{"id":562087,"date":"2020-06-14T20:43:45","date_gmt":"2020-06-14T18:43:45","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=562087"},"modified":"2020-06-14T20:47:06","modified_gmt":"2020-06-14T18:47:06","slug":"the-50-day-ma-is-ethereums-eth-next-level-of-support-if-228-breaks","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/the-50-day-ma-is-ethereums-eth-next-level-of-support-if-228-breaks\/","title":{"rendered":"The 50-Day MA is Ethereum&#8217;s (ETH) Next Level of Support if $228 Breaks"},"content":{"rendered":"<p><strong>In brief:<\/strong><\/p>\n<ul>\n<li><strong>Ethereum held the $228 support zone earlier this week when Bitcoin dropped to $9,110.<\/strong><\/li>\n<li><strong>With BTC exhibiting bearish signs, a drop could cause Ethereum to break this support zone.<\/strong><\/li>\n<li><strong>Once broken, the 50-day moving average provides adequate support at around $218.<\/strong><\/li>\n<li><strong>Ethereum is still holding its own in the crypto markets ahead of ETH2.0 and amidst speculation of a delayed launch.\u00a0<\/strong><\/li>\n<\/ul>\n<p>The weekly close is only a few hours away and Ethereum is trading at $234 at the time of writing this. Earlier this week, ETH retested <a href=\"https:\/\/en.ethereumworldnews.com\/290-or-228-two-possible-scenarios-for-ethereum-ahead-of-eth2-0\/\" target=\"_blank\" rel=\"noopener noreferrer\">the $228 support zone<\/a>. This move down was a result of Bitcoin dropping from around $9,950 to $9,110 in less than 24 hours. The drop by Bitcoin had a ripple effect on the entire digital asset spectrum that has continued to linger. Additionally, BTC seems to be in bear territory for the coming week and a move down could further affect Ethereum&#8217;s bullish momentum ahead of ETH2.0.<\/p>\n<h2>50-Day Moving Average Next Level of Support for Ethereum<\/h2>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/ETHUSD-June14th.jpg\"><img class=\"aligncenter size-large wp-image-562089\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/ETHUSD-June14th-1024x506.jpg\" alt=\"\" width=\"1024\" height=\"506\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/ETHUSD-June14th-1024x506.jpg 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/ETHUSD-June14th-300x148.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/ETHUSD-June14th-770x381.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/ETHUSD-June14th-240x119.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/ETHUSD-June14th-717x354.jpg 717w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/06\/ETHUSD-June14th.jpg 1034w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><\/a><\/p>\n<p>Revisiting the Daily ETH\/USDT chart, we observe the following.<\/p>\n<ul>\n<li>Ethereum has failed to break and hold the $250 resistance zone several times in a manner similar to how Bitcoin has failed to break the $10,000 psychological price level.<\/li>\n<li>$228 is a level of strong support for Ethereum.<\/li>\n<li>If this support zone breaks, the 50-day moving average (white) could provide an area for a bounce at around the $218 price level.<\/li>\n<li>A break of the 50- day moving average could lead Ethereum on a path to dropping below <a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-eth-at-risk-of-losing-its-200-psychological-support\/\" target=\"_blank\" rel=\"noopener noreferrer\">the $200 psychological support zone<\/a>.<\/li>\n<li>Other short term support zones are at $225, $219, $210 and $205.<\/li>\n<li>The daily MACD, Trade volume and MFI point to a bearish few days for Ethereum in the crypto markets.<\/li>\n<li>The 100-day and 200-day moving averages provide some hope for bulls and before ETH2.0.<\/li>\n<\/ul>\n<h2>Playing the Long Game: Exact Launch Date of ETH2.0 Might Not Matter for Ethereum Investors<\/h2>\n<p>Ethereum investors and traders are still locked on a July release of ETH2.0. No exact date and time has been provided by the Ethereum developers further <a href=\"https:\/\/en.ethereumworldnews.com\/launch-of-ethereums-eth2-0-upgrade-might-not-happen-in-july\/\" target=\"_blank\" rel=\"noopener noreferrer\">leading to speculation that the release might be pushed forward<\/a> once again.<\/p>\n<p>However, investors of Ethereum are looking beyond the launch date and are opting to accumulate more Ethereum in anticipation of staking.<\/p>\n<p>Additionally, the number of Ethereum addresses holding 0.1 ETH or more has seen a sharp increase since the year began. Below is a Tweet from the team at Glassnode providing a graphical representation of the increment of ETH addresses holding 0.1 ETH or more from as far back as 2016.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc8 <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Ethereum<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$ETH<\/a> Number of Addresses Holding 0.1+ coins just reached an ATH of 2,984,080.000<\/p>\n<p>Previous ATH of 2,984,040.000 was observed on 13 June 2020<\/p>\n<p>View metric:<a href=\"https:\/\/t.co\/rW81qhwy4d\" rel=\"nofollow\">https:\/\/t.co\/rW81qhwy4d<\/a> <a href=\"https:\/\/t.co\/EDuPLHS8s6\" rel=\"nofollow\">pic.twitter.com\/EDuPLHS8s6<\/a><\/p>\n<p>&mdash; glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1271808425039728647?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">June 13, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Therefore, postponing the launch date of ETH2.0 might have a little effect on investor confidence with respect to holding Ethereum.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In brief: Ethereum held the $228 support zone earlier this week when Bitcoin dropped to $9,110. With BTC exhibiting bearish signs, a drop could cause Ethereum to break this support zone. Once broken, the 50-day moving average provides adequate support at around $218. Ethereum is still holding its own in the crypto markets ahead of ETH2.0 and amidst speculation of a delayed launch.\u00a0 The weekly close is only a few hours away and Ethereum is trading at $234 at the [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":58124,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[823],"tags":[1233,108023,1322,5016],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/562087"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=562087"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/562087\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/58124"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=562087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=562087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=562087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}