Ethereum (ETH) Price Analysis – January 30

  • The ETH price is in a bullish momentum in the short and medium-term trend.
  •  The crypto 's $100 price level is holding, traders should look out for buy setups to initiate long trades. 

Ethereum, ETHUSD, CryptoCompare chartEthereum Chart By Trading View

ETHUSD Medium-term Trend: Bearish

  • Resistance Levels: $230, $240, $250
  • Support Levels: $100, $90, $80   

The  ETHUSD pair was trading in the sideways trend as the crypto fell to the $100 price level. On January 28, the crypto fell to the low of $107.49 to commence a range bound movement. The appearance of small body candlesticks like the Doji and spinning tops describe the indecision of buyers and sellers at the $100 price level. It is not clear how long the price will range at the $100 price level.

From the price action, the ETH price is still below the 12-day EMA and the 26-day EMA which indicates that the price is likely to fall. This indicates that ETH price is in a bullish momentum and a buy signal. On the Upside, if the $100 price level is holding traders should look out for buy setups to initiate long trades. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.

ETHUSD Short-term Trend: Bullish  

Ethereum, ETHUSD, CryptoCompare chartEthereum Chart By Trading View                

On the 4-hour chart, the price of Ethereum is in the bearish trend zone. On January 28, the crypto's price fell to the low of $105.71 and the ETH price was fluctuating above the $100 price level. A bullish candlestick is breaking the 12-day EMA. If the bulls break above the EMAs and the price is sustained above it, the crypto will reach the high of $120 but will face resistance at $ 160 price level.

Meanwhile, the stochastic indicator is out of the oversold region but above the 40% range which indicates that the ETH price is in a  bullish momentum and a buy signal.                                   

 

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

Steemit Moves to Limit Justin Sun’s Influence after Its Acquisition

Justin Sun, the founder of TRON, has announced he was going to acquire Steemit earlier this month, and shortly after those currently running the Steem blockchain executed a soft fork to limit his voting influence.

In a blog post describing the move, Steem’s witnesses [similar to bitcoin miners or EOS block producers] detailed that while it’s exciting to see a well-resourced entity get involved with Steemit, the witnesses are now moving to ensure the security of the Steem blockchain. The blog post reads:

To this end, we have updated to a temporary protective protocol to maintain the status quo currently established in regards to Steemit Inc's stake and its intended usage.

Steem is a delegated proof-of-stake (DPoS) blockchain, similar to EOS, in which a small number of entities – the witnesses – work to protect the blockchain and represent the community. The soft fork was deemed necessary because Steemit owns a large amount of STEEM tokens that could be used to take over the blockchain.

Given Justin Sun’s move to acquire Steemit, it’s believed he now owns those tokens and could use them to move Steemit in a specific direction. The soft fork blocks STEEM held by specific accounts from voting on who governs the network and from participating in ways that could see it seize control.

While the tokens have always been there, when co-founder Ned Scott ran the platform the community was comfortable with his approach to governance. Justin Sun has responded to the soft fork with an open letter to the Steemit community, in which he explains some of his potential plans for the Steemit platform itself.

The post reads:

We have so much to work to do to make Steemit.com the power that it really can be. And there are many ways we can get it there, from bridging TRX, TRC10’s and TRC20’s into Communities to marketing and growing Steemit.com. From invitations and referrals to simpler and instant signups.

Sun added his plans would also include listing STEEM on other major cryptocurrency exchanges and attracting large influencers to the platform, which is a mix of Reddit and Medium. He added he is organizing a summit called STEEMit 2.0 Town Hall, where he’s inviting the top 50 witnesses to participate.

It’s worth noting the Steem blockchain has several decentralized applications built on top of it, with Steemit being the most influential one.

Featured image by Ludovic Charlet on Unsplash.