- Lack of banking services is making cryptocurrency exchange difficult in India.
- Ethereum price appreciated considerably breaking past key resistance areas at $500, $510, and $520.
Ethereum has begun the week’s trading correcting lower. ETH/USD is down more than 5% in the last 24 hours on Monday while it is exchanging at $500.45, however, there is a presence of selling pressure and it might slide below this level. There was an upside movement over the weekend trading sessions at 490. Ethereum price appreciated considerably breaking past key resistance areas at $500, $510, and $520. However, the upside movement was limited by rising selling pressure above $530 level which opened the gate for a sharp downside correction.
In other news, some cryptocurrency exchanges (anonymous) are considering sending their representatives to counter the decision by RBI to abolish banking support for crypto-related businesses. One CEO from a cryptocurrency exchange said:
“We are looking at filing a petition to challenge the RBI’s order. At the moment we are working on it and trying to figure out if we should get together with the other exchanges and do it collectively,”
Lack of banking services is making cryptocurrency exchange difficult in India. Customers can no longer buy virtual assets through the bank and the only options they are left with is to use a local “dealer” or even worse walk into the headquarters of the exchange.
A lawyer, Anirudh Rastogi from TRA, a law firm that attends to crypto exchanges in the country said, [The RBI] has come with this overarching order that can be challenged on several counts. There is a right to trade and it cannot be restricted in absolute terms. Only reasonable restrictions can be imposed and applied, but a complete prohibition as restrictive as this was unnecessary,”
Ethereum price technical analysis
Ethereum has ranked higher than Bitcoin in the most searched cryptocurrencies online last month. The statistics were provided by the largest internet provider in India. At the moment, technical indicators are showing that there is a growing bearish momentum on the hourly chart. First, ETH/USD is trading below the trend line while the RSI is pointing further down towards the red regions to signal that the sellers have the upper hand. The 100 SMA has failed to support the price, while the gap between it and the longer term 200 SMA is widening to confirm the influence the bears have. The price is currently testing $500, while the next support level is at $490. The buyers must hold the ground above $500 to avoid declines below this pivotal level.
ETH/USD 60’ chart