Ethereum (ETH) Price Analysis – February 18

  • The ETH price faces resistance at the $160 price level.
  • The ETH price is in a strong bullish momentum in the short and medium-term trend.
  • The crypto's price is expected to reach the highs of $160 and $200  but may face resistance at the $160 price level.

Ethereum, ETHUSDEthereum Chart By Trading View

ETHUSD Medium-term Trend: Bullish

  • Resistance Levels: $230, $240, $250
  • Support Levels: $130, $120, $110   

Last week, the price of Ethereum was ranging above the $120 price level. On February 8, the bulls broke the 12-day EMA, the 26-day EMA and the crypto's price reached a high of $127.37. The bulls have succeeded in breaking the $130 resistance level which was unbroken since January 10. Today, the ETH price has commenced a series of higher highs and higher lows.

The crypto's price is trading at $145.54 as at the time of writing. On the upside, the crypto's price is expected to reach the highs of $160 and $200 price levels but may face resistance at the $160 price level. The ETH price should be sustained above the EMAs and the bulls break the $160  resistance level. Meanwhile, the stochastic band is in the overbought region but above the 80% range which indicates that the price is in a strong bullish momentum and a buy signal.

ETHUSD Short-term Trend: Ranging 

Ethereum, ETHUSDEthereum Chart By Trading View

On the 4-hour chart, the price of Ethereum is in a sideways trend. The 12-day EMA and the 26-day EMA were trending horizontally as the crypto's price was range bound above the $120 price level. Today, the price of Ethereum is in a smooth uptrend. The crypto's price is making a series of higher highs and higher lows.

If the bulls sustained their momentum and break the $160 resistance level, the crypto will reach its previous high of $200.The stochastic is in the overbought region but above the 80% range which indicates that the price is in a strong 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.                                                                                                        

Russia Will Not Legalize Facebook's Libra Says Top Official

A top Moscow official has said that Facebook's planned new cryptocurrency Libra will not be legalized Russia, according to a report this week from Russia's state-run news agency TASS.

Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, said Russia would not legalise the Libra stablecoin, due for launch next year, as it may pose a threat to the country's financial system.

No Russian Liberty for Libra

While Aksakov acknowledged Russians would be able to buy Libra on international cryptocurrency exchange platforms, he warned that the creation of any domestic mechanisms of exchange would be limited, or even prohibited.

TASS quoted Aksakov as saying:

With regard to the use of Facebook cryptocurrency as a payment instrument in Russia at this stage - my opinion is that in our country it will be banned.

He added that in Russia there were no plans to adopt legislation that "gives space for active use of crypto-tools created in the framework of open platforms and blockchains" that may pose a threat to Russia's financial system.

International Ministers Speak Out

Aksakov is not the first financial minister to express concerns over Facebook's cryptocurrency plans and their potential to damage sovereign currency markets and financial stability.

On Tuesday, French economy minister Bruno Le Maire, said that global governments must ask Facebook for "guarantees" that Libra will not be aimed as a disruptive force against sovereign currencies.

Facebook's plans have US government and regulatory officials so rattled that a Senate hearing by the Banking, Housing and Urban Affairs Committee has been scheduled for July 16. The government has asked Facebook to halt work on the project until the hearings have been held.

Sherrod Brown, senior Senator for Ohio and the Democratic Party's ranking member of the Senate Banking Committee, said on his Twitter feed on Tuesday: "Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight."

While Aksakov has major concerns about the growth of the cryptocurrency sector, Deputy Finance Minister Alexei Moiseev said on Wednesday that the Russian government was set to adopt the country's crypto bill "On Digital Financial Assets" in the next two weeks.