January 27, 2019

Ethereum Price Weekly Analysis: ETH’s Next Crucial Break Is Near

ETH price remained below the $120 and $125 resistance levels against the US Dollar.
There is a crucial bearish trend line formed with resistance at $116 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair needs to surpass the $116, $117 and $120 resistance level for a decent upside move.

Ethereum price is trading in a tight range versus the US Dollar and Bitcoin. ETH/USD could struggle to move past $120, which might result in a bearish break below $112.

Ethereum Price Analysis

This past week, ETH price formed a decent support base near the $112 and $114 levels against the US Dollar. The ETH/USD pair started a recovery and moved above the $116 and $117 resistance levels. There was also a break above the 23.6% Fib retracement level of the last decline from the $126 high to $111 swing low. However, the recovery was capped near the $119 and $120 resistance levels. As a result, there was a fresh decline and the price retested the $112 support level recently. At the moment, the price is trading in a range above $112 and it is preparing for the next move.

On the upside, there is a strong resistance formed near the $116 and $117 levels. There is also a crucial bearish trend line formed with resistance at $116 on the 4-hours chart of ETH/USD. Above the trend line, the next resistance is near the $119 level. It represents the 50% Fib retracement level of the last decline from the $126 high to $111 swing low. Finally, the 100 simple moving average (4-hours) is positioned near the $120 level to act as major hurdle. Therefore, to gain momentum, the price has to break the $116, $117 and $120 resistance levels.

The above chart indicates that ETH price seems to be approaching the next key break either above $120 or below $112. On the downside, a break below $112 may push the price towards $110.

Technical Indicators

4-hours MACD – The MACD for ETH/USD is mostly flat in the bearish zone.

4-hours RSI – The RSI for ETH/USD is currently moving lower and it is below the 40 level.

Major Support Level – $112

Major Resistance Level – $120

Published at Sun, 27 Jan 2019 05:09:01 +0000

You might be interested in …

October 18, 2018

Cryptocurrency market growth from Weed! CNBC News – Semalt

YouTube: cryptocurrency Cryptocurrency market growth from Weed! CNBC News – Semalt Visit us – https://semalt.com/?ref=y #weed, #market, #cnbc, #cryptocurrency, #news, #growth, #from, #news_oromochannel, #market_ng, #raatravels_from, … more info… YouTube: litecoin Litecoin Song Released on iTunes!!…Right […]

November 8, 2018

Cashflow on Demand Melbourne – Learn how to Invest in the Stock Market

Cashflow on Demand Melbourne – Learn how to Invest in the Stock Market COMING TO THIS TRAINING COULD BE YOUR BEST INVESTMENT DECISION YET Discover how you could be generating an immediate and upfront additional […]

April 6, 2017

Japan: Bitcoin Payments Could See 260,000 Stores by Summer

bitcoin payments may be accepted at over 260,000 stores in Japan by this summer following partnerships between the country’s bitcoin exchanges and major retailers.

Bic Camera to Trial bitcoin Payments

Japanese electronics chain Bic Camera has partnered with Tokyo-based bitFlyer, which runs the country’s largest bitcoin exchange that currently comprises about 10% of the bitcoin market.

This Friday, Bic Camera’s flagship shop in Tokyo’s Yurakucho district along with Bicqlo Bic Camera, a hybrid outlet with Uniqlo, will begin a trial run using bitFlyer’s bitcoin payment system, according to the official release.

Customers will be able to pay up to 100,000 yen (~$900 USD) with bitcoin, which will also include reward points at the same rate as for cash payments. The trial will determine if Bic Camera will expand bitcoin payments to its other 39 nationwide locations.

260,000 Merchants Can Now Accept bitcoin

Meanwhile, another Tokyo bitcoin exchange, Coincheck, has partnered with Recruit Lifestyle, the retail support arm of human resources conglomerate Recruit Holdings.

Coincheck, which currently holds 99% of the bitcoin payment market share in Japan, will bring bitcoin payments to shops that use AirRegi, a point-of-sale app developed by Recruit Lifestyle, by this summer.

To pay with bitcoin, customers can simply scan the barcode displayed on the app. Coincheck will process the transaction, converting the bitcoin into yen for the merchant.

Additionally, the app also supports Alipay, China’s leading third-party payment solution. However, Chinese tourists visiting Japan will be able to finally spend their bitcoin, something they cannot do in their home country.

Today, the most popular electronic payment options in Japan include Suica and Rakuten’s Edy, which are accepted at 380,000 and 470,000 locations, respectively. But with these recent moves, virtual currency could soon enter their ranks as AirRegi terminals are already used at 260,000 eateries and other retail locations nationwide.

Japan: Land of the Rising Bits

bitcoin transaction volume in Japan began to increase significantly since 2016, and in January 2017 its volume exceeded 541.1 billion yen (about 20 times compared to the same period last year).

Just recently, on April 1, 2017, Japan’s Payment Services Act for virtual currencies went into effect, recognizing bitcoin as a legal payment option while forcing cryptocurrency exchanges to register with the government. Starting in July, purchases of virtual currency will be exempt from the consumption tax.

Overall, the new regulations and tax incentives are expected to boost consumer confidence and growth of the domestic virtual currency market, which already had over 4,000 locations accepting bitcoin.

Will these new partnership make bitcoin a mainstream payment method in the country? Share your thoughts below!

Images courtesy of Shutterstock, air-regi.com,

The post Japan: Bitcoin Payments Could See 260,000 Stores by Summer appeared first on Bitcoinist.com.