Popular venture capital and software provider of blockchain gaming products, Animoca has acquired Eden Games, a reputed racing game studio from Engine Gaming and Media group. With this investment, Animoca is looking forward to expanding its cluster and diversifying its gaming portfolio with top-ranked racing games by Eden such as Test Drive, Gear.Club, etc. Hailing…Read More
Ethereum found a strong support near the $2,300 zone against the US Dollar. ETH price is rising and might rally if it clears the $2,750 resistance zone. Ethereum started a major recovery wave from the $2,300 support zone. The price is now trading above $2,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,520 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if there is a clear move above the $2,750 resistance zone. Ethereum Price Starts Fresh Increase Ethereum declined heavily below the $2,600 and $2,500 support levels. ETH even declined below $2,400 and tested the $2,300 zone, where the bulls appeared. A low was formed near $2,302 and the price started a strong increase. There was a clear move above the $2,500 resistance level. Ether price even climbed above the $2,600 level and the 100 hourly simple moving average. It even spiked above the $2,700 level, but there was no break above the $2,750 resistance. A high is formed near $2,733 and the price is now consolidating gains. It corrected lower below the 23.6% Fib retracement level of the recent increase from the $2,302 swing low to $2,733 high. However, it is trading above $2,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,520 on the hourly chart of ETH/USD. The first major resistance is seen near the $2,680 and $2,700 levels. Source: ETHUSD on TradingView.com The main resistance is now forming near the $2,750 level. A clear move above the $2,750 might start a steady increase. In the stated case, the price might even rise towards the $2,920 level. Fresh Decline in ETH? If ethereum fails to continue higher above the $2,750 resistance, it could start a downside correction. An initial support on the downside is near the $2,600 level. The next major support is near the $2,500 level and the trend line. It is near the 50% Fib retracement level of the recent increase from the $2,302 swing low to $2,733 high. A downside break below the $2,500 support could push the price towards the $2,400 support level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is still above the 50 level. Major Support Level – $2,500 Major Resistance Level – $2,750
The co-creator of Ethereum (ETH) rival Cardano (ADA) is warning investors that there will be more fallout from crypto exchange FTX’s recent collapse. In a new video update, Charles Hoskinson says that the disintegration of FTX may push lawmakers to bring about new regulations for the digital assets industry. Hoskinson says that FTX was not […]
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