Ethereum Price Analysis: ETH/USD Consolidating Above $460

Key Highlights

• ETH price traded in a range above the $458-460 support zone against the US Dollar.

• Yesterday’s highlighted crucial bullish trend line is intact with support at $458 on the hourly chart of ETH/USD (data feed via Kraken).

• The pair may slowly move higher as long as it is above the $458 support level.
Ethereum price is trading in a range against the US Dollar and Bitcoin. ETH/USD could gain traction if buyers continue to stop declines below $458.



Ethereum Price Support

Recently, there were a couple of swing moves above $455 in ETH price against the US Dollar. The ETH/USD pair tested the $476-480 resistance zone where it faced sellers. It declined and traded towards the $455-460 support area. Buyers were able to protect losses below $458 and the price remains supported. The recent low was $458.29 and the price is currently moving higher.

It is trading above the 23.6% Fib retracement level of the last decline from the $483 high to $458 low. The price is slightly in the bullish zone above $465 and the 100 hourly simple moving average. An initial resistance on the upside is near the $470 level. The next one is the 50% Fib retracement level of the last decline from the $483 high to $458 low at $471.

Above this, the price could continue to move higher towards the $478 resistance. A successful break above the $478-480 resistance zone is needed for buyers to gain traction.

On the downside, yesterday’s highlighted crucial bullish trend line is intact with support at $458 on the hourly chart of ETH/USD.

Ethereum Price Analysis ETH USD

Looking at the chart, the price is trading comfortably above the $458 support area.

However, it must gain traction above the $478-480 resistance zone to move further higher.

Otherwise, there is a risk of a break below the trend line and $455 in the near term.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is currently just above the 50 level.

Major Support Level – $458

Major Resistance Level – $478


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Author ALTCOINTODAY.com
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Tom Lee on why Bitcoin [BTC] is the next step for banks

Thomas Lee of Fundstrat spoke about the long-term picture for Bitcoin [BTC] when appeared earlier this week on CNBC. He believes that the regulatory environment is changing.


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He began by speaking about exchanges, and why banks should look into becoming exchanges. He stated top exchanges like Coinbase and Binance which have a 2-3% market share make close to a billion dollars, while Goldman Sachs themselves made $8 billion over the past 12 months. Exchanges provide lucrative opportunities for banks to increase their profits and move into the crypto space.

He also stated that there wasn’t as much speculation in the cryptocurrency market as people expected, stating that the ratio between the on-chain and exchange currencies is 4:1. This means that for every 1 coin on the exchange, there are 4 on the chain. Other resources like oil have a much higher ratio such as 40:1, with USD being traded 141:1.
He said:
“Crypto is a digital payment system which is actually widely used.”
He said that around 7 billion payments occur using Bitcoin. He spoke about BitPay Checkout service, which conducts 6% of all Bitcoin payment transactions. It is a Point of Sale mechanism that allows brick-and-mortar establishments to accept cryptocurrency payments.


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He also stated that cryptocurrencies are currencies that are global, and these account for the high amount of payment transactions. He said that it was actually easier to send a payment in Bitcoin across the world than it was to transfer money overseas.

When asked about his famous prediction of Bitcoin reaching $25000 by the end of this year, he stuck to his prediction. He called it “completely reasonable” quoting the peak last year at $20000 as his data. He also relied on regulatory visibility by the end of the year, as the big regulatory parties in the US were moving towards a clear conclusion.

Many financial institutions are pro-crypto, he said, with a great regulatory environment outside the United States. He also stated that a lot of exchanges were being launched. A significant milestone earlier this week was the launch of SBI Japan’s Virtual Currencies platform being launched, marking one of the biggest institutional player’s entries into the market.

He also backed up his prediction with the mining process. Going by the current difficulty, he said that the price for one Bitcoin to be mined would be around $14000, which when traded up twice becomes $25000.


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Crypto Assets Could Reduce Demand for Central Bank Money: IMF Director

The role of Cryptcurrencies in the evolution of money remains a valid debate which has lingered for the best part of the last decade

The role of cryptocurrencies in the evolution of money remains a valid debate which has lingered for the best part of the last decade. How the emergence of digital assets will affect the existing monetary system that is upheld by central banks is a subject that is attracting a lot of attention.


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Cryptocurrencies represent digital means of transaction in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

An Evolutionary Process

While central banks emerged to introduce a credit-based relationship between the central bank and citizens (in the case of cash) and between the central bank and commercial banks (in the case of reserves), crypto assets are introducing a different narrative to the concept of money. Rather than credit relationships, or entities of liability, crypto assets are a representation of a kind of commodity money.

Based on the intrinsic qualities of digital assets and the various solutions that they tend to offer to the fintech industry, Deputy Director of the IMF’s Monetary and Capital Markets Department, Dong He perceives that crypto assets may one day reduce demand for central bank money.

He said :

“As a medium of exchange, crypto assets have certain advantages. They offer much of the anonymity of cash while also allowing transactions at long distances, and the unit of transaction can potentially be more divisible. These properties make crypto assets especially attractive for micro payments in the new sharing and service-based digital economy.”

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The Challenges of Cryptocurrencies

There have been criticisms about cryptocurrencies in their capacity to function as a dependable medium of exchange. According to He, for the time being, crypto assets are too volatile and too risky to pose much of a threat to fiat currencies. He also notes that they do not enjoy the same degree of trust that citizens have in fiat currencies. The lack of trust is related to the fact that they have been afflicted by notorious cases of fraud, security breaches, and operational failures and have been associated with illicit activities.

The situation is not hopeless for crypto assets as technological innovations and continuous development could go a long way in addressing the above mentioned deficiencies. Such is the more reason why He believes that central banks must learn from the underlying properties of these crypto assets in order to fend off the competitive pressure from crypto assets.

IMF Director: Banks Need to Step up

Apparently, the reality of the existence of cryptocurrencies and the solutions that they bring is becoming more acceptable. Rather than the fierce resistance and negative energy that existed between the cryptosphere and traditional institutions, there appears to be an increased level of acceptance between both sectors.

As noted by He, the onus now lies on the central banks to rise up and take steps that will enhance the effective coexistence of both sectors of the monetary ecosystem. This he says can be achieved by striving to make fiat currencies better and more stable units of account, while government authorities work to regulate the use of crypto assets. Finally, He suggests that central banks also need to make fiat currency more attractive for use as a settlement vehicle while considering the issuance of digital tokens of their own to supplement physical cash and bank reserves.


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Author Iyke Aru
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