Ethereum (ETH) Price Analysis – August 28

  • The medium-term outlook continues in a range while the short-term is in a bullish trend. 
  • Patience should be exercised as the cryptocurrency ranges in the medium-term.

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

Ethereum Price Medium-term Trend: Ranging

Supply zones: $400, $450, $500

Demand zones: $150, $100, $50

ETH continues ranging in the medium-term outlook. The bullish pressure within the range has been consistent with price initially up to $280.19 above the 10-day EMA. Price is above the two EMAs with the stochastic oscillator at the overbought region. These imply bullish pressure may likely continue within the range in the medium-term.

The cryptocurrency remains in the range and trading between $310.00 in the upper supply area and at $260.00 in the lower demand area of the range. Patience should be exercised for a breakout or breakdown to occur before taking a position.

Ethereum Price Short-term Trend: Bullish

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

 ETH is in a bullish trend in the short-term outlook. $281.99, the upper supply area of yesterday range was nicely broken as bullish pressure returns. The opening 1-hour candle was bearish and price was down to retest of the broken supply area-turned-demand area when the cryptocurrency was at $282.17 in the demand area.

Price is above the two EMAs crossover and the stochastic oscillator at 67%. $300.00 in the supply area may likely be the bulls target in the short-term as they increase momentum northward.

 

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

Ripple CEO: 'You Don’t Want to Use BTC at Starbucks'

On Thursday (January 23), Brad Garlinghouse, the CEO of Ripple, told the Wallet Street Journal (WSJ) that Bitcoin is not a good means of payment because BTC transactions take too long.

The Ripple CEO's comments were made during his talk with Phillipa Leighton-Jones (Editorial Director for Innovation) at a Ripple-sponsored event (organized by the WSJ) called "Ripple Panel: Changing the Finance Industry From Within" held alongside this year's World Economic Forum Meeting in Davos, Switzerland.

Although we don't yet have a full transcript of this interview, we do know about two of the things he talked about thanks to tweets by Asheesh Birla, SVP of Product at Ripple, who was at this event.

First, it seems that although the Ripple CEO likes Bitcoin as a store of value, he does not see (at least, as of now) as a viable means of payment. The example he gave was paying for a cup of coffee at Starbucks. He believes that BTC transactions take so long to confirm that by the time you have finished paying for your coffee, "it'll be cold." 

Second, within the next 12 months, he sees several companies in the crypto space holding initial public offerings (IPOs) and he wants Ripple to be "on the leading side" since this is "a natural evolution" for Ripple, which raised $200 million via a Series C funding round (which valued the company at $10 billion) last month. 

On Wednesday (January 22), Ripple published the "Q4 2019 XRP Markets Report", which is a quarterly report that allows Ripple to "voluntarily provide transparency and regular updates on the company’s views on the state of the XRP market, including quarterly programmatic and institutional sales updates, relevant XRP-related announcements such as Xpring and RippleNet partnerships and commentary on previous quarter market developments." 

In Q4 2019, Ripple's total XRP sales were down just over 80% compared to the preceding quarter ($13.08 million vs. $66.24 million). Ripple "continued the pause of programmatic sales" (to crypto exchanges), and focused exclusively on over-the-counter (OTC) sales to "a few strategic partners, who are building XRP utility and liquidity in strategic regions including EMEA and Asia."

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