Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
At the moment for Ethereum is not possible to save the track with King Bitcoin. The ETH/USD pair is currently trading at around $127.
Yesterday’s article emphasized the extreme overselling of the market and, therefore, the high probability of the appearance of discount hunters. And they appeared.
The news of the day is that of apprehension over Ethereum, as an ICO investor allegedly moves 300,000 ETH.
The recent movement of funds from an early participant in the Ethereum ICO is causing some apprehension in the Ethereum market. Over the past few months, the account has transferred about 300,000 ETH to exchanges. A few days ago, he pulled out another 60,000 ETH from this wallet, while concerns about ETH 2.0 delays are increasing.
The news came at a time when Ethereum faced some ongoing difficulties, especially when it comes to scaling. Over the past few days, the leading smart contract platform has fallen and is currently trading at $125, down -6% per day.
The bear market and the movement of funds at the particular ICO participating address exacerbate concerns that Ethereum might further slow down the deployment of Ethereum 2.0. In a recent official release, the team said that Ethereum 2.0 may take “several years.” For full implementation. Phase 0 of Ethereum 2.0. still planned for the first quarter of 2020, but will not support transactions. Only placement will be possible, and placed funds will be frozen.
In spite of further delays towards Ethereum 2.0, recent movements of ETH from this ICO-related address are of concern. This account was maintained during the bullish growth of 2017 when Ethereum exploded above the $1,000 price level. Since he is at the cutting edge of the market, this is a special moment for moving funds on the off chance that investment was made as at the period of the ICO – it seems that this particular person simply did not have the restraint.
Ether faces additional challenges as the slow progress and controversial decisions of Ethereum developers affect risk bias.
ETH/USD Unable to Retain a Likely Momentum with King Bitcoin
Supply Level: $120, $100, $80
Demand Levels: $157.73, $150, $140
The total capitalization of the crypto market has lost $2.3 billion since Monday morning, December 16, and now amounts to $190.7 billion. At the time of this writing, Bitcoin (BTC) is trading at $7,136, and Ether (ETH) is $127.7.
For ETH/USD, it is not possible to save the track with King Bitcoin, showing a tendency to further decline.
The ETH/USD pair is currently trading at $127.7 and suffers from a lack of momentum in Ethereum, which leaves it at the mercy of massive bears.
Above the current price, the first key resistance level is at $140, the second is at $150, and the third is at $157.
Below the current price, the first key support level is at $120, then the second support level is at $100, and the third level is at $80.