Ethereum price analysis shows that the price of ETH declined fast after the Binance exchange hack that led to the loss of $40 million. ETH surpassed the key support level at $179.00 and tested the $170.00 area according to the latest cryptocurrency news.
The ethereum price traded at $191.83 on Bitfinex reaching a new 2019 high but it later declined after the exchange got hacked. The bearish trend line is now forming a resistance near the $181.00 as the 30-minute charts show. The price also remains supported on the downside near the $172 and $170 levels.
We have seen a strong increase in the ethereum price and bitcoin recently. ETH price surged way past the $185 level and as mentioned reached a new 2019 high on Bitfinex. Later, a downside correction happened below the $188 which got traction just after Binance lost 7,000 in BTC during the massive security breach.
By looking at the 30-minute charts of ETH/USD, the pair dropped dramatically below the $188 and $179 support levels. There was even a close down below the $179 support level and the 25 simple moving average. There was also an increase below the $172 and $170 support levels. A slight swing lower was formed at the $169 price range. The ETH price later managed to bounce back above the $172.
Currently, the ethereum price analysis shows that the altcoin is trading near the 50% Fib retracement level after the recent decline from the $183 high to $169 low. A resistance level near the $179 is forming. The 61.8% Fib retracement level of the recent decline to the 169.17 low is also coming near to the $179.00 level from the previous $183 high.
The coming altcoin news shows that there is a bearish trend line forming with a $181 resistance level. Therefore, the eth price should clear the previous $179 and $181 in order to have a fresh start and increase in price. In the short term, there could be some swing moves but the price will likely find a strong buying interest close to the $172.00 and the $170.00 levels.
Moreover, the ETH price will likely start a new, fresh, upward move towards $180 as long as it manages to trade above the $170 support area. Also, a close below the $170 might bring another wave of weakness towards the $156.00 level.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
Six Changes Approved For The Next Ethereum Hard Fork
“We split Istanbul into two. One of them we can actually ship within weeks. [The other contains] two really big EIPs that would be nice to have but require some stuff that cannot be done within the two- or three-week timespan.”As many altcoin news sites shared, Istanbul Part 1 will be the eighth hard fork to be activated on the $22 billion blockchain network. As such, it is expected to boost the chain interoperability with the privacy coin Zcash and with that help secure the broader network against any replay attacks, among other efficiency improvements. Developers behind major Ethereum clients such as Geth and Parity have one week to integrate the six changes, integrating the newly affirmed list of EIPs into their software as well as preparing to implement the full code on a live Ethereum network. The Ethereum Foundation community manager Hudson Jameson spoke about the importance of the testnet release and the six changes in the code. He was featured on many best cryptocurrency news sites for stating:
“The security and stability of the network are primary concerns when it comes to doing hard fork on mainnet so the testnet release is a vital step in making sure that mainnet release go smoothly.”The release summed up that the core developers are excited to get the Ropsten testnet hard fork - and that everything will be working correctly.
Ethereum Dumped 10% Overnight: Possible Reasons Why
“JUST IN: as per sir @loomdart‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH. I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells,” she noted.https://twitter.com/DoveyWan/status/1161686134314848256 It still remains unclear why Ethereum dumped 10% overnight - and if this massive mount contributed to yesterday's drop. However, a panic sell-off could be triggered very soon, perpetuated by any movement in the scammer's wallets.
Pullback For Ethereum-Bears Eyeing $190 Support
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