Ethereum Price Analysis: ETH/USD may continue drifting lower towards $130.00

• ETH/USD is locked in a tight range amid mildly bearish sentiments.
• An important bearish target is created by psychological $130.00.
• CasperLabs announced the decision to launch its own blockchain.

Ethereum, the second-largest digital asset with the current market value of $15 billion, hit the intraday high at $138.95 before retreating to $134.82. The coin is locked in a tight range with a mild bearish bias, moving in sync with the market. Since the beginning of the day, ETH has lost over 1%. 

ETH/USD: Technical picture

One-hour RSI points downwards, which means that the coin retains the bearish potential. The initial support is created by SMA100 1-hour at $133.40. If it is sustainably broken, the sell-off may gain traction and push the price towards SMA200 1-hour at $1.3130 and psychological $130.00

The next bullish target is created at $137.50 by a confluence of SMA50 and an upper boundary of the Bollinger Band on a 1-hour chart. It is followed by psychological $140.00 and $142.55 ( March 25 high). Once it is out of the way, the upside momentum is likely to gain traction with the next focus on $150.00.

ETH/USD 1-hour chart

CasperLabs drops Ethereum project 

CasperLabs, the startup engaged in developing Casper solution for Ethereum blockchain, aims to launch its own blockchain. The team plans to raise funds for the development via a token sale in the form of an Exchange Validator Offering (EVO)  on BitMax, the cryptocurrency exchange that works mainly with users from China, Vietnam, South Korea, Russia and India, CoinDesk reports.

Notably, in 2019, CasperLabs attracted $14.5 million from such investors as Arrington XRP Capital and Terren Scott Peizer. Now the team aims to raise $3 million.

The retail sales of a new CasperLabs token (CLX) will start on BitMax on March 30. The exchange will automatically deposit CLX to buyers' accounts after the mainnet is launched later this year. Then the 90-day lock-up period will start to prevent speculative sales.  

According to CasperLabs COO Clifford Sarkin, retail investors will be able to participate on the terms that are usually available for large institutional investors. 

 

---