Ethereum (ETH) Price Analysis – February 20

  • If the crypto's price is sustained above the EMAs, the crypto will revisit the $160 price level.
  • The ETH price is likely to face resistance at the $150 price level which had not been broken since November 19, 2018.

Ethereum, ETHUSDEthereum Chart By Trading View

ETHUSD Medium-term Trend: Bullish

  • Resistance Levels: $230, $240, $250
  • Support Levels: $140, $130, $120   

The price of Ethereum is still in a bullish trend after the price rally on February 8. The crypto's price was also in a range bound movement for about a week after the February 8 price rally. On February 17, the bulls commenced a fresh bullish trend and reached a high of $148.87. The following day the crypto's price had a downward correction to the low of $146.61.

Today, the bullish trend of ETH price is ongoing. The crypto's price is likely to rise because the price is above the 12-day EMA and the 26-day EMA. However, the ETH price is likely to face resistance at the $150 price level. The $150 price level had not been broken since November 19, 2019.

On the upside, if the price is sustained above the EMAs and the $150 resistance level is broken the crypto will revisit the $160 price level. Meanwhile, the stochastic band is in the overbought region and above the 80% range which indicates that the price is in a strong bullish momentum and a buy signal.

ETHUSD Short-term Trend: Bullish        

Ethereum, ETHUSDEthereum Chart By Trading View

On the 4-hour chart, the price of Ethereum is in a bullish trend. Yesterday, the crypto's price was resisted at the $152 price level and the ETH price fell to a low of $145.49. The ETH price fell to the 12-day EMA and commenced a fresh bullish movement. The bulls are making another attempt at the $150 resistance level.

The crypto's price is likely to rise because the price is above the EMAs. On the downside, if the bulls fail to break the $150 price level, the crypto's price will be on a range bound movement.The stochastic is in the overbought region but below the 80% range which indicates that the price is in a bearish momentum and a sell signal.

 

 

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Sweden's Central Bank Starts Testing Its Central Bank Digital Currency ‘E-Krona’

Sweden’s central bank, the Riksbank, is reportedly starting to test its own central bank digital currency, the e-krona, in a bid to determine its potential use.

According to local news outlet The Local, the central bank’s pilot scheme comes years after the financial institutions initially revealed it was looking into creating its own digital currency. The e-krona is a blockchain-based digital currency  that won’t be replacing cash in the country, but will complement it.

The pilot project is reportedly set to run in “an isolated test environment” with digital tech consultants overseeing it. While the Riksbank is testing whether the e-krona can be used by the general public. The bank detailed it should meet certain criteria if it’s ever launched:

The aim of the project is to show how an e-krona could be used by the general public. A digital krona should be simple, user-friendly as well as fulfill critical requirements for security and performance.

The test will see participants use a digital wallet to make payments, deposits, and withdrawals. It will also be possible to use it via debit cards and smartwatches. The pilot project is set to run until February 2021 while the Swedish central bank collaborates with other financial institutions to discuss central bank digital currencies.

Despite the test, there’s no official information confirming the Risksbank is indeed launching the central bank digital currency. The central bank has in the past made it clear it isn’t looking to replace cash in Sweden, although its use has been slowly dropping. Specifically, in 2010 40% of swedes used cash for payments, while only 13% used it in 2018.

Even if the e-krona launches, the report details, the Risksbank will continue to issue coins and notes to meet demand. Other central banks, including the European Central Bank, are mulling launching their own digital currencies.

Featured image via Pixabay.