to natural catastrophes or human error. It is always a good idea to store precious metals in safe deposit boxes at banks or credit unions.
2. Online Precious Metals Purchase – You can buy bullion online if you want to avoid having precious metals in heavy boxes. Bullion dealers sell bullion online in many forms, including coins or bars. There are many different types of coins. Coins are generally lighter than bars and easier to transport. Bars come in different weights and sizes. Bars come in a variety of sizes and weights. Some bars weigh hundreds while others weigh just a few pounds. When choosing which bar to buy, it is important to consider what you will use it for. A smaller size bar might work well if you are giving it away as a present. If you are looking to add it as a gift, or to proudly display it, you may want to spend a bit more and buy something larger.
3. Precious Metals From Dealers – A third option to buying bullion is from a dealer. Most dealers are experts in one part of the market: gold or silver. Some dealers specialize exclusively in certain types or bullion, like rounds or minted money. Others specialize in specific regions. Others specialize in bulk buying. You'll find them all to be competitive in price and offer convenient payment methods.
4. Buy Precious Metallics from Retirement Accounts. While technically not an “investment”, it's possible to invest in retirement accounts to gain exposure. You must make investments in precious metals via a qualified retirement account to be eligible for Section 219 tax benefits. These accounts include IRAs and 401(k), as well as 403(b), plans. These accounts can offer better returns than other investment options because they are specifically designed to help you save money for retirement. Many of these accounts let you diversify your holdings across multiple types of metals. The problem? The drawback? These accounts are only available to employees of employers who sponsor them.

—————————————————————————————————————————————————————————————-

Based on [POSTTITLE]

by [POSTAUTHOR]