Currently, Ethereum (ETH) price is trading at $201 after dropping 1% in the last 24 hours. There are more bearish trend lines ahead but according to technical signs, Ethereum price could break higher. Further, Ethereum recently received a major boost from two positive developments that may provide significant support to the impending price surge.
Ethereum price could break higher
After trading as low as $195, Ethereum’s price recovered a few points above its previous lows. Nonetheless, the coin’s price failed to gain momentum above the $200 level and later started consolidating in a range. According to the daily chart of ETH/US, the recent swing low was at $195 before the price started trading in the range below the 50 simple moving average.
On the upside, the 100 SMA is trading above the 200 SMA to signal that the path of least resistance is to the upside. In other words, Ethereum price could surge sooner. Additionally, if the price manages a break above the current resistance trend line and the 0.0325BTC level, this could open the doors for more gains.
News and developments
Recently, iBitcome and DEx.top introduced the Open Federated Gateway Protocol (OFGP) which allows users to complete cross-chain transactions—meaning value can be transferred between different blockchains such as Ethereum and Bitcoin. According to iBitcome, trading between Bitcoin and Ethereum is going to be supported through the creation of a new token known as WBCH. This token’s value will be pegged on BCH’s price.
Moreover, HTC recently launched a phone model that could only be purchased with either bitcoin or Ethereum cryptocurrencies. The HTC Exodus blockchain-enabled phone is priced at 0.15 bitcoin or 4.78 ether. Further, the phone also functions as a hardware wallet, thanks to its own cryptocurrency wallet called Zion.
Do you see a light at the end of the tunnel of ether’s price following these developments?
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