Crypto News
Ethereum Price Analysis: ETH Could Gain Pace Above $1,250
- Ethereum price is slowly moving higher from the $1,180 level against the US Dollar.
- ETH price is now trading above $1,180 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $1,195 on the 4-hours chart (data feed from Coinbase).
- The pair could start a decent increase if it clears the $1,250 resistance zone.
Ethereum price is struggling below $1,250 against the US Dollar. ETH/USD could start a decent increase if it clears the $1,250 resistance zone.
Ethereum Price Analysis
This past week, ethereum remained well bid above the $1,165 level against the US Dollar. ETH price formed a base and slowly moved higher above the $1,180 level.
The price climbed above the 23.6% Fib retracement level of the key decline from the $1,351 swing high to $1,150 low. Ether price is now trading above $1,180 and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $1,195 on the 4-hours chart.
However, the price is now facing a major hurdle near the $1,230 level. The first major resistance is near the $1,250 level. It is near the 50% Fib retracement level of the key decline from the $1,351 swing high to $1,150 low. The next major resistance is near the $1,274 zone.
The main resistance is near the $1,300 zone. A clear move above the $1,274 and $1,300 resistance levels might call for a fresh move to $1,350. Any more gains could even send the price towards the $1,400 resistance zone or even $1,450 in the near term.
On the downside, an initial support is near the $1,200 level and the trend line. The next major support is now near the $1,180 level. A break below the $1,180 support could push the price to $1,150. If the bulls struggle to protect the $1,150 support, the price might decline towards $1,080.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading above $1,200 and the 55 simple moving average (4-hours). Overall, ether price could start a decent increase if it clears the $1,250 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $1,200, followed by the $1,150 zone.
Key Resistance$ Levels – $1,250 and $1,275.
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BitPay and MoonPay, leading bitcoin and cryptocurrency payments infrastructure providers, have partnered “to provide BitPay users with significantly increased ways to buy cryptocurrency instantly, and at great rates.”
“BitPay’s unique marketplace experience also presents multiple rates for buyers, ensuring they receive the best possible price for their cryptocurrency purchases,” the press release states. “Additional benefits of the integration include fast delivery to any owned wallet address, as well as the ability for buyers to pay with their preferred method, including credit card, debit card, Apple Pay, Google Pay or a variety of local bank transfer methods.”
The announcement also states that for a limited time, BitPay users will be able to purchase bitcoin with no fees. Those seeking to access the MoonPay integration can do so at BitPay.com or on the BitPay Wallet app.
Bill Zielke, CMO of BitPay, said in the press release that, “BitPay’s partnership with MoonPay brings together two leaders of the crypto payments space to give BitPay users near-instant access to cryptocurrency.”
Echoing that statement, Harry Peatson, partner account manager at MoonPay, explained that, “This partnership will provide users with a greater variety of ways to buy cryptocurrencies, allowing them to use their preferred buying methods, and with much greater speed of delivery than previously.”
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Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.
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The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.
The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.
The South Korean Ministry of Justice will introduce a “cryptocurrency tracking system” in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t.co/2CLkaLUrX6
— Wu Blockchain (@WuBlockchain) January 29, 2023
While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:
“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”
The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.
Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report
The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.
The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.
“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.
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