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Ethereum price pumps and looks ready for another leg above $1,400

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Ethereum price rose lower after the release of the US CPI against the US Dollar. ETH dropped to $1,200 before starting a sharp increase and surpassing $1,300.

  • Ethereum pared all losses and rose again above the $1,300 resistance area.
  • The price is now trading above $1,300 and the 100 hourly simple moving average.
  • There was a break above the major downtrend line with resistance near $1,290 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair appears to be looking for a steady increase above the $1350 resistance area.

Ethereum price jumps over 5%

Ethereum faced a sharp decline after the release of US CPI data, similar to Bitcoin price. ETH dropped below the $1,250 support level. It even jumped below the $1,200 level before the bulls showed up.

A bottom was formed near $1,188 and the price started a strong increase. There was a 5% rally above the $1,250 resistance area. Ether price has broken the 61.8% Fib retracement level of the downward movement from the $1,306 swing high to $1,188 low.

Besides, there was a break above the major downtrend line with resistance near $1,290 on the hourly chart of ETH/USD. The pair is now trading above $1,300 and the 100 hourly simple moving average.

There is immediate resistance on the upside near the $1,335 level. It is near the 1.236 Fibonacci extension level of the downside move from the $1,306 swing high to $1,188 low. The first major resistance is near the $1,350 level. A clear bullish break above the $1350 resistance could open the doors for further gains.

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source: ETHUSD on TradingView.com

In the mentioned case, the price may rise towards the $1400 resistance. Any further gains could send the price towards the $1500 resistance level.

A new drop in ETH?

If Ethereum fails to rise above the $1,335 resistance, it may start a downside correction. There is initial support on the downside near the $1,310 level.

The next major support is near the $1,290 level and the 100 hourly simple moving average. Downside breakout below $1,290 could start new low to 1250 USD. Any further losses may open the doors for a move towards the $1200 support level.

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Technical Indicators

MACD per hourETH/USD’s MACD is gaining momentum in bullish territory.

Hourly RSIThe RSI for ETH/USD is now in the overbought territory.

Key Support Level – $1,290

Key Resistance Level – $1,335

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Cryptocurrency

Litecoin continues to rise as the hash rate records a new ATH

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Litecoin (LTC) was among the few bright spots in the cryptocurrency market that had to endure the negative effects of the collapse of the FTX trading platform.

In the midst of one of the worst explosions space has ever seen, LTC momentarily weakened, dropping all the way to $49.58.

But the cryptocurrency She stood her groundanyway, While the likes of Bitcoin and Ethereum were sent to various monthly lows it eventually started its own rally to close November on the high side.

As a result, Litecoin exited last month with an index price of $76.52 and recorded an impressive jump of 24% over a 30-day period.

The altcoin is also doing well during the early days of December. At the time of this writing, according to Track Who KoenjikoThe digital currency is trading at $83.11, up 10.8% in the past seven days.

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Litecoin has a healthy blockchain but its holders have failed to turn a profit

Aside from the continuous rise in trading prices, LTC is also seeing positive developments in other areas.

For example, according to data shared by CoinWarz, the hash rate of asset mining has reached a high again Another all-time highpeaking at 613.81 TH/s.

Within four months, Litecoin blockchain It recovered from the decline seen in July, rising 64%.

Litecoin

Image: Cryptotelegram

Furthermore, as of December 3, the DeFi network has generated the highest difficulty level since going online, with a block height of 2,379,925. The average difficulty of the Litecoin blockchain translates to a value of 19.52 million according to Mesari.

Meanwhile, profitability was one gray area for the altcoin, as most holders were unable to turn a profit on their investments during the previous month.

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As of November 30, LTC had a 30-day moving average of -149,000 net realized profit/loss (NPL). Additionally, during the same time, Litecoin had a -28% market capitalization to realized value (MVRV) ratio.

This indicates that despite the growth in cryptocurrency prices, in November, some of its investors are still at a loss.

A drop in the LTC price could happen within the next few days

Although LTC managed to prevent the effects of the cryptocurrency market crash caused by the FTX implosion, there is a possibility that the asset will experience a price correction soon.

According to the predictions of the online cryptocurrency information provider CoincodexThis could happen within the next 5 days with LTC losing nearly 8% of its value to trade at $76.33.

Moreover, 30 days from now, the cryptocurrency is expected to recover slightly and trade at $80.75, although this value is also lower than the current value.

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LTC total market cap at $5.9 billion on the daily chart | Featured image: InsuranceHub, Chart: TradingView.com

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A Chinese court says NFTs are virtual property protected by law

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A Chinese court in Hangzhou said that a non-fungible token (NFTGroups are virtual online property that must be protected by Chinese law.

November 29 Article Posted by Hangzhou Internet Court – A specialized Internet court – subscriber By crypto-blogger Wu Blockchain on Dec. 5 reveals the language of choice for NFTs after the country started to Crackdown on cryptocurrency In 2021, that leaves NFTs in a legal gray area.

The translated article says that NFTs “have the properties of a property rights object such as value, scarcity, controllability, and tradability” and “belong to the virtual property of the network” that “must be protected by the laws of our country.”

The court decided that it was necessary to “confirm the legal features of the digital NFT pool” of the case, and admitted that “currently Chinese laws do not clearly provide” for the “legal features of digital NFT pools.”

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The court order was introduced in a case where an unnamed tech platform user sued the company for refusing to complete a sale and rescinding its purchase of NFT from a “quick sale” because the user provided a name and phone number that allegedly did not match their information.

“NFTs intensify the creator’s original expression of art and have the value of related intellectual property rights,” the court said. She added that NFTs are “unique digital assets formed on the blockchain based on the mechanism of trust and consensus between blockchain nodes.”

For this reason, the court said that “digital NFT pools belong to the category of virtual property” and the transaction in the legal case is seen as “the sale of digital goods through [the] The Internet “to be treated as an electronic business” and regulated by the “Electronic Commerce Law”.

This comes after the Shanghai Higher People’s Court issued a document in May that stated that bitcoin (BTC) similarly Subject to copyright laws and regulations despite the state’s ban on cryptocurrency.

Related: Can Hong Kong really become China’s proxy in crypto?

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With encryption banned, China has worked on it Separate NFTs from cryptography Through a government-backed blockchain project to support the deployment of non-crypto NFTs paid with fiat money.

The government remains vigilant to ensure its residents resist “NFT speculation” as described in a joint statement in April between the China Banking Association, the China Internet Finance Association and the China Securities Association. Public warned About the “hidden risks” of investing in NFTs.

China is not the only jurisdiction to place NFTs under property laws. A Singaporean High Court judge relied on existing property laws in the October case NFTs are likened to physical possessions Like a fine watch or fine wine he says “NFTs have emerged as a highly sought after collector’s tool.”