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  • The ultimate resistance at $250 continues to place Ethereum below a long-term descending trendline.
  • VersaBank opens its doors of its crypto deposit vault following a success beta testing.

Ethereum is seen trading in a falling wedge pattern after correcting lower from the highs traded this week. Ethereum slowed down the bullish movement that dominated the price on Sunday, Monday and Tuesday. The price tested $224 to the upside but turned bearish sliding into the support range around $212.

The 50 SMA, on the hourly timeframe chart, will is limiting the upward motion immediate but a breakout is expected out of the falling wedge pattern. This breakout is expected to retrace above $220 and zoom past the key resistance at $230. The ultimate resistance at $250 continues to place Ethereum below a long-term descending trendline which means $300 is out for reach for now.

At present, the price is flirting with $212 and the signals on the chart from the applied technical indicators are in the green. The MACD has recovered to hold onto the mean line while the RSI is facing upwards after a period of ranging. These are positive signals for buyers to increase their entries in the market. A stronger support is available $200 and $190 respectively.

Elsewhere in the crypto market, Canada’s VersaBank, announced yesterday, Thursday 8 that the beta testing phase for its crypto safety deposit box has been completed. The bank intends to offer secure custody services to exchange platforms and other investment fund companies. CoinDesk reported that an executive from the bank said that they have had more than 200 inquiries related to the VersaVault. In addition, the VersaBank CEO, David Taylor stated:

“While many are considering ideas and plans for a digital safety deposit box, we have designed and built it, and are now commercializing a first of its kind service that provides our clients with the most sophisticated security and authentication technology available globally, in which our clients enjoy absolute privacy.”

ETH/USD 60-minutes chart