Ethereum Price Technical Analysis – ETH/USD To Gain Upside Momentum
Key Highlights
- ETH price has formed a decent support base at $770 and is currently moving higher against the US Dollar.
- There was a break above a short term bearish trend line with resistance at $800 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is likely to gain upside momentum and it could soon move above the $860 resistance.
Ethereum price is moving nicely in the bullish zone against the US Dollar and Bitcoin. ETH/USD is currently gaining pace and it could move above the $860 level.
Ethereum Price Support Base
There were a couple of swing moves in ETH price from the $840 level against the US Dollar. The price traded towards the $760-770 support area where buyers prevented declines on many occasions. A support base was formed near $770 and the price started an upside move. It traded above the $780 resistance and the 23.6% Fib retracement level of the last decline from the $897 high to $768 low.
More importantly, there was a break above a short term bearish trend line with resistance at $800 on the hourly chart of ETH/USD. The pair is now closing towards the $840 resistance and is currently trading near the 100 hourly simple moving average. At present, the pair is testing the 50% Fib retracement level of the last decline from the $897 high to $768 low. A break above the $840 and $850 resistance levels could ignite further gains in the near term. The next resistance could the $890 zone and the $897 high.
On the downside, an initial support is at $800 and the 100 hourly SMA. However, the most important support remains near the $760-770 zone.
Hourly MACD – The MACD is moving higher and gaining pace in the bullish zone.
Hourly RSI – The RSI has just moved above the 50 level and is gaining momentum.
Major Support Level – $770
Major Resistance Level – $850
Charts courtesy – SimpleFX
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4NEW: Blockchain Powered by Free Energy
The first law of Thermodynamics states “Energy is neither created nor destroyed. It simply transforms itself from one form to another.” Nowhere is this law better applied than in the case of 4NEW, the world’s first waste to energy power plant entirely integrated on the blockchain.
When interviewing for this story with the founder, Mr. Varun Datta, the elegant architecture of the 4NEW vision became crystal clear. Most companies tend to take a two-dimensional view at solving a problem. For example, if there are energy inefficiencies within the marketplace, as is the case with our world today, then exchanges prop up to help alleviate inefficiencies by matching buyers to sellers and acting as an intermediary. While there is great scalability in this business model, nevertheless, its impact is limited to creating efficiency. This business model is similar to that of Dell Inc., whereby inventory is matched with a real-time order book thereby limiting the need for inventory management or storage. Nevertheless, while scalability is the strength of this business model, lack of long-term retention of the customer base is its weakness.
In contrast, 4NEW’s view is that of building an ecosystem. 4NEW’s business model resembles that of Apple Inc, where you have the ability to avail numerous services all powered and sustained by the 4NEW power plant entirely dedicated to its blockchain. This comprehensive, encompassing approach to sustaining the blockchain was exactly why the blockchain came into existence in the first place. Armed with the ability to provide free energy through its Waste to Energy power plant, 4NEW is equipped not only with the first mover advantage but also an unmatchable competitive edge that will propel the company into cementing itself as one of the dominant players within the crypto-community.
4NEW’s coin, KWATT, which is currently undergoing an ICO, will be in utilization by healthcare companies, money transfer companies, and telecommunication companies all slated for active operations upon completion of 4NEW’s blockchain this spring. Moreover, there is significant interest from other industry actors that don’t care for ICOs but rather be integrated on a blockchain that is truly energy efficient for long-term sustenance. This comprehensive, encompassing, energy efficient blockchain solution is what will catapult 4NEW to become a one-stop shop just as Apple Inc has become in our lives.
4NEW’s waste to energy power plant will be installed and in operational use by summer this year. As we are all aware, energy consumption is at the heart of all problems related to cryptocurrencies. Revenue generated from the collection of waste truly allows 4NEW to not only generate and produce free energy but also solve two global crisis’, Waste Surplus and Energy Shortfall.
Since 4NEW acts as a producer of energy, they own the energy they produce, unlike other players who may rely on power plants like 4NEW to provide them with energy. In this capacity, 4NEW is not only a pioneer at tokenizing electricity, however, they are also the first infrastructure project dedicated to the blockchain. In the evolution of cryptography, it is finally refreshing to see the next leap forward, whereby free energy will power the next wave of blockchains which will inherently enable widespread and mainstream adoption of the blockchain at a nominal cost.
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Morning Asian Altcoin Trading Roundup: the leader is Icon
FOMO Moments
We start the week on a positive note with all altcoins trading higher during this morning’s Asian session. Bitcoin has remained steadily above $8,000 and is up 4.4% on the day, this has created confidence in the altcoins which are also enjoying positive price action this morning. Looking through the top 25 we can see a couple of contenders with double digit increases but Icon is performing the best at the time of writing.
According to Coinmarketcap ICX is up 16.5% in the past 24 hours and has moved from $3.52 this time yesterday to $4.23 today. Icon has been a solid performer over the past week rising from the February 6 dip at $2.50 by over 75% to where it trades today. It has yet to reach the heights of its record of just over $12 on January 10 however.
The ambitious project aims to weave all of the cryptocurrencies together into one large decentralized co-existing network. The grand plan for this South Korean blockchain team is to interconnect various organizations including financial institutions, insurance companies, healthcare, and universities together. As yet Icon has no major partners however traders are evidently interested in the token as reflected in its performance today.
Unsurprisingly ICX is traded largely in Southeast Asia with Binance taking over 90% of the total trade volume. It has a market capacity of $1.6 billion and a low supply of only 400 million tokens. Over $65 million has been traded in ICX over the past 24 hours and it is currently ranked at 21st in the charts.
Other altcoins enjoying double digit increases this morning are Ripple, Neo, Ethereum Classic, and Bitcoin Gold. An unknown coin called U.Cash has surged up the charts with over 900% increase in 24 hours seemingly on the back of its recently completed ICO.
More on Icon can be found here: https://www.icon.foundation
FOMO Moments is a new section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.
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Source: https://www.newsbtc.com/