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.                                                                                                        

Weekly Newsletter

Amazon Could Pull off Launching Libra, ‘Bitcoin Billionaires’ Author Argues

Ben Mezrich, the author of the “Bitcoin Billionaires” book, has argued that Amazon would be better than Facebook to launch the Libra cryptocurrency, as it’s more trusted than the social media giant.

Speaking on CNBC’s “Squawk Box,” Mezrich argued the project is “all about trust” as there “can’t be a new currency without people trusting it if you’re going to sit in the middle of it, and people don’t trust Facebook.”

The author, who also wrote “Accidental Billionaires,” a book that served as the bases to the movie “The Social Network,” argued it would make more sense for Amazon to be leading its own cryptocurrency project. He was quoted as saying:

I think that Amazon could pull this off because for whatever reason we all trust Amazon. We put our credit cards in there everyday.

Facebook has announced last month that it’s developing its own cryptocurrency, and that’ll it be launched next year. The cryptocurrency, Libra, is set to be backed by a basket of fiat currencies and U.S. Treasury securities.

The cryptocurrency itself will be managed by the Libra Association, a nonprofit based in Switzerland with various large companies represented in it. As covered, U.S. Congressman Warren Davidson recently implied the Libra is a shitcoin because it has a central entity behind it, unlike decentralized cryptos like bitcoin.

This month David Marcus, the head of Facebook’s team working on Libra, testified before Congress for two days, and received requests to halt the project until the government can look into it and regulate it. Marcus had to answer various tough questions during the hearings, including whether he would accept his salary in Libra.

Speaking to CNBC Mezrich noted he believes Amazon would be subject to less scrutiny than Facebook. Per his words regulators would be on top of Amazon’s plans, but “it wouldn’t be like this.”

The author added that Libra won’t be a true cryptocurrency because it’ll involve financial mediators. It could, he said, serve as an “on ramp” to bitcoin, helping those unfamiliar with the cryptocurrency ecosystem look into the flagship cryptocurrency.