|

Ethereum price analysis: Continues the me too downhill bandwagon; China plans to publish ratings of 28 blockchain projects including BTC, ETH

  • ETH not spared in the crack of cryptos.
  • China to publish ratings of 28 blockchain projects, including BTC, ETH among others.

Ethereum prices continue to crack lower towards the pit in a sign that it follows others in the trend, whichever way it is even as the pace of fall (and rise when it does), is usually larger than other major digital currencies.

ETH/USD is now down more than 4 percent at $650 after slighly recovering from the lows of the day, which is at $638.27. China, which is known for its aprehensions of cryptocurrencies, has announced on the ministry of industry and information technology website (CIID) that it will publish ratings for 28 blockchain projects which inclues Bitcoin, Ethereum, Bitcoin Cash and many others, although it did not specify how it plans to do that.

From the technical charting point of view, $610 is the next key level, 23.6 percent fibonacci retracement which the crypto successfully crossed and sustained but now faces a task to not close below it in this correction that has started.

ETH/USD 180-minute chart:

ETH/USD daily chart:

Author

Manoj B Rawal

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

More from Manoj B Rawal
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.