Ethereum Bracing for Lift-off to $3,5K: Upward Trend to Continue - Forex News by FX Leaders
Ethereum - ETH/USD Chart

Ethereum Bracing for Lift-off to $3,5K: Upward Trend to Continue

Posted Friday, January 14, 2022 by
Arslan Butt • 2 min read
  • Ethereum began a powerful rise above the $3,320 resistance level. However, even though ETH managed to break through the $3,400 resistance region and the 100 hourly simple moving average, there was no momentum
  • It achieved a high near $3,412, but the price is presently reversing its gains, having fallen below the $3,320 support level
  • On the upside, there is an immediate resistance level near $3,300. The first big resistance is located close to $3,320
ETH/USD closed at $3,242.44, after placing a high of $3,407.33, and a low of $3,234.85. ETH/USD reversed its course on Thursday and turned red after placing two sessions of gains. India has turned away from its intentions to ban Bitcoin, as the reports of a potential launch of its first Bitcoin ETF spread across the market. An MOU has been signed between Torus King Blockchain IFSC and India INX, to launch India’s first Bitcoin and Ethereum ETF product. It will be the first Bitcoin futures ETF to launch outside the United States. Reports by the Economic Times suggest that the ETF will be launched under the International Financial Services Centres Authority’s sandbox structure. Torus will be responsible for providing India INX, using smart order routing.

Ethereum Live Rate

ETH/USD
The Managing Director and CEO of India INX, Mr. V. Balasubramaniam, has said that it is part of their product innovation initiative to benchmark offerings with other international financial centers. The launch will be implemented after the receipt of all required post-regulatory approvals, in compliance with the prevailing laws. Furthermore, a report also suggests that an Ethereum whale, with over $3.7 million in assets in its wallet, made a heavy investment in the meme-inspired cryptocurrency, Shiba Inu, soon after a popular business account on social media claimed Robinhood was set to list SHIB as early as February. The WhaleStats show that an Ethereum whale bought about 58.9 million SHIB worth around $1.9 million when the meme-inspired currency surged, due to the rumor that it would be listed on Robinhood.Meanwhile, on Thursday, data from Etherscan revealed that the stable coin issuer, Tether, has frozen three Ethereum addresses, which hold about $160 million worth of USDT. These accounts will now be unable to move funds. In total, Tether has blacklisted about 563 addresses on the Ethereum blockchain since 2017, in order to scrutinize suspicious accounts. This report put some negative pressure on ETH/USD, and the crypto started declining.

Ethereum - ETH/USD Chart

Daily Technical Levels

Support             Resistance
3,182.41             3,354.89
3,122.39             3,467.35
3,009.93            3,527.37
Pivot Point:       3,294.87Ethereum began a powerful rise above the $3,320 resistance level. However, even though ETH managed to break through the $3,400 resistance region and the 100 hourly simple moving average, there was no momentum.

It achieved a high near $3,412, but the price is presently reversing its gains, having fallen below the $3,320 support level. The crucial gain, from the drop to $2,931, to the high of $3,412, was broken below the 23.6 percent Fib retracement line.

On the upside, an immediate resistance level can be found near $3,300. The first big resistance is located close to $3,320. A clear move above $3,320 could spark another rise in the near term. The next big obstacle is near $3,400, above which the price of Ether might hit $3,480. Additional gains might lead ETH/USD up to $3,550 in the short term.

Dips in ETH Are Limited?

If Ethereum (ETH/USD) does not begin a new upward trend over $3,320, it may continue to fall. To the downside, there is an initial support level near $3,250. The first significant support is already emerging near $3,175 per share.

It is close to the 50% Fib retracement level of the crucial rise from the downswing to $2,931,to the high of $3,412. On the downside, a break below $3,175 might take it all the way to $3,000.

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