Connect with us

Bitcoin

Ethereum Holds Key Support, What Could Spark A Fresh Rally

Published

on

Ethereum

Ethereum is facing resistance near the $4,600 zone against the US Dollar. ETH must stay above $4,450 to start a steady increase in the near term.

  • Ethereum is consolidating above the key $4,450 support zone.
  • The price is now trading above $4,500 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $4,600 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally as long as it is above the $4,450 level and the 100 hourly SMA.

Ethereum Price Attempts Fresh Increase

Ethereum declined below the $4,500 support, but the bulls defended the $4,450 zone. ETH seems to be forming a base above the $4,450 support level and is slowly rising.

There was a break above the $4,500 level and the 100 hourly simple moving average. The price cleared the 23.6% Fib retracement level of the recent drop from the $4,780 swing high to $4,455 low. It is now consolidating above the $4,520 level.

An initial resistance on the upside is near the $4,600 level. There is also a major bearish trend line forming with resistance near $4,600 on the hourly chart of ETH/USD.

The first major resistance is near the $4,620 level. It is near the 50% Fib retracement level of the recent drop from the $4,780 swing high to $4,455 low. A clear move above the $4,600 and $4,620 levels could send the price further higher.

Source: ETHUSD on TradingView.com

The next major resistance is near the $4,705 level. Any more gains could lift the price towards the $4,800 resistance zone in the near term.

Fresh Drop in ETH?

If ethereum fails to start a fresh increase above the $4,620 level, it could start another decline. An initial support on the downside is near the $4,500 level.

The first key support is now forming near the $4,450 level. A downside break below the $4,450 support zone and the recent low might spark a major decline. In the stated case, the price may perhaps decline towards the $4,320 level. The next major breakdown support is $4,250, below which the price could decline towards $4,000.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Major Support Level – $4,450

Major Resistance Level – $4,620

google news
Advertisement

Bitcoin

Indonesian Student Earns $1 Million Selling Selfies on NFT Platform OpenSea

Published

on

McDonald's McRib NFT Project Creates Controversy Regarding Racial Insult
  • Ghozali’s total trading volume has reached 317 ETH.
  • Each selfie sold for roughly US$3,000 at its peak before dipping significantly.

The sale of roughly 1,000 of an Indonesian college student’s selfies on the non-fungible tokens (NFTs) trading platform OpenSea brought in $1 million in sales for the college student.

After learning about blockchain technology in December of 2021, he decided to submit his pictures on OpenSea under the label “Ghozali Everyday” and charge S$3 for each one. Instead of thinking it would be “funny” to sell a photo of his face to collectors, Ghozali assumed that his selfies would be a modest side business that would soon take off.

Timelapse Film For His Graduation

22-year-old University of Semarang student Sultan Gustaf Al Ghozali is studying computer science. At some point between 2017 and 2021, Ghozali decided to photograph himself in front of the computer with an expressionless face in order to compile these images to produce a timelapse film for his graduation.

In response to one famous chef’s promotion of Ghozali on his social media, the demand for his stoic photos skyrocketed. 0.247 ETH, or around US$806, was traded for a selfie on Jan. 14. Each selfie sold for roughly US$3,000 at its peak before dipping significantly.

Read More: Ethereum Price Prediction

As of this writing, Ghozali’s total trading volume has reached 317 ether, or more than $1 million. On Instagram, Hypebeast revealed that Ghozali had made US$103,620 in secondary sales revenue. Thousands of people follow Ghozali on Twitter, and his comments on the progress of his NFT sales have gone viral. He also said that he wouldn’t be posting any more selfies for the foreseeable future.

google news
Continue Reading

Bitcoin

ETH Manages to Stay Steady, New Bulls on the Way!

Published

on

ETH Manages to Stay Steady, New Bulls on the Way!
  • ETH manages steady surges for nearly a week.
  • Co-founder of EthHub, Eric determines ETH to be appreciated .
  • New bulls all on the way for ETH.

There never goes a day without checking the Ethereum (ETH) standings for anyone in the crypto industry. Next to Bitcoin (BTC), ETH holds the major market cap. The recent market crash which occurred upon the first week of January, 2022, however has now ended a few days back. Upon this more than BTC, ETH was the worst affected indeed. 

Surprisingly, the entire market flung back to action a few days back. And so did ETH, which is consistently maintaining a gradual pace suring up for almost nearly a week by now. 

EthHub Co-founder Tweet

In spite of ETH current performance, the vivid ETH fanboy of all times, being the Co-founder of EthHub, Eric takes to Twitter, putting up a tweet upon his views. According to the tweet, Eric terms that ETH has been seriously performing well for the past few days and almost a week. 

Significantly, Eric terms that despite all the negative aurora around ETH since the start of the year, ETH has however been promisingly performing well. In spite of this, he terms that ETH is not being appreciated for all this and it truly deserves more appreciation. True to the fact, ETH is still not into the Proof-of-Stake consensus (PoS), and even without it, ETH is currently performing at a remarkable rate, states Eric. 

The EthHub is actually an encyclopedia dedicated solely for ETH alone. They research, analyze, gather all sorts of information, updates and much more, entirely revolving around ETH alone, being deployed out through podcasts, newsletters, open source documents and much more. 

ETH Bull Signs 

Accordingly, ETH is expected to hit bulls throughout without a pause. With the new week on start, ETH is expected to rise up creatively. Also, if it supasses the target of $3,600, then it will be ending at $4,000 for sure in the coming week. 

Currently ETH is being traded at price of $3,335.61, with a surge in the graphs up for about 0.62% for the past 24 hours into consideration.

google news
Continue Reading

Bitcoin

Vitalik Buterin Holds Twitter Poll Asking Followers ETH Alternative in 2035

Published

on

Ethereum Co-founder Vitalik Buterin Recommended New Fee Structure