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  • Ethereum is losing ground, down 1.5% since the beginning of the day.
  • Google deleted MetaMask app from Google Play.
  • Vitalik Buterin is said to be behind a large Ethereum transaction.

Ethereum’s bearish trend is gaining traction. By the time of writing, the second-largest digital asset has lost nearly 1.5% of its value and slumped below $125.00. Currently, ETH/USD is changing hands at $124.50 amid growing volatility.

Several negative developments might have created a bearish environment and push the price lower. Notably, thin market conditions may lead to exaggerated price moves.  

Google bans Ethereum wallet

Google deleted an official Ethereum wallet MetaMask from Google Play and suspended its Android client, the team announced on Twitter.  

In the last week, the MetaMask Android client was suspended by the Google Play App Store @googleplaydev. They cited their policy that bans mining on mobile, which we don’t. Appeal rejected.

The Hi-tech giant rejected the team’s appeal and said that the company violated the financial services policy that explicitly forbids providing mobile applications for cryptocurrency mining.  

Notably, MetaMask says that the app cannot be used for mining.

The appeal rejection cited the same policy: No mining on  
@Android. We don’t. It’s unclear whether the reviewer doesn’t understand the policy, or whether they are enforcing an unwritten policy. Either way, it’s time to ProtectWeb3.

Vitalik Buterin is allegedly behind a large ETH transaction

On December 25, cryptocurrency wallets of three large cryptocurrency exchanges were deposited with ETH to the total amount of 204,500 coins (about $25 million). Cryptocurrency experts traced the coins and found out that 91,999 coins transferred to Kraken may come from Ethereum developer or from Vitalik Buterin himself.

However, Buterin denied this information, saying that someone might have been mistaken.  

ETH/USD: technical picture

ETH/USD moved below SMA50 (Simple Moving Average) 1-hour with the next focus on $123.40. This barrier is created by the lower line of 1-hour Bollinger Band and December 25 low of $123.35. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $120.00 and December 28 low of $116.40.

On the upside, we will need to see a sustainable move above $125.50 (SMA50 1-hour) for the upside to gain traction. The next short-term resistance is located on the approach to $127.00 (SMA100 1-hour) and $129.00 ( the upper line of 1-hour Bollinger Band)

ETH/USD 1-hour