- Bitfinex hopes that Ethfinex will maintain a decentralized framework.
- Ethereum’s month-long trendline resistance is key for a retracement to $240 and $260.
Ethereum is trading below $200 after canceling most of the gains accrued during the last one week. Prior to the gains upside movement that started in the mid-last week, Ethereum has had been at the forefront of the declines that saw the market descend to yearly lows at $189 billion. Likewise, Ethereum lost it and smashed past $172 support and formed a low around $167. The recovery that followed saw the token add over 10% in a singled day as it jumped above $200. Ethereum continued with the upside movement over the last weekend, stepping above $220 and $225 respectively.
Meanwhile, Bitfinex announced the launch of an Ethereum-based hybrid trading platform referred to as Ethfinex Trustless. The purpose of the new platform is to offer crypto traders security, privacy as well as funds control. Bitfinex is hoping that Ethfinex will maintain a decentralized framework by linking centralized and off-chain orders books. The platform already has support for 57 Ethereum-based tokens
“Introducing Ethfinex Trustless - an Ethereum based trading solution placing security, privacy, and control in the hands of the user. Take control of your trading on.”
Ethereum price completely ignored the above launch and support as it gave in to the selling pressure. The buyers battled for a pit stop around $206 but the sellers had no intentions of stopping until they hit $190. ETH/USD is trading at $196 at the time of press while supported immediately by the 50 simple moving average. On the other side, the 100 simple moving average is will limit recoil above $200 at $204.59. The critical support for ETH/USD is at $220 but the month-long trendline resistance is a key breakout position and could see Ethereum test $240 and $260 in the medium-term.
ETH/USD hourly chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
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
XRP holds steady above $0.47 as Ripple President breaks silence on Real USD stablecoin
Ripple President Monica Long recently appeared on The Block Podcasts and addressed XRP trader concerns about the stablecoin’s launch. The payment remittance firm’s stablecoin is called Real USD (RLUSD) and is slated for launch in 2024.
Bitcoin Weekly Forecast: BTC price correction could end in July, according to seasonal data
Bitcoin price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.
TON and Telegram narrative may be overvalued according to new research
Toncoin, Telegram narrative may be overestimated according to analysts at Blockworks Research. The social media messaging app has a relatively low number of daily active users, and no EVM compatibility.
Dogecoin price poised for 13% rally after finding support on a key level
Dogecoin price has stabilized around $0.118, aligning with the 200-week Exponential Moving Average (EMA), while on-chain data reveals a rising trend in DOGE's development activity, reflecting optimistic sentiment among investors.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.