Introduction
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 Analysis
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 Analysis
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.
Bull Verdict
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.
Bear Verdict
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.
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Frequently Asked Questions
How to open a Precious Metal IRA
First, decide if an Individual Retirement Account is right for you. You must complete Form 8606 to open an account. Then you must fill out Form 5204 to determine what type of IRA you are eligible for. This form should be filled within 60 calendar days of opening the account. Once this has been completed, you can begin investing. You can also choose to pay your salary directly by making a payroll deduction.
You must complete Form 8903 if you choose a Roth IRA. The process for an ordinary IRA will not be affected.
To be eligible for a precious metals IRA, you will need to meet certain requirements. You must be at least 18 years of age and have earned income to qualify for a precious metals IRA. Your earnings cannot exceed $110,000 per year ($220,000 if married and filing jointly) for any single tax year. You must also contribute regularly. These rules will apply regardless of whether your contributions are made through an employer or directly out of your paychecks.
An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. However, you won't be able purchase physical bullion. This means you won’t be able to trade stocks and bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. This option is offered by some IRA providers.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. First, they're not as liquid as stocks or bonds. This makes them harder to sell when needed. They also don't pay dividends, like stocks and bonds. Therefore, you will lose more money than you gain over time.
What is a Precious Metal IRA (IRA)?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These metals are known as “precious” because they are rare and extremely valuable. They make excellent investments for your money and help you protect your future from inflation and economic instability.
Precious metals often refer to themselves as “bullion.” Bullion refers only to the actual metal.
Bullion can be bought via various channels, such as online retailers, large coin dealers and grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This will ensure that you receive annual dividends.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, you pay a small percentage tax on the gains. Plus, you get free access to your funds whenever you want.
How is gold taxed within a Roth IRA
A tax assessment for an investment account will be based on the current market value, and not what you paid initially. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
However, if the money is deposited into a traditional IRA/401(k), the tax on the withdrawal of the money is not applicable. Capital gains and dividends earn you no tax. This applies only to investments made for longer than one-year.
Each state has its own rules regarding these accounts. For example, in Maryland, you must take withdrawals within 60 days after reaching age 59 1/2 . Massachusetts allows you up to April 1st. New York allows you to wait until age 70 1/2. To avoid penalties, plan ahead so you can take distributions at the right time.
How Do You Make a Withdrawal from a Precious Metal IRA?
First decide if your IRA account allows you to withdraw funds. Then make sure you have enough cash to cover any fees or penalties that may come with withdrawing funds from your retirement plan.
If you are willing to pay a penalty for early withdrawal, you should consider opening a taxable brokerage account instead of an IRA. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.
Next, you'll need to figure out how much money you will take out of your IRA. This calculation is affected by many factors, such as the age at which you withdraw the money, the amount of time the account has been owned, and whether your plans to continue contributing to your retirement fund.
Once you determine the percentage of your total saved money you want to convert into cash, then you need to choose which type IRA you will use. Traditional IRAs let you withdraw money tax-free after you turn 59 1/2, while Roth IRAs require you to pay income taxes upfront but allow you access the earnings later without paying any additional taxes.
After these calculations have been completed, you will need to open a brokerage bank account. To encourage customers to open accounts, brokers often offer signup bonuses and promotions. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.
You will need a safe place to store your coins when you are ready to withdraw from your precious metal IRA. Some storage facilities can accept bullion bar, while others require you buy individual coins. Before choosing one, consider the pros and disadvantages of each.
Bullion bars require less space, as they don't contain individual coins. However, each coin will need to be counted individually. However, keeping individual coins in a separate place allows you to easily track their values.
Some people prefer to keep coins safe in a vault. Others prefer to store their coins in a vault. Whatever method you choose to store your bullion, you should ensure it is safe and secure so you can enjoy its many benefits for many years.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
bbb.org
investopedia.com
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement plans
How To
The best way to buy gold (or silver) online
You must first understand the workings of gold before you can purchase it. Gold is a precious metal similar to platinum. It's very rare, and it is often used as money for its durability and resistance. It is difficult to use so people prefer to buy jewelry made from it to gold bars.
There are two types of gold coins available today – one type is legal tender, while the other is called bullion. Legal tender coins are designed for circulation in a country. They often have denominations like $1 or $5 or $10.
Bullion coin are not intended for investment. However, their value will increase with inflation.
They aren’t exchangeable in any currency exchange. If a person purchases $100 worth of gold, 100 grams of the gold will be given to him/her. The $100 value is $100. Each dollar spent by the buyer is worth 1 gram.
Next, you need to find out where to buy gold. There are several options available if your goal is to purchase gold from a dealer. First, your local currency shop is a good place to start. You might also consider going through a reputable online seller like eBay. You can also look into buying gold online from private sellers.
Individuals who sell gold at wholesale and retail prices are called private sellers. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. Private sellers will typically get you less than a coin shop, eBay or other online retailers. This is a great option for gold investing because you have more control over the item’s price.
The other option is to purchase physical gold. It is easier to store physical gold than paper certificates. But, you still have to take care of it. Physical gold should be stored in an impenetrable container, such a vault and safety deposit box to ensure its safety.
When buying gold on your own, you can visit a bank or a pawnshop. A bank will provide you with a loan that allows you to purchase the amount of gold you desire. The pawnshop is a small business that allows customers to borrow money to buy items. Banks usually charge higher interest rates that pawn shops.
The final option is to ask someone to buy your gold! Selling gold is also easy. It is easy to sell gold by contacting a company like GoldMoney.com. You can create a simple account immediately and begin receiving payments.
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By: Jamie Redman
Title: Ethereum Technical Analysis: ETH Bulls Continue to Break Upper Resistance Levels
Sourced From: news.bitcoin.com/ethereum-technical-analysis-eth-bulls-continue-to-break-upper-resistance-levels/
Published Date: Fri, 08 Dec 2023 14:15:12 +0000
Did you miss our previous article…
https://altcoinirareview.com/the-crypto-market-soars-as-top-coins-experience-significant-gains/
