Ethereum price analysis: ETH/USD revamps uptrend on hitting $190 support; declines ignore Bitfinex ‘Ethfinex’ launch
|- Bitfinex hopes that Ethfinex will maintain a decentralized framework.
- Ethereum’s month-long trendline resistance is key for a retracement to $240 and $260.
Ethereum is trading below $200 after canceling most of the gains accrued during the last one week. Prior to the gains upside movement that started in the mid-last week, Ethereum has had been at the forefront of the declines that saw the market descend to yearly lows at $189 billion. Likewise, Ethereum lost it and smashed past $172 support and formed a low around $167. The recovery that followed saw the token add over 10% in a singled day as it jumped above $200. Ethereum continued with the upside movement over the last weekend, stepping above $220 and $225 respectively.
Meanwhile, Bitfinex announced the launch of an Ethereum-based hybrid trading platform referred to as Ethfinex Trustless. The purpose of the new platform is to offer crypto traders security, privacy as well as funds control. Bitfinex is hoping that Ethfinex will maintain a decentralized framework by linking centralized and off-chain orders books. The platform already has support for 57 Ethereum-based tokens
“Introducing Ethfinex Trustless - an Ethereum based trading solution placing security, privacy, and control in the hands of the user. Take control of your trading on.”
Ethereum price completely ignored the above launch and support as it gave in to the selling pressure. The buyers battled for a pit stop around $206 but the sellers had no intentions of stopping until they hit $190. ETH/USD is trading at $196 at the time of press while supported immediately by the 50 simple moving average. On the other side, the 100 simple moving average is will limit recoil above $200 at $204.59. The critical support for ETH/USD is at $220 but the month-long trendline resistance is a key breakout position and could see Ethereum test $240 and $260 in the medium-term.
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