Ethereum Price Analysis: ETH’s U-Turn Sets New Short-Term Bearish Bias

ETH price tumbled after it failed to break the $165 and $166 resistance levels against the US Dollar.
The price declined and broke the $160, $152 and $140 support levels to move into a bearish zone.
There was a break below a major bullish trend line with support at $148 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now trading in a bearish zone below the $140, $144 and $148 resistance levels.

Ethereum DApps Saw 1.2m New Users in 2019: It’s Tremendous For Long-Term Price Trend
Tuesday January 21, 2020

Decentralized Applications (DApps) on the Ethereum network recorded over 1.2 million new users in 2019. Continuous growth of the ETH ecosystem is an essential fundamental factor for its long-term price trend. Report shows there...

The post Ethereum DApps Saw 1.2m New Users in 2019: It’s Tremendous For Long-Term Price Trend appeared first on 12bitplay - Bitcoin Play.

Ethereum price made a sharp U-turn against the US Dollar and bitcoin. ETH/USD broke key supports near $148 and $142 to enter a short-term bearish zone, with a negative angle.
Ethereum Price Analysis
This past week, we saw a nasty upward move above the $140 and $150 resistances in ETH price against the US Dollar. The ETH/USD pair even climbed above the $160 resistance to stage a solid comeback. It traded close to the $166 resistance level, where sellers emerged. More importantly, there was a strong rejection noted near the $165 and $166 resistance levels. The price formed a topping pattern and later started a sharp decline below the $160 support level.
The decline was such that the price failed to stay above the $152 and $150 support levels. There was a break below a major bullish trend line with support at $148 on the hourly chart of ETH/USD. The pair even settled below the $150 level and the 100 hourly simple moving average. Finally, there was a break below the key $138 and $140 support levels. It opened the doors for more losses and the price traded towards the $130 support. A low was formed at $131 and the price is currently correcting higher.
An initial resistance is near the 23.6% Fib retracement level of the last decline from the $166 high to $131 low. It seems like the previous support area near the $140 level is likely to act as a strong resistance for buyers. On the upside, the next main resistance is near the $148 level and the 100 hourly SMA. The 50% Fib retracement level of the last decline from the $166 high to $131 low is also positioned near the $148 level.

If This Is You, You May Not Need to Report Crypto Tax Gains to the IRS
Tuesday January 21, 2020

It’s a new year, and this means that last year’s calendar and tax year have come to a close, and it’s time once again to start tallying up your crypto holdings, gains, and losses,...

The post If This Is You, You May Not Need to Report Crypto Tax Gains to the IRS appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, ETH price clearly moved into a short term bearish zone below $148 and $140. If there is an upside correction, sellers are likely to defend the $138 and $140 levels.
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 recovering from the oversold levels, but it is still below the 40 level.
Major Support Level – $130
Major Resistance Level – $140
The post Ethereum Price Analysis: ETH’s U-Turn Sets New Short-Term Bearish Bias appeared first on NewsBTC.

Is This Why Bitcoin SV Climbed Another 20% In the Last 24 Hours?
Monday January 20, 2020

Although almost the entire cryptocurrency industry started 2020 with big price increases, one has stood out above the pack. Bitcoin SV (BSV) kicked off the year at below $100 and now trades for more...

The post Is This Why Bitcoin SV Climbed Another 20% In the Last 24 Hours? appeared first on 12bitplay - Bitcoin Play.

You may also like...