Ethereum (ETH) Price Analysis – August 10

  • Ethereum is ranging on the medium and short-term outlook.
  • Traders must be patient while waiting for a breakout, which can see the bears or the bulls take over.

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

Ethereum Price Medium-term Trend: Ranging

Supply zones: $500, $550, $600

Demand zones: $200, $150, $100

ETH continues in the range of its medium-term outlook. Bullish momentum pushed its price to $370.39 in the supply area, but its candles closed below the 10-day EMA. An inverted hammer formation saw bears return to the market.

The cryptocurrency was then led down to $362.00 in the demand area below the 10-day EMA. The bears then lost momentum as the market reject the continuation of a downward movement. The day opened with a bullish 4-hour candle at $360.39, topping yesterday’s opening at $355.63. This means more buyers are present in the market.

The stochastic oscillator is at 40% and its signal points up which signals upward movement for the cryptocurrency. ETH is still ranging and trading between $385.13 in the upper supply area and at $346.62 in the lower demand area of its range. Traders should be patient and wait for a breakout before taking a position.

Ethereum Price Short-term Trend: Ranging

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

ETH went into consolidation in its short-term outlook. Bullish momentum pushed its price from $350.83 in the supply area to $370.39 in the demand area. The formation of an evening star candle pattern saw the bears push the price down to $355.36 in the demand area

The stochastic oscillator is at 44% and its signal points up which implies upward momentum for ETH. It’s still in a range trading between $372.68 in the upper supply area and $353.53.30 in the lower demand area. Traders should be patient, waiting for either a breakout to happen before taking a position.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

PayPal is Cautiously Optimistic About Partnership with Libra Association

  • PayPal cautious about future with Facebook's digital currency libra. 
  • Payment platform was one of the first companies to join and support the Libra Association.

Payment platform PayPal is cautiously optimistic about its relationship with Facebook’s digital currency libra, despite being the highest-profile company to join the Libra Association. 

PayPal Backs Libra Association

In June, shortly after the official unveiling of Facebook’s libra, PayPal announced an intention to join and support the Libra Association, a collection of tech and finance companies promoting the product. 

At the time, PayPal billed the digital currency as a revolutionary product for people around the world, 

We believe in democratizing participation in the digital economy for people from all walks of life, and businesses of all sizes.

However, PayPal appears cautious about its future with Facebook’s digital currency. PayPal investor relations vice president Gabrielle Rabinovitch reiterated Sept. 12 that the company is a non-binding agreement with libra, 

It's a non-binding commitment. And obviously, I think there's a lot of work to happen before we get to that point where it becomes something more than just a very exciting idea.

She added, 

The goals and ambitions of Libra are very consistent with PayPal's overall ambitions in terms of serving the underserved; democratizing access to capital. So we very much believe in the potential of Libra.

While PayPal appears optimistic about the future of libra, the digital currency has endured months of regulatory and political scrutiny concerning its release. 

Earlier in the week, senior U.S. Treasury official Sigal Mandelker told an audience in Geneva that libra would be held to the highest standard of regulatory compliance in order to combat money laundering and terrorist funding.

 

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