empty
 
 
04.01.2019 08:38 AM
Ethereum analysis for 04/01/2019

Ethereum analysis for 04/01/2019:

Internet giants from Japan are leaving the cryptocurrency markets

Local Japanese media report, that GMO - a giant of online sales is withdrawing from the cryptocurrency mining sector. Hash rate increased while prices fell and competitiveness increased, which put pressure on profitability. In connection with the above, GMO decided to withdraw from the sale and further development of mining equipment. This move cost the company 25 billion yen.

The deteriorating profitability of extraction also affected another Japanese giant of electronic commerce, DMM, which also reportedly intends to leave the crypto industry. The company is to withdraw from the activity, such as even the sale of machines in the first half of 2019. According to reports, DMM will focus on its exchange platform (stock exchange), which has already achieved full legal and licensing status in Japan. DMM has launched a large-scale mining farm in Kanazawa last year where Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) mining began.

Let's now take a look at the Ethereum technical picture at the H4 time frame. The price has clearly broken through the dashed black trendline resistance and now is heading towards the technical resistance at the level of 155.06. If this level is cleared, then the next target for bulls is seen at the level of 175.82. Positive momentum supports the short-term bullish outlook.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback