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Ethereum Price Analysis: ETH In Trouble, Risk of Breakdown Below $100

Ethereum price analysis: eth in trouble, risk of breakdown below $100

Ethereum Price Analysis: ETH In Trouble, Risk of Breakdown Below $100

  • ETH price failed to bounce back and declined below the $108 and $104 supports against the US Dollar.
  • Yesterday’s highlighted key bearish trend line is intact with resistance at $110 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair tested the $100 support area once and it corrected above the $104 resistance level.

Ethereum price declined heavily with bearish moves against the US Dollar and ₿itcoin. ETH/USD is under a lot of pressure and it seems like sellers could attempt to break $100.

Ethereum Price Analysis

Yesterday, we saw a sharp decline below the $116 and $114 support levels in ETH price against the US Dollar. The ETH/USD pair remained in a bearish zone and extended its decline below the $110 level. It even broke the $108 and $104 support levels and traded close to the $100 level. A low was formed near $101 and the price is now trading well below the 100 hourly simple moving average. After forming a low near $101, the price corrected a few points above the $103 and $104 levels.

There was a break above the 23.6% Fib retracement level of the recent drop from the $114 high to $101 low. However, the recovery was capped by the $107-108 resistance area. The price even failed to test the 50% Fib retracement level of the recent drop from the $114 high to $101 low. Moreover, yesterday’s highlighted key bearish trend line is intact with resistance at $110 on the hourly chart of ETH/USD. The current price action is bearish below $108 and it seems like there could be more losses.

Ethereum price analysis eth chart

Looking at the chart, ETH price might revisit the $100 and $101 support levels in the near term. If sellers remain in action for a long time, there is a risk of a breakdown below the $100 support. The next key support awaits near $95.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently in the bullish zone.

Hourly RSI – The RSI for ETH/USD bounced back from the oversold area, but it is still well below the 50 level.

Major Support Level – $101

Major Resistance Level – $108

Published at Tue, 29 Jan 2019 04:08:02 +0000

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BitHub.Africa Announces African Blockchain Opportunity Crowdsale Campaign to Foster Region’s Cryptocurrency Ecosystem

Nairobi-based blockchain startup BitHub.Africa has released its ‘Blockchain Opportunity Campaign’.

The campaign centers around a crowdsale which offers interested parties an extensive report documenting the top 16 brightest blockchain platforms for 2017. The new report comes in the form of a downloadable ebook, for $29.99 and all proceeds will support activities at the company’s new incubator hubs across Africa.

BitHub.Africa was founded by Kenyan Blockchain entrepreneur John Karanja in December 2015 and officially started business operations in Kenya in January 2016. BitHub.Africa is the main commercial Blockchain operator driving the adoption of blockchain technology and solutions across Africa.

Africa is now the fastest expanding market in the world for blockchain technologies, with the rate of startups growing at an exponential rate. BitHub.Africa looks to support bitcoin and blockchain startups akin to the fiat-based ‘M-Pesa’, in the expanding African market. Unlike conventional solutions, the projects supported by BitHub.Africa will provide a convenient and easy way to convert and spend bitcoin and other cryptocurrencies for routine transactions.

In the ‘Blockchain Opportunity Report’, BitHub.Africa has comprehensively analyzed 16 cryptocurrency and blockchain platforms that are believed to have the most potential to cause substantial changes in the sectors of finance, technology, and commerce. The report will be most beneficial to blockchain entrepreneurs, investors, researchers, and enthusiasts.

The cryptocurrency community is beginning to feel the benefits that a decentralized financial ecosystem can provide, with specific applications in mobile and internet-based technology  

Hyperinflation, fraud, and corruption have all affected large parts of Africa in recent times, causing financial difficulties for many of its people. Alternative currencies have an enormous potential to help by giving people more control over their wealth, disrupting traditional mechanisms for international trade, resource management, and governance.

Citizens suffer from overpriced bank fees due to a weakening financial infrastructure, mismanagement, corruption and growing inflation. The increasing adoption of disruptive blockchain technology is helping people combat these issues, but there is still a long way to go.

The use of cryptocurrencies has grown exponentially in the eight years since bitcoin emerged. The market is now flooded with new cryptocurrencies, which is also starting to bear a few adverse effects. One of the problems that have arisen concerns the growing rise of fraudulent cryptocurrency startups and Ponzi schemes like ‘MMM’.

BitHub.Africa’s comprehensive report aims to help cryptocurrency businesses and enthusiasts to avoid some of these fraudulent altcoins and help enthusiasts to make a more informed decision when investing.

The team at BitHub.Africa has been dedicatedly researching all cryptocurrency platforms and analyzing the collected data to determine which of them offers the most innovative solutions to some of the economic and social issues currently facing the African cryptocurrency community.

Proceeds from the $29.99 for each copy of the report will go towards the African Blockchain Opportunity Campaign and aids BitHub.Africa’s mission to increase mass adoption of bitcoin and Blockchain technology across the continent.

Images courtesy of bitcoin PR Buzz

The post BitHub.Africa Announces African Blockchain Opportunity Crowdsale Campaign to Foster Region’s Cryptocurrency Ecosystem appeared first on Bitcoinist.com.

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