Ethereum price analysis: ETH/USD breaks trendline resistance; MyEtherWallet releases MEWconnect app
|- Ethereum bullish momentum loses steam marginally above $470, trend turns strongly bearish.
- “We want to provide our users with an instant and secure way to store and exchange ETH…,” says MyEtherWallet CEO.
Ethereum has breached the trendline resistance, although it is still range-bound below $480. There was a spike during the Asian trading hours on Tuesday opening the door for retracement past the resistance at $460 (38.2% Fibo). However, the bullish movement has lost momentum slightly above $470. The trend is strongly bearish at the time of press, but the charts show a 4% jump in price on the day.
The price is dancing with the 50% Fib retracement level with last swing high of $508.25 and a swing low of $431.82 at $470. Moreover, the Relative Strength Index (RSI) has turned direction south to show that the selling pressure is kicking in. The immediate resistance is at $471 while the key supply zone is at $480. A break above the supply zone will allow the buyers to gain momentum towards the coveted $500. In the meantime, both the 100 SMA and the 50 SMA on the 1-hour timeframe chart will provide support at $463.22 and $460.45 respectively.
In other news, MyEtherWallet has launched MEWConnect; a beta iOS app that will allow the users to have access MyEtherWallet using their phones. The good news is that access is now possible without having to enter the private key. The application is available in a limited beta version on Apple’s iOS. Consequently, users can expect the launch of the full version in September 2018. The CEO of MyEtherWallet, Kosala Hemachandra said via a press release:
“We want to provide our users with an instant and secure way to store and exchange ETH and at the same time facilitate wider cryptocurrency adoption. We believe MEWconnect is that missing link the community has been looking for.” He added, “Our goal is to empower cryptocurrency users to interact directly with the blockchain, while still remaining in full control of their private keys and funds.”
ETH/USD 1-hour chart
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