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.                                          .

Derivatives Trading Platform Synthetix (SNX) Is up Over 5,000% Since 2019

Michael LaVere
  • Derivatives trading platform Synthetix is the best performing DeFi product since April 2019.
  • Synthetix's native token SNX has appreciated more than 5000 percent over the last two years. 

The little-known crypto-asset Synthetix (SNX) is the best performing decentralized finance (DeFi) project of the past two years. 

According to a tweet published by popular crypto analyst Alex Saunders, SNX has been the best performing DeFi asset since April 2019. Saunders claims that Synthetix has appreciated 5000% over the past two years and was one of the top two ETH-based projects he has been following since Edcon Sydney 2019. 

SNX’s price took off in June, from $0.79 at the start of the month to its current trading price of $2.73, representing a 245% increase. 

Synthetix is a derivatives trading platform built on the ethereum blockchain that allows users to trade on stocks, crypto and other commodities. Users are required to exchange bitcoin or ethereum for SNX tokens in order to participate in trading. 

The exchange’s native token can be locked as collateral to produce “synths” such as a synthetic U.S. dollar (sUSD), which in turn can be used to place bets on rising and falling asset prices. 

Synthetix also operates a reward program, where users of the exchange can stake their SNX tokens as collateral in order to receive additional benefits.

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