TA: Ethereum Struggles Below $1,350, Why 100 SMA Could Trigger Rally

Ethereum struggled to clear the $1,400 resistance and declined to $1,275 against the US Dollar. ETH price is struggling, but it could recover once there is a clear break above $1,350.

Ethereum topped near the $1,375 level before dropping back to $1,275.
The price is now trading below the $1,350 pivot level and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $1,345 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a strong increase if it clears the $1,350 resistance zone in the near term.

Ethereum Price is Facing Hurdles

After a failed attempt near $1,400, Ethereum started a fresh bearish wave. ETH price topped near the $1,375 level before it declined almost $100. There was a break below the $1,350 support level and the 100 hourly simple moving average.

However, the bulls were able to protect the $1,275 support. A low is formed near $1,274 and the price is currently correcting higher. It is testing the $1,320 resistance level, which is close to the 50% Fib retracement level of the recent decline from the $1,375 high to $1,274 low.

The first major resistance is near the $1,340 and $1,350 levels. There is also a key bearish trend line forming with resistance near $1,345 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent decline from the $1,375 high to $1,274 low.

Source: ETHUSD on TradingView.com

Moreover, the 100 hourly SMA is also positioned near $1,340 to act as a hurdle. A clear break above the $1,340 and $1,350 resistance levels may possibly open the doors for a larger increase in the coming sessions. In the stated case, there are high chances of a break above the $1,400 resistance level.

Fresh Dip in ETH?

If Ethereum fails to clear the $1,340 zone and the trend line resistance, it could start a fresh decline. An initial support on the downside is near the $1,300 level.

The first major support is near the $1,275 zone. If ether price fails to stay above the $1,275 support, there is a risk of a drop towards the $1,200 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently approaching the 50 level.

Major Support Level – $1,275

Major Resistance Level – $1,350

from NewsBTC https://ift.tt/3pFEUaI
via IFTTT

Comments

Coinbase reportedly hits pre-IPO valuation of $100 billion in private auction

The major exchange is inching closer to a public offering. Prominent Bitcoin ( BTC ) and cryptocurrency exchange Coinbase could be headed for an IPO valuation of $100 billion, after shares reportedly sold for up to $375 each in a private auction. Shares in Coinbase Global Inc. reportedly traded for a price between $350 and $375 per unit on the Nasdaq private auction market last week, giving the company a pre-IPO valuation of between $90–$100 billion, according to a report by Bloomberg. Trading reportedly ended with the share price at $350. A Coinbase series E funding round in 2018 first saw the stock valued at a potential $8 billion. That valuation increased as shares were then privately traded at a price of $200 on a private forum created by Coinbase in January. The company was deemed to hold a valuation of roughly $50 billion at the time. The price of privately traded shares is partly used to set a reference price for the stock when companies finally go public on the Nasdaq pla...

Korean crypto ‘Jedi Master’ plans to launch second VC blockchain fund

Blockchain VC investment firm Hashed is seeking $173 million for a second fund. One of South Korea’s leading blockchain evangelists is embarking on another huge blockchain fundraise following the success of his first. Simon Seojoon Kim is planning to raise $173 million for a second blockchain fund following the success of the initial one which netted $120 million from investors in December 2020 . Specifics regarding the new fund and its potential investors are thin on the ground however. Kim, dubbed “the Jedi Master of cryptocurrency” by Sean Park, a senior partner at Hong Kong-based Boston Consulting Group, co-founded the blockchain and crypto venture capital firm Hashed in 2018. The firm invests in crypto startups to enable them to grow through staff expansion, partnerships and marketing. It has attracted big-name financiers such as Naver, South Korea’s third-largest company by market value, which invested $12 million in the first Hashed blockchain fund. The Seoul-based compan...

Chinese banks tell staff to recruit up to 300 new digital yuan users each

Six of China’s top banks have tasked their employees with promoting digital yuan wallets to between 200 to 300 people a year. Chinese banks have begun a hard sell of digital yuan wallets, asking staff to recruit hundreds of new users each year. According to a translation of a June 6 article from Shenlian Caijing, employees of top banks such as the Industrial and Commercial Bank of China and the Bank of Communications, along with four other state-owned banks, have been instructed to promote digital yuan wallets to an average of 200 to 300 people a year. To entice new users, employees are able to offer an odd variety of small gifts, such as “laundry detergent, data cables, card holders, Chinese knots, umbrellas, and tissues.” The banks have included the task of promoting the central bank digital currency (CBDC) on employee evaluations, with the number of CBDC wallet recruits determining each branch's end of year bonuses. Essentially the banks have deployed an incentive scheme ...

Crypto Coin Search

Search This Blog