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.                                          .

Ether (ETH) Futures 'Likely' to Launch in 2020, Says CFTC Chairman

Heath Tarbert, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC) has revealed he believes ether (ETH) futures contracts will be launched in 2020.

Speaking at a fireside chat during the first day of the DC Fintech Week, Tarbert revealed he believes ether futures contracts could soon launch, saying it’s “likely that you would see a futures contract in the next six months to a year.”

The CFTC, as reported, declared ether a commodity earlier this month and revealed the agency would be willing to approve ETH futures contracts. At the time, Tarbert said:

We've been very clear on bitcoin: bitcoin is a commodity. We haven't said anything about ether—until now. It is my view as chairman of the CFTC that ether is a commodity.

During the fireside chat, according to CoinDesk, Tarbert noted that to his knowledge no company has, so far, applied to launch ether futures contracts, even though the CFTC is open to approving such a product. Approval will, nevertheless, depend on the application itself.

Tarbert also revealed other cryptocurrencies may soon be seen as commodities, and there other crypto derivatives are coming soon. As there are thousands of cryptoasset out there, it’s unclear which he may have been referring to, if any.

The CFTC Chairman added that an asset can evolve from a commodity to a security and vice versa, although when asked he revealed there may not be a precedent to this happening. The Securities and Exchange Commission, he said, is the entity that determines when an asset is a security.

The SEC has notably been cracking down on initial coin offering (ICO) projects in the last few months, It recently filed an emergency action against Telegram for issuing its Gram tokens without registering with it, and earlier sued messaging app Kik for allegedly running an illegal securities offering that raised $100 million, in which it issued its KIN token.

Featured image by Chris Liverani on Unsplash.