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TA: Ethereum Holding Key Uptrend Support, Why ETH Could Rally To $1,400

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Ethereum gained pace above the $1,300 level against the US Dollar, but it struggled near $1,375. ETH price is approaching a major support and it is likely to bounce back above $1,350.

  • Ethereum faced a strong selling interest near $1,375 and corrected lower.
  • The price is approaching the $1,300 support zone and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,305 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could test $1,292 before it starts a fresh increase towards $1,350 and $1,375 in the near term.

Ethereum Price is Testing Key Support

After trading as low as $1,207, Ethereum started a fresh increase. ETH price traded above the $1,250 and 1,265 resistance levels to move into a positive zone.

There was also a clear break above the key $1,300 resistance and the 100 hourly simple moving average. The price even cleared a major bearish trend line with resistance near $1,300 on the hourly chart. As a result, there was a push above the $1,350 level, but ether again failed to clear the $1,375 resistance.

A high is formed near $1,376 and the price is currently correcting lower. It broke the 23.6% Fib retracement level of the recent wave from the $1,207 swing low to $1,376 high.

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Ethereum Price

Source: ETHUSD on TradingView.com

The price is now approaching the $1,300 support zone and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,305 on the hourly chart of ETH/USD. The next major support is near the $1,292 level.

The 50% Fib retracement level of the recent wave from the $1,207 swing low to $1,376 high is at $1,292 to provide support. Any more losses could clear the path for a push towards the $1,250 support zone.

Fresh Increase in ETH?

If Ethereum stays above the $1,292 support zone, it could start a fresh increase. An initial resistance on the upside is near the $1,325 level. The first major resistance is near the $1,350 level.

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The main resistance is still near the $1,375 level, above which ether price could test $1,400. Any more gains could open the doors for a run towards the $1,500 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.

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Hourly RSI – The RSI for ETH/USD is currently just below the 50 level.

Major Support Level – $1,292

Major Resistance Level – $1,375

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Ethereum

Will Smith’s Son, Rapper and Actor Jaden Smith, Posts Mysterious “ETH” Tweet

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Jaden Smith joins the crypto-celebrity list with two tweets in a row

The “Icon” author, rapper, Hollywood actor and mega-star, Will Smith’s son Jaden Smith, has posted a mysterious “ETH” tweet that followed a “Web3” publication shortly after.

The purpose behind the two tweets has not been disclosed, but it is most likely tied to the rising popularity of the two industries. Previously, Ethereum’s price has reached the new ATH, which might have caught the famous rapper’s attention.

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Both crypto-related tweets have been warmly welcomed by the audience, collecting approximately 8,000 likes and more than 1,000 retweets on Twitter. In the comment section of the Web3 tweet, Jaden said that he actually owns an NFT just like his industry partner Snoop Dog.

With the rapid price increase of the Bitcoin, DeFi and NFT industries, more celebrities are exploring cryptocurrencies and blockchain technologies. In addition to giving significant investment returns, digital assets technologies may potentially change the banking, finance and art industries in the future.

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Ripple

Ripple CEO Says the SEC Helped Ethereum to Surpass XRP as No.2 Crypto

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  • Ripple CEO aired his opinion on the crypto market and regulations.
  • Brad Garlinghouse said the US SEC granted Ethereum regulatory green light.

At the DC Fintech Week virtual conference on October 21, Ripple CEO Brad Garlinghounse aired his thoughts on the state of the crypto market and regulations. Besides, he holds a grudge over the financial regulator’s approach to Ethereum.

In addition, Garlinghouse declared that the US Security and Exchange Commission (SEC) granted Ethereum regulatory green light that enabled it to surpass his firm’s XRP token.

Likewise, the Ripple boss feels that his firm has been played out. But, at the same time, Ethereum’s subsequent success is at least in part down to more favorable treatment by the US SEC. Also, Garlinghouse stated that it is affecting its market. He said,

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has exploded, and that clarity has helped.”

To clarify, XRP was the second-largest crypto asset by market cap in late December 2017. But, currently, it has dropped to seventh place while Ethereum has kept the second spot ever since.

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Furthermore, the reason why XRP dropped is the US SEC pursuing Ripple over claims that XRP is unregistered security. In fact, in January, Ripple filed a Freedom of Information Act request with the US SEC demanding to know why it didn’t consider ETH security.

As a result, later in July, a district judge allowed the firm to depose a former official who declared in 2018 that ETH was not a security.

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Ripple CEO reinstates SEC bias towards ETH, claiming XRP could’ve been No.2

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It is not news that the ongoing XRP lawsuit has got the better of Ripple’s XRP token. Ripple CEO, Brad Garlinghouse recently questioned the SEC’s bias towards Ethereum, claiming that XRP would’ve been at the No. 2 position instead of ETH if it weren’t for the commission’s partial crackdown. Garlinghouse spoke at the DC Fintech Week virtual conference yesterday, arguing that the U.S. Securities and Exchange Commission alleged Ripple’s XRP as unregistered security while granting Ethereum a regulatory free pass, which in turn helped ETH shoot through the roof.

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”

XRP secured the position of the second-largest crypto asset by market capitalization during the latter half of 2017. However, the token has dropped down to seventh place while Ethereum stands strong as No. 2. Furthermore, Garlinghouse claims that the SEC’s exclusively aggressive anti-crypto stance to allegedly protect the consumers is in fact anti-investors. Referring to the XRP lawsuit, Ripple CEO emphasizes that “nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’”.

XRP Holders left with bearish and frozen funds

Earlier this week, Attorney Deaton Filed a Letter Motion on behalf of the XRP Holders (Movants) that contended SEC’s extension request, with the main argument concerning the XRP holders’ frozen funds because of the consistent postponement of the lawsuit’s final verdict. During the ongoing bull run, XRP remains considerably bear because of the regulatory crackdown on Ripple. However, the court has overlooked the community’s concern and granted the extension explaining that in lieu of pending motions, extra time will only facilitate both parties to complete pending fact discovery and thoroughly prepare for upcoming expert depositions.

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“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”, wrote Deaton.

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