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.                                          .

Coinbase Will Support Multi-Collateral DAI, MKR Price Surges

Digital asset exchange Coinbase has announced that it will support the upcoming multi-collateral version of Maker's DAI stablecoin.

On November 8, Maker said via a blog post that Multi-Collateral Dai (MCD) would be launched on November 18, and that this would be a "a huge milestone reached for the MakerDAO project." It also mentioned that MCD would be introducing :exciting new features to the Maker Protocol, including the much-anticipated Dai Savings Rate (DSR) and, of course, additional collateral asset types."

Then, on November 15, another blog post from Maker stated that at 22:25 UTC on that day, MKR holders had made history by "ratifying the collection of system parameters needed" for activating MCD, which they promised would be launched on November 18.

On the same day, Coinbase published a blog post that explained what was significant about the upcoming launch of MCD:

Multi-collateral DAI introduces changes to the existing DAI stablecoin. In single collateral DAI (the current form of DAI), only Ethereum can be used as collateral when creating DAI. With multi-collateral DAI, both Ethereum and other ERC20 tokens can be used to create DAI, with eligible collateral types voted on by Maker token holders.

Coinbase went on to say that it planned to provide support for MCD in both its Coinbase Consumer and Coinbase Pro trading platforms at 09:00 PST (or 17:00 UTC) on 2 December 2019, promising to "automatically convert any DAI you hold on Coinbase to multi-collateral DAI" at that time. 

Those users who would like their single-collateral DAI to get converted to multi-collateral DAI just need to keep their DAI on Coinbase and those users who do wish Coinbase to perform an automatic upgrade to multi-collateral DAI should either sell or withdraw their DAI tokens before 2 December 2019.

Note that you can also use the Coinbase Wallet mobile app to perform the upgrade to multi-collateral DAI yourself.

According to CryptoCompare, currently, MKR is the best-performing cryptoasset in the top 30, with a gain of 6.4% against USD in the past 24-hour period:

MKR-USD 24 Hour Chart - 16 Nov 2019.png

 

Featured Image Courtesy of Coinbase