- Ethereum price started a strong upward move and broke the $185 resistance against the US Dollar.
- ETH price is trading near the $200 level and it might continue to rise in the near term.
- There was a break above a crucial bearish trend line with resistance near $175 on the 4-hours chart (data feed from Coinbase).
- The price is showing positive signs and it could even break the $200 and $202 resistance levels.
Ethereum price is trading with a positive bias above $190 against the US Dollar. ETH price might correct lower, but dips are likely to remain supported near $190 and $185.
Ethereum Price Analysis
This past week, we saw positive signs for Ethereum price above the $175 support against the US Dollar. The ETH/USD pair followed a bullish path above the $180 level and the 55 simple moving average (4-hours). As a result, there was an upside break above the $182 and $185 resistance levels. On the other hand, bitcoin price struggled to gain traction above the $10,400 and $10,500 resistance levels.
During the recent rise, there was a break above a crucial bearish trend line with resistance near $175 on the 4-hours chart. The pair traded close to $200 and it is currently consolidating gains. An immediate support is near the $194 level, plus the 23.6% Fib retracement level of the recent upward wave from the $174 low to $200 high. If there is a major downside correction, the $186 and $185 levels might provide support.
Moreover, the 50% Fib retracement level of the recent upward wave from the $174 low to $200 high is near the $186 level to provide support. Therefore, dips towards the $186 and $185 levels are likely to find a strong buying interest. Below $185, the price might start a fresh bearish wave and it could revisit the $175 support area.
On the upside, there are two important resistances near $200 and $202. If there is an upside break above $200 and $202, the price could rally significantly above the $205 level. The next major resistance is near the $225 level.
Looking at the chart, Ethereum price is trading in an uptrend above $190 and $185. The current price action indicates more upsides above the $200 and $202 resistances. If there is a downside correction, buyers are likely to protect the $190 and $185 support levels.
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently well above the 50 level, with a positive bias.
Key Support Levels – $190, followed by the $185 zone.
Key Resistance Levels – $202 and $225.
Ethereum Co-Founder Spotted Rubbing Shoulders with Chinese VCs and Internet Giants
In a tweet from Matthew Brennan — a China-based writer and speaker — Ethereum co-founder Vitalik Buterin was photographed alongside some major Chinese investors and internet giants at the Dragonfly Crypto Summit in Beijing.
Buterin is photographed alongside Neil Shen, founding partner of Sequoia Capital China; Bo Feng, a founding partner at Ceyuan Ventures and Dragonfly Capital; Wang Xing, the CEO of Meituan Dianping and Tao Zhang, the founder of Dianping
The profile of these men, especially in a Chinese setting, is immense. Shen is ranked first on the Midas List of World’s Leading Tech Investors for both 2018 and 2019 while Meituan Dianping is China’s second-largest publicly-listed internet company.
It is unclear what the men are discussing or what their purpose for coming together is but, from a little investigating into the nature of these companies, it is clear that they may have an interest in investing and nurturing something like Ethereum based on their blockchain persuasions.
Backing the Blockchain
For starters, Sequoia Capital China is a VC firm focused on seed-stage, mid-stage, late-stage, and growth investments in the fintech sector. With blockchain and cryptocurrency being some of the hottest commodities in fintech, a meeting with Buterin would make sense for Shen and his company.
Sequoia is known for its investment in top cryptocurrency exchange Binance; however, that deal soured in 2018 when the company sued the exchange when the CEO, Changpeng Zhao, was accused of breaching the claimed exclusivity of their agreement.
Ceyuan Ventures, on the other hand, is a relatively new (but big-spending) VC fund that has reportedly invested $36 million in six different blockchain and cryptocurrency businesses. Of these, the likes of Trip.io, Basis, and Mars Finance are the most recognizable.
Last year, it was reported that Dragonfly Capital had raised $100 million for its inaugural fund to invest in cryptocurrency startups — with its focus on bridging the gap between East and West in the crypto economy.
An Ethereum Breakthrough?
While it makes sense that major VC firms could be circling around Ethereum as it builds towards a new scalable upgrade in the next few years, it is the interest from China’s largest on-demand food delivery firm, Meituan Dianping, that raised $4.2 billion through its initial public offering in Hong Kong last year, that is most interesting.
Meituan Dianping has been heralded as one of the most innovative companies around as they push to become the Amazon of China. However, there has been little to no mention of their exploration of blockchain and cryptocurrency.
The path that these two merged companies — Meituan and Dianping — are heading down sees them want to corner several markets that could be made much more efficient by the introduction of blockchain. Discussions and discoveries with Buterin and Ethereum could indeed help Meituan Dianping push their innovation to new heights — should this be the first step towards a blockchain breakthrough.
Ethereum (ETH) Breaks Range Resistance But Bitcoin Still Struggling
- Ethereum price climbed above the key $185 resistance area against the US Dollar.
- Bitcoin price is still struggling to recover and is facing a strong resistance near $8,400.
- There was a break above a major bearish trend line with resistance near $183 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently consolidating above $185 and it could rise towards $192 or $195.
Ethereum price is showing positive signs versus the US Dollar and bitcoin. ETH price must stay above $185 to continue higher in the near term.
Ethereum Price Analysis
Yesterday, we saw range moves in Ethereum above the $175 and $178 supports against the US Dollar. Finally, the price formed a support base above $180 and later managed to climb higher. It surpassed the $185 resistance area to start the current recovery. Moreover, there was a close above the $185 level and the 100 hourly simple moving average.
During the rise, there was a break above a major bearish trend line with resistance near $183 on the hourly chart of ETH/USD. The pair tested the $188 area and it is currently correcting gains. At the moment, the price is trading below the 23.6% Fib retracement level of the recent wave from the $180 swing low to $188 high. On the downside, there is a strong support forming near the $185 level (the previous resistance).
Moreover, the 50% Fib retracement level of the recent wave from the $180 swing low to $188 high is also positioned near the $185 level. The next key support is near the $184 level and the 100 hourly simple moving average. If there is a downside break and close below the $184 support area, Ethereum price could move back into a bearish zone. In the mentioned case, the price is likely to revisit the $178 support.
On the upside, the $188 level is an initial hurdle for the bulls. A successful break above the $188 level could push the price towards the $192 resistance. Any further upsides may perhaps call for a push towards the $195 resistance area.
Looking at the chart, Ethereum price is showing positive signs above the $185 level, while bitcoin is still facing a strong resistance near $8,400. As long as ETH is above $184, there are chances of more gains in the near term. The bulls are likely to target $192 or $195. Conversely, the price could revisit $178 if it breaks $184.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $184
Major Resistance Level – $192
Ethereum (ETH) Near Crucial Juncture, Can It Recover?
- Ethereum price is currently consolidating losses above the key $175 support area against the US Dollar.
- Bitcoin price is struggling to hold the key $8,250 and $8,200 support levels.
- There is a key bearish trend line forming with resistance near $184 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely preparing for the next move either above $184 or towards $165 in the near term.
Ethereum price is setting up for the next move versus the US Dollar and bitcoin. ETH price could rise positively if there is a successful break above the $185 resistance.
Ethereum Price Analysis
This past week, there was a sharp downside correction in Ethereum from the $198 high against the US Dollar. The price broke a couple of important supports near the $188 and $185 levels. Moreover, there was a close below the $185 support and the 100 hourly simple moving average. Finally, the price traded below the $180 level and found support near the $178 level.
In the weekly forecast, as discussed the importance of the $175 support. The price is currently consolidating above the $178 and $175 support levels. At the moment, it is trading near the $183 level, plus the 23.6% Fib retracement level of the last major decline from the $198 high to $178 swing low. However, the upward move is currently facing hurdles near the $184 and $185 levels.
Moreover, the 100 hourly SMA is also preventing an upside break above the $184 level. There is also a key bearish trend line forming with resistance near $184 on the hourly chart of ETH/USD. Therefore, a clear break above the trend line, $185, and the 100 hourly SMA is needed for a strong recovery. The next key resistance is near the $188 level. It represents the 50% Fib retracement level of the last major decline from the $198 high to $178 swing low.
Conversely, if there is no upside break above the $185 resistance, there could be another decline. An immediate support is near the $178 level. However, the main support is near the $175 level, below which there is a risk of a downside extension towards the $165 support area.
Looking at the chart, Ethereum price is clearly consolidating above the $178 and $175 support levels. There are high chances of an upside break above $185, but it’s hard to discard another drop before a fresh increase.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising and it is just above the 50 level.
Major Support Level – $178
Major Resistance Level – $185