- ETH/USD upside is currently limited at $530, besides the sellers are battling to regain control.
- The trading on Radar relay is peer-to-peer; users use the wallet-to-wallet trading feature.
The crypto market has survived a hack attack on Bithumb exchange. The hackers, however, disappeared with at least $31 million in digital assets. The market has kept steady muting the reaction to the news of the attack. It is vital to note that Bithumb exchange is the largest exchange platform in South Korea.
Ethereum price has been supported by the 100 SMA in spite of the brief declines that took place after the opening of the session on Wednesday. ETH/USD is currently changing hands at $522 and supported at $520, although weakly. The price completed the double top pattern explored in the analysis on Tuesday supported at $530, made another attempt at the resistance at $540 before giving in to the Bears.
The upside is currently limited at $530, besides the sellers are battling to regain control. The gap between the 50 SMA and the 100 SMA is increasing signaling for more selling entries in the near-term. The stochastic on the other hand has dropped below the 50 mark. The bullish trendline will halt downside movement marginally above the key support seen at $500.
In other news, Radar Relay decentralized trading platform has released its beta version. The platform allows the exchange of ERC20-based tokens. The launched Version 1 packs some amazing feature including a better application programming interface (API) and the software development kit (SDK). The trading on Radar relay is peer-to-peer; users use the wallet-to-wallet trading feature. Importantly, the users are not required to register accounts or provide any other personal data. Moreover, there is no deposit or withdrawal fees and works on the Ox smart contracts. The CTO at Radar Relay, Mike Roth said during the launch on Tuesday:
“With the newly-created API, we looked to innovative on the concept of an API altogether by creating an intuitive and in-depth tool set.” Mike Roth added “The same level of effort and attention to detail that went into creating our product was applied to our documentation as well, to ensure it’s more than just code on a page. This enables users of all experience levels to plug into Radar Relay not only to create and execute automated trades but also further enhance their existing applications.”
Read more on Ethereum price analysis.
ETH/USD 30’ chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.