Ethereum Price Analysis: ETH Primed For Further Gains Above $125

ETH price remained nicely supported on the downside above $120 and $118 against the US Dollar.
Yesterday’s highlighted key bullish trend line is intact with support at $120 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is following a bullish structure and it could continue to move higher above $125 in the near term.

Ethereum price is slowly gaining bullish momentum against the US Dollar and bitcoin. ETH/USD is likely to break the recent high and trade above the $128 and $130 resistance levels.

Ethereum Price Analysis

In the past few sessions, there were mostly range moves below the $125 resistance in ETH price against the US Dollar. The ETH/USD pair dipped towards the $118 and $120 supports on a couple of occasions. However, buyers were able to defend losses, resulting in a bullish reaction. Recently, there was a nice upward move and the price spiked above the $125 resistance, but buyers failed to hold gains. A high was formed at $125.41 and later the price corrected lower. It dipped below the $124 and $122 levels. Besides, there was a break below the 50% Fib retracement level of the recent wave from the $117 low to $125 swing low.

The decline found support near the key $120 level. More importantly, yesterday’s highlighted key bullish trend line is intact with support at $120 on the hourly chart of ETH/USD. The pair also tested the 61.8% Fib retracement level of the recent wave from the $117 low to $125 swing low. At the outset, the price is trading nicely above the $120 support and the 100 hourly simple moving average. It seems like the price may continue to trade in a range above $120 before the next move. If there is a downside break below $120, $119, and the 100 hourly SMA, there could be more declines. The next stop for buyers could be the $115 area. It coincides with the 1.236 Fib extension level of the recent wave from the $117 low to $125 swing low.

Looking at the chart, ETH price is clearly trading nicely above the $120 support. Having said that, buyers need the $125 resistance to gain strength. A clear break and follow through above $125 and $126 could set the pace for more upsides. The next key targets could be $128 and $130 in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back in the bullish zone, with positive signs.

Hourly RSI – The RSI for ETH/USD is currently placed well above the 50 level, with no bearish sign.

Major Support Level – $120

Major Resistance Level – $125

Published at Thu, 14 Feb 2019 04:56:48 +0000

April 21, 2017

7 Reasons Why BTC Price is Now Climbing to $1300

bitcoin price now appears to be shrugging off politics that have split the community as it looks to test the critical $1,300 mark yet again.

Key Resistance Level at $1,300

BTC price is again coming within striking distance of the critical $1,300 mark, currently sitting at $1,250 at press time.

Back on March 6, bitcoin set the all-time closing high of $1,277 with a record-high spike of around $1,330 a few days later fueled by ETF hype before crashing more than 25% after the rejection by the Securities and Exchange Commission.

But the world’s first decentralized cryptocurrency has rallied since its March 24 low of $960 when divisive politics and heightened fears of a hard fork put downward pressure on the price.

What’s more, the resurgence also comes at a time when Chinese exchanges have still not resumed their bitcoin withdrawals.

In addition to being up 30% so far in 2017, bitcoin’s market capitalization is now looking to break its all-time high of about $20.6 billion as it climbs towards the critical $1,300 resistance level.

“$1300 is a significant psychological price point,” Civic CEO, Vinny Lingham, wrote back in February. “This is the point that arguably no one who had previously bought coins during the last ‘bubble’ is under water.”

7 Positive Trends Driving BTC Price

With Litecoin coming closer to SegWit activation, many hope that the ‘silver to bitcoin’s gold’ will become a testbed for this promising technology. This has made Litecoin price rise significantly in recent weeks while also raising hopes for SegWit activation on bitcoin while allaying fears of a contentious hardfork.

However, this is only one positive factor in what has been a string of good news for bitcoin in recent weeks.

First, Japanese businesses and several major retailers already seem enthusiastic about experimenting with bitcoin payments following their legalization in the country on April 1st.

Second, bitcoin adoption appears to be growing everywhere in the world from P2P trading to remittances to the amount of people actually using it for payments, according to a recent Cambridge University study, which noted:

[T]he number of people using cryptocurrency today has seen significant growth and rivals the population of small countries.

Third, following increasing regulatory clarity from China, Russia may also be planning to ‘legalize’ bitcoin by as early as 2018. Meanwhile, another major economy, India, is seeing major growth with people increasingly using bitcoin as a store-of-value and for online purchases in the wake of the demonetization disaster.

Fourth, the traditional global banking system including SWIFT appears to be under constant attack from hackers, not to mention the NSA. As a rule, any weakness and uncertainty in the traditional financial spells good for a potentially better alternative that’s more secure due to its decentralized, pseudonymous natures and immutability aspect.

Fifth, major companies such as Microsoft are beginning to actually use the bitcoin blockchain for other things besides money such as record time-stamping and document verification. This could introduce more use cases for the bitcoin network, boosting its development, growth, and overall value as a result.

Bitfinex Sticking Out Like a Sore Thumb

Another major factor in the upward pressure on BTC price is bitcoin exchange Bitfinex, which seems to be experiencing problems on the fiat side due to recent complications with partner banks. There also seem to be problems with liquidating the USDT (Tether) cryptocurrency token that replaces the USD currency on the Poloniex exchange.

A perfect storm may be forming on Bitfinex. ~half of all BTC in custody are borrowed (sold for fiat / another crypto). If bitcoin goes up…

— Alistair Milne (@alistairmilne) April 21, 2017

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Therefore, it comes as no surprise that bitcoin on Bitfinex is trading at nearly $1,330 or $80 above market price as traders seek safety. Of course, the solvency of the Bitfinex exchange is also coming increasingly under question despite official statements to the contrary.

[Editor’s note: It remains to be seen whether this is a positive or a negative factor for the BTC price in the short term. However, shaking out insolvent businesses should be a healthy step for the bitcoin economy moving forward.]

In any case, bitcoin should continue to chug along as its overall growth since 2014 has made it more resilient and much more capable of withstanding another ‘Mt.Gox’ scenario if it arises.

Will bitcoin finally break the $1300 psychological barrier? Share your thoughts below!

Images courtesy of coinmarketcap.com, shutterstock

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