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ETH Price Needs To Close Above $240 To Reverse Losses

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The Ethereum latest news show that the ETH price needs to close above $240 if it wants to reverse its losses. The cryptocurrency declined heavily after many rejections near $250 against the US dollar. Now, it is recovering but it must settle above $240 to start a fresh increase.

Over the past week, Ethereum failed to settle above the $250 resistance level against the US dollar. As a result of that, the ETH price started a major decline below the $245 and $240 support levels.

This decline was initiated after there was a break below a key ascending channel with support at $244 on the 4-hours chart of ETH/USD. The pair later broke the $230 support and the 100 simple moving average (on 4 hours).

ethereum price ethThe Ethereum price performance lately. (Source: TradingView.com)

After this, the Ether price traded as low as $225 and started an upside correction. This is how it broke the $230 and $232 resistance levels. Still, the ETH price needs to go above $240 in order to reverse its losses and make things easier considering its steep fall from $250 highs to $225 lows.

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It sees like there is a major hurdle forming near the $238 and $240 levels. Here, the 61.8% Fib retracement level of the decent decline from $250 to a $225 low is also near $241. Therefore, a successful break above the $240 resistance zone is likely to push the price into a positive zone.

After this one, the next key resistance is near the $250 level above which the price of ETH could surge towards $265. On the downside, there is decent support forming near the $234 level and the 100 simple moving average on 4 hours. If ETH fails to stay above the $234 support line, it could continue to move down below the $230 position.

Additionally, the main support lines are near the $225 and $222 levels, below which ETH is likely to accelerate towards the $205 and $200 support levels. The technical Indicators for the Ethereum price right now are as following:

  • 4 hours MACD – The MACD for ETH/USD is slowly moving in the bullish zone.
  • 4 hours RSI – The RSI for ETH/USD is currently just below the 50 level.
  • Major Support Level – $230
  • Major Resistance Level – $240

While the Bitcoin news and ETH price updates are posting losses today, there are coins like Binance Coin (BNB) and Bitcoin SV (BSV) which are gaining some percentages. In the top 20, the most notable gain today is the one of the Crypto.com (CRO) token which rose by 1.71% following the positive news that we recently shared.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/ethereum-news/eth-price-needs-to-close-above-240-to-reverse-losses/

Blockchain

U.S. crypto exchanges have a plan for the travel rule. Now they just have to get along


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  • A working group of 25 U.S.-based exchanges released a white paper this week outlining their platform to comply with FATF’s travel rule.
  • The group includes some of the most prominent exchanges stateside, suggesting that the plan has legs.
  • Now, the group has to develop a governance structure.
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U.S. crypto exchanges have a plan for how to deal with FATF’s travel rule














Source: https://www.theblockcrypto.com/daily/82261/us-crypto-exchanges-fatf-travel-rule?utm_source=rss&utm_medium=rss

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Blockchain

Exploring the current state of cryptocurrency taxation in the European Union


Quick Take

  • By now, guidelines for  taxation of cryptocurrency activities exist in most EU member countries. However, grey areas remain.
  • Highly favorable tax treatments in some, and lack of taxation in other EU member countries enables regulatory arbitrage.
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Exploring the current state of cryptocurrency taxation in the European Union














Source: https://www.theblockcrypto.com/genesis/82157/exploring-the-current-state-of-cryptocurrency-taxation-in-the-european-union?utm_source=rss&utm_medium=rss

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Blockchain

FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto

Proposed rule change would mandate financial institutions gather and share data on smaller international transactions by lowering the threshold from $3,000 to $250.

The post FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto appeared first on The Block.

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FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto














Source: https://www.theblockcrypto.com/linked/82229/fincen-proposes-lower-threshold-for-transaction-data-gathering-under-fatfs-travel-rule-including-those-made-with-crypto?utm_source=rss&utm_medium=rss

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