“The Graph” or GRT, is shining in the CoinMarketCap list and aggressively going in upward direct in terms of ranking based on market cap. As of now, while writing this post around at 7 AM UTC, GRT is ranking at position 24 on CoinMarketCap with market capitalization of around $3.3 Billion USD and growing. In this article let’s talk about do The Graph coin has potential to reach or cross milestones like $10, $100 or $1000 USD in near future. And if yes then when can we expect that would happen?

Can The Graph Reach $10 USD?

Before answering this question directly let’s quickly go through background and price analysis of The Graph(GRT) coin. Basically, use case of this The Graph protocol is to build open APIs generally called as SubGraphs, to query blockchain data from Ethereum and IPFS networks. And there is maximum cap for GRT coins of 10 billion tokens and currently 1.24 billion tokens are circulating in the market which is around 12% of total supply and expected to grow by 3% per annum.

The Graph was listed on 18th December 2020 on CoinMarketCap around 2 months back with initial price of $0.19 USD. Now it is ranging at $2.7 USD which almost 15x of its initial price after listing out in the market. So, we can say start for this crypto GRT was amazing and we can hope, it will grow continue in near future.

Fundamentally, this coin The Graph(GRT) has a potential to grow up to 100$ USD as it qualifies necessary requirements like good use case and limited supply. So, till the time you have got your answer that, Yes, GRT coin will reach $10 USD soon. As per many crypto blogger’s and youtuber’s prediction, The Graph is expected to reach $10 USD within 6 to 10 weeks. But again, every prediction can fail and do not treat these answers as an investment advice. Do your own research or consult any financial advisor before making any investment decisions. You only will be responsible for any profit or loss you made.

GRT effectively working the favor of Blockchain developer with complete package provided. GRT market cap continue to surge as silently it enter into billion worth club and expected to finalize position under top 30 biggest crypto project. Binance, Kraken, Coinbase Pro this are top 3 trading platform where GRT traded and it already title 5x trading stats which similar as UNI, 1inch and ADA token.

Final Thoughts

If you are planning for long term hodl, in that case you can think of The Graph(GRT) coin as an option. As fundamentally this GRT coin is firm and strong. It will get more and more popular when big giants will start investing in this project. Final calls should be yours. Keep visiting us for more and latest updates from cryptocurrency industry. Thanks.

Bitcoin is hanging close to record highs Friday, set for gains of over 20% in a milestone week marked by the endorsement of major firms, while the weak US jobs market weighs on the Buck.

Bitcoin, the world’s most popular cryptocurrency last traded 1.1% down at 47,451, just South of a record high of 49,000 marked after US banking group BNY Mellon (NYSE:BK)said it had formed a unit to help clients hold, transfer, and issue digital assets.

Elon Musk’s Tesla (NASDAQ:TSLA) announced this wk in a SEC filing that it bought $1.5-B of Bitcoin in January.

Credit card giant Mastercard’s (NYSE:MA) plans to offer support for some cryptocurrencies also boosted Bitcoin’s move towards mainstream finance.

Elsewhere: the USD headed for its 1st losing wk in 3 on signs of weakness in the US jobs market.

Thursday’s weaker-than-expected wkly US jobless claims data added to concerns the Buck’s rally priced in a rebound for the US economy too fast.

Have a healthy weekend, Keep the Faith!

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A combination of USD weakness and speculative popularity continue to weigh on major cryptocurrencies , igniting the volatility regime that initially fueled the bullish reprisal of the ‘Bitcoin bubble’.

Bitcoin (BTC/USD) 4 Hour Chart

Chart prepared by Tammy Da Costa , IG

If bulls are able to push through resistance, a test of $50,000 may be in the cards, however, if bears break below current support, which may happen if regulators continue to seek more stringent laws regarding the holding and trading of virtual currency; then they may be able to drive prices back towards the 38.2% retracement level of $40,435.

At the time of writing, retail trader data shows 79.47% of traders are net-long with the ratio of traders long to short at 3.87 to 1. The number of traders net-long is 0.83% lower than yesterday and 10.69% higher from last week, while the number of traders net-short is 8.25% lower than yesterday and 8.77% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall.

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.

--- Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

Trading BTC/USD (Bitcoin - Cryptocurrency)

The volatility is very high for that BTC/USD is still moving between a large range of $2,000 - $6,000 daily; because Bitcoin's uptrend continues as more companies are buying Bitcoin.

BTC/USD increased within an up channel - The top price ses at $48,883. Bitcoin price hit a new all-time high at $48,883, reaching a market capitalization of over $900 billion.

Note : Wall Street Banks Inch Closer to Adopting Bitcoin. CNBC's Hugh Son reports on growing pressure from Wall Street employees for firms to adopt bitcoin.

Yes! Bitcoin set a new All-time-high this week hitting around $49, the coin still has plenty of room for growth as the long-awaited $50k is closer than ever.

BTC/USD was trending up, briefly breaking up above $44,900. The buying dynamics subsided, giving way to some

uptrend fluctuations between the prices of $44,000 and $49,000 with another upturn to from the spot of $44,000 - $44,901.

Last three days, the trend of BTC/USD movement was controversial as it took place in the uptrend channel. Due to the previous events, the price is still set between the prices of $44,000 and $49,000, so it is recommended to be careful while making deals in these levels because the prices of $44,000 and $49,000 are representing the resistance and support respectively.

The support of BTC/USD has already set at the price of $44,902. This support has been rejected three times confirming the veracity of an uptrend.

The market is likely to show signs of a bullish trend around the spot of $44k - $45k.

Buy orders are recommended above the area of $45k or/and $46 with the first target at the price of $48k; and continue towards $45k in order to test the last bullish wave.

We are still hole on Our objectives $50,000.

On the other hand , if the BTC/USD fails to break through the resistance price of $49k today, the market will decline further to $44 k so as to retest it again.

*********************

Crypto industry news (Ethereum News - (Source : cryptonews))

1) 7 Traditional Investors Who Said Bah Humbug to Bitcoin. While there is no shortage of investors who have given bitcoin (BTC) their seal of approval, there is a possibly even longer list of financial Svengalis who would happily dance on the cryptoasset's grave.

Check out this list of just a few of the investment top guns who just love to nay-say about BTC. But who knows, maybe they'll join the other side soon, as recent examples of Ray Dalio and Marc Cuban demonstrated.

2) Canada OKs Its First Bona Fide Bitcoin ETF, JPMorgan on BTC.

3) Politicians appear set to use bitcoin (BTC) and altcoins as tools to score points with crypto-keen voters and citizens in some of the USA's biggest cities – as would-be New York mayor Andrew Yang and current Miami mayor Francis Suarez appear keen to outdo each other with far-reaching new promises and manifesto pledges that can also help attract new investments into these cities.

Suarez, per Bloomberg, has proposed investing a "limited amount of government funds" in bitcoin, and said that he "is committed to promoting the emergence of bitcoin as it continues to gain mainstream acceptance."

And the Miami political chief might not stop there: He also proposes paying municipal workers in BTC and allowing citizens to use the token to pay their tax bills.

Moreover, Bank of New York Mellon’s statement that it would treat BTC the same as any other financial asset and Mastercard’s commitment to integrate Bitcoin into its payment networks, may further validate the cryptocurrency as a mainstream asset and intensify capital inflows in the near term. Here are the key levels to watch for BTC/USD.

BTC/USD weekly chart created using Tradingview

The long-term outlook for Bitcoin remains overtly bullish, as price tracks firmly above all six moving averages, and the MACD indicator surges to its highest levels on record.

However, bearish RSI divergence suggests that the relentless surge higher could be running out of steam. With that in mind, failing to gain a firm foothold above 50,000 could trigger a short-term pullback to former resistance-turned-support at the January high (41969).

Breaching that opens the door for sellers to drive the cryptocurrency back to psychological support at the 30,000 mark. That being said, an extended pullback seems relatively unlikely given the RSI remains comfortably above 70, and the marked steepening of all six moving averages.

Therefore, a weekly close above 50,000 would likely intensify buying pressure and carve a path for price to challenge the 261.8% Fibonacci (54866). Clearing that brings the 300% Fibonacci (62402) into the crosshairs.

BTC/USD daily chart created using Tradingview

Zooming into the daily timeframe suggests that a short-term pullback could be in the offing, as a series of Doji and Hammer candles form just shy of the psychologically imposing 50,000 mark.

Bearish divergence on both the MACD and RSI also hint at fading bullish momentum, and could ultimately encourage would-be sellers if price slips back below the 8-EMA (47363).

Slicing through the February 15 low (45730) probably triggers a short-term correction back towards former resistance-turned-support at the January high (41969).

Alternatively, a daily close above 50,000 would likely signal the resumption of the primary uptrend and bring the 261.8% Fibonacci (54866) into focus.

The IG Client Sentiment Report shows 79.17% of traders are net-long with the ratio of traders long to short at 3.80 to 1. The number of traders net-long is 7.11% lower than yesterday and 0.80% lower from last week, while the number of traders net-short is 8.29% higher than yesterday and 5.36% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall.

Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.

-- Written by Daniel Moss, Analyst for DailyFX

Follow me on Twitter @DanielGMoss

Yashu Gola | Jan 28, 2021 | 08:01

Bitcoin is showing signs of replicating its trend from 2019 that crashed its prices by more than 50 percent.

According to a fractal first spotted by TradingShot, an independent trade analytics firm, the flagship cryptocurrency’s downside correction move from its recently-established record high near $42,000 is very similar to its plunge in June 2019. That risks putting BTC/USD en route to deeper price levels in the monthly sessions ahead.

“Notice that both 2019 and today’s Parabolic Rises share a few common characteristics,” said TradingShot analysts in a note published Wednesday.

“Both rose by approximately +385% from the time they last made contact with their 1D MA50 until their respective peaks,” they added. “Both pulled-back from their peaks by approximately -30% on the low before contact was again made with the 1D MA50. At the time of the 1D MA50 test, the RSI was on the Support Zone .”

Bitcoin tested the 50-day moving average as support on Wednesday as its price slipped below $30,000. The cryptocurrency retraced its way to the upside upon facing a comparatively higher buying pressure. Nevertheless, its bullish bias appeared limited owing to a stronger US dollar, reiterating TradingShot’s fears of a 2019 fractal-repeat.

The firm said BTC/USD would need to hold above 50-DMA if it wants to keep its bullish outlook steady. But if the pair breaks bearish on the support, then it risks falling to the next moving average in the queue—the 100-DMA. As of now, it is sitting near $23,000, down 45 percent from Bitcoin’s record high near $42,000.

Meanwhile, if BTC/USD stays above the 50-DMA, its likelihood of continuing its rally back towards $40,000 and beyond would increase.

The TradingShot’s 2019 fractal theory matches bias with other technical indicators that, too, point at a further bearish breakdown in the Bitcoin market.

For instance, BTC/USD is fluctuating inside what appears to be a Descending Triangle. Chartists perceive the pattern as a bearish reversal indicator at the end of an uptrend. Typically, the Descending Triangle’s downside target is as much as the maximum distance between its upper and lower trendlines.

In Bitcoin’s case, that distance is nearly $13,000. That puts the cryptocurrency en route to its 200-day moving average that sits near $17,000.

Meanwhile, Jonny Moe, an independent market analyst, notes that the Descending Triangle could also shapeshift into a Falling Wedge pattern, which is bullish.

“I don’t think this is what we’re in for, but it’s at least worth acknowledging, the bull case here is that this isn’t a giant descending triangle, it’s some sort of falling wedge type pattern that would form a bottom basically right about where we are now,” he said.

In either case, it appears Bitcoin would retest the 100-DMA as suggested by TradingShot.

Bitcoin (BTC) Price Prediction – February 12

Bitcoin price approached $50,000 in a new bull-run that followed a recent dip to the support at $46,300.

Resistance Levels: $53,000, $55,000, $57,000

Support Levels: $44,000, $42,000, $40,000

BTC/USD soars back as it joins the bull rally again after two days of relaxation. With this BTC marks a fresh high above $49,500 in the past 24 hours and it’s likely to face major resistance at $50,000. BTC/USD is likely to face strong resistance at $50,500, followed by $51,000 and it is believed to consolidate and retest support at $47,000 and $46,000.

Currently, the market price for BTC/USD and the daily candle is trading at $48,456 but if the bulls could successfully push the price above the channel, the next resistance levels may be found at $53,000, $55,000, and $57,000. Typically when the new uptrends are beginning to form, traders could use the 21-day moving average as the support level.

However, any failure by the bulls to move the price up, we may see a price cut to $44,800 vital support. A further low drive could send the price to $44,000, $42,000, and $40,000 supports. As the daily chart reveals, bulls are still controlling the market. But as things stand, BTC/USD price may continue to follow the upward trend because the RSI (14) is within the overbought condition.

BTC/USD trades within the range of $44,300 to $49,100. Nevertheless, Bitcoin has not yet slipped below the 9-day and 21-day moving averages as the price hovers around $48,634 and may take enough time to trade above $50,000. However, the upward movement is facing hurdles near the $52,000 and $54,000 resistance level.

On the downside, immediate support is near the moving averages while the main support is at the $46,500 level. More so, the price might slide sharply below $46,000 which may likely test another support at $45,600 level and below. Technically, Bitcoin is currently moving in sideways as the RSI (14) moves around 62-level, indicating indecisive market movement.

Finance Magnates has reported that SBI Digital Asset Holdings, a subsidiary of Ripple's partner in Japan, SBI Holdings, has invested an undisclosed amount (a "six-figure USD" sum) into crypto bank Sygnum, located in Switzerland.

The investment was announced on Feb. 18 and was part of the attempts by the crypto bank to raise funds. This way, it has been able to rake in around $30 million over the past half-year.

The present amount of USD received from the SBI giant has not been disclosed. But the crypto bank now calls the company a trusted shareholder and a strategic partner, according to Sygnum CEO Mathias Imbach.

In October of last year, SBI launched a venture fund in cooperation with Sygnum, so this is not the first time they have worked together.

The Swiss crypto bank plans to utilize investment from the Japanese financial giant to fund its expansion in Asia and Europe.

This crypto company was the first to get a license and start operating in Singapore. It works with private qualified investors and financial institutions and now holds more than half a billion USD in managed assets.

Also, Sygnum plans to improve the quality of its products and services. Now, the company plans to commercialize its tokenized platform and enlarge the scale of its services as a crypto custodian.

Bitcoin (BTC) Price Prediction – January 27

Over the past few days, the Bitcoin price has remained under continuous selling pressure as the coin slipped below the $31,000 level.

Resistance Levels: $37,000, $39,000, $41,000

Support Levels: $25,500, $23,500, $21,500

BTC/USD is stuck within a tight consolidating range with bears ensuring the price remains below $31,000. Moreover, the king coin cannot break higher resistance at $35,000, and bears are currently having a stronghold over the pair at current price levels. More so, BTC/USD breaches the lower support level at $30,000, but the price is managing to climb above this level to ensure that the first digital asset remains within the 9-day and 21-day moving averages.

In the past 24 hours, the Bitcoin price is gradually moving towards the south as the pair continues to drift lower. Nonetheless, the supports at $30,000 and $29,000 are holding up well so far. In addition, BTC/USD is moving within an expanding descending channel with a bearish bias. Meanwhile, the technical indicator RSI (14) is seen moving below the 50-level, therefore, the lower levels may open up once the pair closes below the $30,000 support level and the sell-off may likely reach the support levels of $25,500, $23,500, and $21,500 respectively.

On the daily chart, the bulls will need to see a sustainable move above the upper boundary of the channel to mitigate the initial bearish pressure. Should in case the coin manages to recover above this handle, then the upside momentum may gain traction and could take BTC/USD to $37,000, $39,000, and $41,000 resistance levels.

According to the 4-hour chart, after BTC/USD faced a long period of consolidation within its previously established trading range, the Bitcoin bears have now taken control and pushed the BTC price below its previous support level that existed around $31,000. Although, the Bitcoin price has not yet slipped below $30,000 and it’s still in the loop of making a bounce back.

At the moment, BTC/USD is currently moving below the 9-day and 21-day moving averages while the upward movement may likely push the price near the $33,500 and above but the immediate support lies at $29,000 and below. The RSI (14) is crossing above the 40-level, more bullish signals may play out.

Bitcoin (BTC) Price Prediction – January 27

BTC/USD continues to consolidate underneath a $30,000 barrier and on top of critical support $30,500.

Resistance Levels: $37,000, $39,000, $41,000

Support Levels: $27,000, $25,000, $23,000

BTC/USD price is now facing down with 3.11% in value. It is likely to retain this bearish vibe in the near-term as the technical indicator moves below the 50-level, shifting focus from the upside. At the time of writing, the Bitcoin price is hovering at $31,449 below the 9-day and 21-day moving averages.

The critical support at $31,000 may be tested to the downside as the price consolidates. Failure of the noted support would likely see the price crossing below the lower boundary of the channel. This area is likely to slow down the correction and serve as a jumping-off ground for another recovery attempt; however, if it is out of the way, the support level of $27,000, $25,000, and $23,000 may come into focus.

In the meantime, BTC/USD is trading at the negative side amid a building bullish momentum. More so, the Bitcoin (BTC) is still fighting to correct the subtle bearish movement, and the bullish trend coupled with the right volume and high volatility level is the right ingredient for the recovery to $35,000 in other to resume its upward movement towards $37,000, $39,000, and $41,000 resistance levels.

Checking the 4-Hour chart, BTC/USD is currently trading below the 9-day and 21-day moving averages. Nevertheless, Bitcoin has not yet slipped below $30,000 and still in the loop of breaking or making a bounce back. BTC price hovers around $30,388 and may take time to persistently trade above $31,000. The upward movement may likely retest the $32,500 and $33,000 resistance levels if the bulls regroup again.

On the downside, the price could fall below $30,000 if the bears put more pressure on the market, a further movement could test the critical support at the $28,500 level and below. The RSI (14) moves below the 40-level, indicating a bearish movement.

Bitcoin (BTC) Price Prediction – February 13

The Bitcoin (BTC) has been facing slight selling pressure as of late, with the resistance found within the $47,000 level.

Resistance Levels: $54,000, $56,000, $58,000

Support Levels: $42,000, $40,000, $38,000

BTC/USD has been struggling to maintain its uptrend, with the selling pressure found within the $47,000 region which is stopping it from seeing any major gains since yesterday. Meanwhile, traders are not surprised by the selling pressure as bears are trying to defend against a break above the cryptocurrency’s all-time highs. However, until bulls break above this level, the king coin may likely face a prolonged sideways movement.

At the time of writing, BTC/USD is trading down just under 0.6% at its current price of $47,124. This marks a serious climb from its daily low of $47,120 set at the bottom of the decline. However, the coming few days may likely shine a light on Bitcoin’s outlook, as it is currently trading at a pivotal point. Therefore, any decline or rise from this level could determine its next trend.

BTC/USD is currently trading above the 9-day and 21-day moving averages, with bears moving the market price towards the south. Furthermore, any bearish movement below the 9-day moving average may push the price to the support level of $42,000, $40,000, and $38,000 while the resistance levels are located at $54,000, $56,000, and $58,000 as the technical indicator remains within the overbought region.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

Looking at the 4-hour chart, the resistance at the $48,000 has been too heavy for the bulls to overcome as the price is now struggling in a consolidation mode, which has made the cryptocurrency remain indecisive over the past few hours now. The resistance levels to watch are 50,500 and above.

Meanwhile, the coin is still roaming around $47,142 as bears are pushing the price within the moving averages. Meanwhile, the $44,000 and below may come into play if the technical indicator RSI (14) moves below 50-level.

Bitcoin (BTC/USD) gave back some recent gains early in today’s North American session as the pair depreciated to the 46300 area after trading as high as the 48200 area during the Asian session, with the intraday high right around a recent previous all-time high.  Stops were elected below the 46916.43 area during the pullback, representing the 23.6% retracement of the recent depreciating range from 48912 to 46300.  Traders also drove BTC/USD below the 100-hour simple moving average, triggering additional Stops, and chartists observe the pair has remained above the 46188.41 area during the pullback, representing the 23.6% retracement of the recent appreciating range from 37371.35 to 48912.  Many traders are now focused on the psychologically-important 50000 figure following this week’s acute upward move that saw Stops elected above the 44961.99, 45285.67, 46057.20, 46338.25, 46884.52, 47100, 47738.63, and 47966.77 levels.  If BTC/USD continues its upward strength, traders will focus on upside price objectives including the 49818.47, 49994.09, 50270.14, 59394.69, 51312.54, 51594.32, 51732.54, and 52052.19 levels.  

Following the recent surge of BTC/USD, traders are carefully watching potential areas of technical support including the 43705.62, 40925.19, 38678, 36430.81, 33650.38, and 33231.42 levels.   Traders also note that Stops were recently elected above the 35943.73, 36480.83, and 36854.45 areas as well, upside price objectives related to previous buying pressure around the 17580, 16200, and 9819.83 levels and the sell-off intensified below these areas during the recent depreciation.   Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 43694.07 and the 100-bar MA (Hourly) at 46694.32.

Technical Support is expected around 43705.62/ 40925.19/ 38678 with Stops expected below.

Technical Resistance is expected around 49818.47/ 49994.09/ 50270.14 with Stops expected above.  

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Article source

Bitcoin (BTC) Price Prediction – February 11

The Bitcoin price set fresh all-time highs today, with bulls taking full control of the market as they set their sights on $50,000.

Resistance Levels: $53,000, $55,000, $57,400

Support Levels: $40,000, $38,000, $36,000

BTC/USD have been caught within a strong uptrend throughout the past few days and weeks, with sellers unable to gain any profound control over the aggregated market. However, there have been a few intense selloffs, but positive catalysts seem to be lying in wait around every corner to help fuel the uptrend. At the time of writing, BTC/USD is trading up just under 5.46% at its current price of $47,300 after it touches the daily high of $48,690.

The Bitcoin price remains firm above the 9-day and 21-day moving averages as each dip is being aggressively absorbed, which is a positive sign that indicates that bulls are maintaining control over the market. Therefore as long as the market maintains its strength, the first digital asset could be well-positioned to see some massive upside which may cause the coin to hit the potential resistance at $53,000, $55,000, and $57,000.

However, rejection at $48,500 could eventually lead to declines to the critical support below the 9-day moving average at $41,000. In case BTC drops more, then the coin can rely on the long-term support levels at $40,000, $38,000, and $36,000. Looking at the daily chart, the technical indicator RSI (14) signal line is now moving within the overbought region, suggesting more bullish signals.

According to the 4-hour chart, the Bitcoin price touches the daily high at $48,690. However, today’s price move happens to be the most impressive one as it climbs above the long-awaited resistance level of $48,000 with a sharp upsurge. More so, BTC/USD is now maintaining its bull-run above $49,000.

However, as the RSI (14) nosedives below 65-level, BTC may take a downward move. Therefore, the coin may breach below the 9-day and 21-day moving averages and could reach another support at $44,000 and below. Nevertheless, if the bulls find a decent resistance level of around $50,000, the coin may continue bullish movement above the channel at the resistance level of $51,500 and above.

ETH Price Prediction – February 10

ETH/USD moves below the key supports as the market price may continue to move down towards $1500.

Resistance levels: $2100, $2200, $2300

Support levels: $1500, $1400, $1300

As the market opens today, after touching the high of $1839 level, ETH/USD has been dropping with a bearish bias. The coin opens at $1771 and it is currently dropping below the $1750 level. However, Ethereum price did start a nasty decline and broke many supports near $1600. The price could correct higher, but it is likely to face sellers below the 9-day moving average.

On the downside, there is a close below the $1600 level as the coin moves towards the 9-day and 21-day moving averages. As a matter of fact, dropping below the 9-day moving average could open the doors for more losses and the price may tumble below the $1550 level. More so, should it spike below the lower boundary of the channel, the critical support levels of $1500, $1400, and $1300 may be tested as the technical indicator RSI (14) moves below the 70-level.

However, ETH/USD could either recover above $1750 or extend its decline. On the upside, the next major resistance is near the $1800 level. Meanwhile, the price needs to climb above the $2100, $2200, and $2300 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the channel.

When compares with Bitcoin, the daily chart shows that Ethereum price is trading well within the channel. Meanwhile, as soon as the price goes above the moving averages, there is a possibility that additional benefits will be obtained in the long term. The next resistance key above 4200 SAT but if the price keeps rising; it could even break the 4400 SAT and above in future sessions.

Moreover, if the bears regroup now, the 3500 SAT and 3300 SAT may play out before rolling to a critical supports at 3100 SAT and this may create a new monthly low for the coin. However, the daily outlook is upward movement as the RSI (14) is moving above the 45-level to enhance the bullish movement.