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TA: Ethereum Corrects Losses, Here’s Why $2,300 Is A Major Hurdle

Republished by Plato

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Ethereum started a sharp downside correction below $2,400 and $2,300 against the US Dollar. ETH price is correcting losses, but it is likely to face sellers near $2,300.

  • Ethereum declined heavily from well above $2,400 and tested the $2,000 zone.
  • The price is now trading well below $2,300 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $2,250 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to face a strong resistance near $2,300 and $2,320.

Ethereum Price Is Correcting Losses

Ethereum formed a short-term top near the $2,550 level and started a major decline. ETH traded below many important supports near the $2,400 and $2,300.

The price even declined below the $2,200 support and settled well below the 100 hourly simple moving average, similar to bitcoin. It even spiked below the $2,000 support and traded as low as $1,951. Recently, ether started a decent recovery and climbed above the $2,100 and $2,200 levels.

There was a break above the 50% Fib retracement level of the downward move from the $2,496 swing high to $1,951 low. There was also a break above a key bearish trend line with resistance near $2,250 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The pair is now consolidating near the $2,250 level. On the upside, there is a major resistance forming near the $2,300 level and the 100 hourly simple moving average. The 61.8% Fib retracement level of the downward move from the $2,496 swing high to $1,951 low is also near $2,288.

A successful close above the $2,300 level and the 100 hourly SMA is must to move back into a positive zone. The next major resistance sits near $2,350.

Fresh Decline in ETH?

If Ethereum fails to clear the $2,300 level and the 100 hourly SMA, there is a risk of a fresh decline. An initial support on the downside is near the $2,200 level.

The next major support is near the $2,175 level. A successful downside break below the $2,175 support zone could open the doors for a move towards the $2,100 support in the coming sessions.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now back above the 50 level.

Major Support Level – $2,200

Major Resistance Level – $2,300

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/eth/ethereum-2300-is-a-major-hurdle/

Blockchain

China Securities Journal Says Cryptocurrency Trading Is Risky and Calls for Strict Supervision

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Chinese officials warned the public about the risks associated with trading with digital assets. The authorities pointed out three major considerations which might harm investors – false transactions, security breaches, and illegal and criminal activities involving cryptocurrencies.

Tighter Regulations on Crypto Trading

According to the China Financial Stability Report, investors should be extra vigilant when operating with bitcoin and other crypto assets. Officials from China Securities Journal have called for better regulation and pointed out three major risks that trading with digital assets may carry.

First, digital assets are highly decentralized, which means they lack supervision and legal protection. According to the journal, this is a huge disadvantage and can cause price manipulation and false transactions.

Second, the price of most cryptocurrencies, including bitcoin, can easily become an instrument for speculation and can go through sharp declines.’

Third, the movement of funds on blockchain technology is difficult to be observed. This can create an excellent environment for money laundering. Additionally, illegal and criminal activities can also thrive with these conditions as lawbreakers have the opportunity to make drugs or gun transactions using cryptocurrencies.


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The Chinese authorities advised that due to these factors, the crypto community must stay alert to prevent these hazards. Furthermore, China Securities Journal reminded that there are no legal crypto trading venues in the country and no regulatory protections:

”Once you encounter risks, you can only bear the consequences. In short, speculation in coins is risky, and you need to be cautious when entering the market.”

China and BTC

Despite the government’s stance, the primary cryptocurrency is highly popular in China – there’s a high number of miners situated in the large Asian nation.

Recently, the country’s central bank announced that it was looking into bitcoin as an alternative investment. Zhou Xiaochuan, former governor of PBoC, outlined the potential of digital assets and their future implementation. However, he ascertained that whatever the case may be, cryptocurrencies must not be used for illicit activities such as drug or weapon trafficking, gambling, or money laundering:

”We believe that crypto assets should play a major role in the future, either as an investment tool or as an alternative investment. Many countries, including China, are also studying it as an investment tool.”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/china-securities-journal-says-cryptocurrency-trading-is-risky-and-calls-for-strict-supervision/

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Blockchain

Vitalik Buterin Burns 41% Supply of “Dog Token” Shiba Inu

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptobriefing.com/vitalik-buterin-burns-41-supply-dog-token-shiba-inu/

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Blockchain

Bitcoin Plunges, Rebounds on Elon Musk Tweets

Republished by Plato

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptobriefing.com/bitcoin-price-plunges-rebounds-elon-musk-tweets/

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