The present state of things in the crypto space presents a unique situation for the leading digital currency and altcoins like Ethereum and XRP. The much-anticipated institutional entry and the continued development of crypto futures, as well as other offerings to promote this technology, has lingered on. Bakkt is one of such offerings that promises many positives. When Bitcoin moves to greater heights, the rest of the crypto space follow. Meanwhile Ethereum (ETH) is reportedly on course to reach the $150 price position.
Ethereum (ETH) Price Today – ETH / USD
Ethereum (ETH) Has Being Gaining Bullish Momentum After Reaching $140
The digital asset has been gaining bullish momentum since reaching the $140 resistance position. The ETH/USD pair may have dipped a few points earlier, but it eventually found a solid support position near the $137 mark. Eventually, there was a fresh increase which forced a rally above $142 and $144 both of which are resistance levels. The price broke the $144 position before moving above the $145 level which is also a resistance position. The $146 price level is a new high, and the price is now correcting lower.
Do you guys sense the gravity of this?
MA120 of $ETH has officially turned upwards since Dec, 2017. If ETH is of any indication, MA120 of #Bitcoin $BTC should be turning upwards soon$ETH price in a beautiful ascending triangle with a midterm target of $385 pic.twitter.com/u97xFgjiXK
— ๑ PANDA ๑ (@PandaofBinance) March 29, 2019
From the start, the ETH/USD price is trading above $140 which is a support level and the 100 hour SMA. It is trading close to the 23.6% Fibonacci retracement level via the recent wave beginning from $140 to $146. There is a key connecting bullish pattern with support above $143 via the hourly chart of the pair. It looks like the Ethereum price may correct below this pattern and $142 regarding the short term. The $141 region should act as a strong support position in this case.
After the Correction, We Can Expect Gains Above $144 and $145
The 50% Fibonacci retracement region via the recent wave from $140 to $146 might also prevent drops. After this current correction is completed, we can expect more gains above $144 and $145.
Looking at the ETH/USD chart, we can see that the Ethereum (ETH) price is trading positively above $142 and $141. The next key support position near $139. $139 was previously a strong resistance. In the short term, we could see a downside correction near $142. The price of the ETH/USD pair will be likely to resume its upward momentum and trade towards the $150 region in the near term.
Bakkt to Strengthen Bitcoin and Altcoins
The Bakkt crypto offering is designed to facilitate the trading of digital assets. It will reportedly strengthen Bitcoin’s (BTC) fundamentals. In so doing the rest of the crypto community will be strengthened as well. Recent updates on the development of Bakkt shows that the platform has entered into partnerships with retail giant Starbucks and global technology heavyweight Microsoft. These moves according to the company, will incubate the creation of next-generation of convenient apps needed to facilitate mass crypto adoption which will be a positive for crypto overall.
Considering the experience of Intercontinental Exchange, it appears the Bakkt crypto offering could get regulatory approval from U.S federal regulators this year. If this happens, investors should expect to enjoy a new level of confidence in crypto.