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The token native to the largest smart contacts ecosystem and the second-largest crypto, ETH, is trading barely unchanged from Wednesday’s levels around $1,845. A rejection from highs around $1,900 saw Ethereum price test support at $1,825.
However, with the crypto market generally stable across the board, these declines were arrested quickly hence the climb to $1,845.
Ethereum price has not been able to sustain an uptrend above $1,900 since early May, let alone reclaim resistance at $2,000. With this analysis, traders and investors are likely to figure out how to avoid losses and stay profitable toward a weekend that also marks the beginning of a new month.
Mastercard Announces Ethereum-Powered Blockchain App Store
As Mastercard and other global payments providers explore crypto-based financial services, the latter says it is ready to develop an Ethereum-backed app store. In an announcement made on June 28, the global credit card company unveiled the “Multi Token Network.”
The new app store will initially launch in beta version in the United Kingdom over the coming months.
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According to Raj Dhamodharan, Mastercard’s executive vice president and head of crypto and blockchain, the Multi Token Network (MTN) is an “app store powered by blockchain technologies for building regulated financial applications.”
The innovative platform will give developers access to tools Mastercard has been building since the beginning of the year. These tools are supported on a private version of the Ethereum blockchain.
“A lot of the things people cover and talk about these days in crypto are the regulatory aspects of it and all the technology and investment as an asset and so forth,” Dhamodharan told Fortune.
Mastercard’s earlier incursions into the realm of digital assets span a diverse range, encompassing non-fungible tokens (NFTs), credit and debit cards tied to cryptocurrency, digital asset infrastructure, and tools designed for developers.
“Our goal is to support the wider digital asset industry and interested parties to help fortify confidence in its future,” the head of crypto and blockchain added.
Ethereum Price Stays Grounded Above $1,800
Ethereum’s rebound above $1,800 was a much-needed move as it removed pressure off the lower support areas at $1,700 and $1,600. It also pushed ETH above all the applied moving averages, starting with the 200-day EMA (purple), the 100-day EMA (blue), and the 50-day EMA (red).
Holding on top of the 50-day EMA at $1,825, bulls seem ready to close the gap to $1,900, which would pave the way for the ultimate homerun to the $2,000 milestone. Many signals, including the one from the Money Flow Index (MFI), show that the path with the least resistance is currently to the upside.
Traders may want to fire up their buy orders with Ethereum lifting above $1,850. However, they must do so cautiously, ensuring that support at the 50-day EMA holds. Otherwise, a drop to $1,800 and $1,700 cannot be ruled out at this time.
Adding credence to the bullish outlook is another buy signal from the Moving Average Convergence Divergence (MACD) indicator. In addition to the MACD line in blue holding above the signal line in red, the momentum index is in the positive region on top of the mean line.
In other words, Ethereum price is likely to rally to $1,900 and $2,000 as opposed to dropping to $1,700 and $1,600, respectively, based on the prevailing market structure.
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