ETH/USD rejection at $178 smashes through the channel support

• Ethereum price once again fails to break the barrier at $180 giving to bearish action.
• Ethereum’s current trading action is sideways between the 50 SMA resistance and the 100 SMA support.

Ethereum price has tested the resistance at $180 twice in January without success. The assault this week went as high as $178 but the momentum fizzled put leaving the critical resistance untested. At the time of writing, Ethereum is trading at $$173 after losing 0.2% of its value during the Asian session on Thursday.

A Swiss company gets the go-ahead to launch a compliant IPO on Ethereum blockchain

The Ethereum blockchain will have the opportunity to host the first-ever regulated and fully compliant initial public offering (IPO) by a Swiss firm. Overtune, is set to launch the compliant IPO as well as provide ordinary class-A shares natively executing on Ethereum blockchain. The whole process will be conducted via smart contracts developed by Zug-based EURO DAXX, a European based cryptocurrency exchange. According to a press release on January 29:

“The company has approved the first Swiss articles of incorporation that directly states the digital nature of the shares (tokens) and the use of the blockchain as the technology to keep the shareholders registry […] transfer of the company ownership can be achieved only with a transfer of the tokens on the blockchain and only the ownership of the token can give the status of shareholder.”

Ethereum technical picture

Following the unsuccessful breakout forged towards $180, Ethereum dived breaking the key support offered by a rising channel. The various support regions that failed to halt the correction ranged from $176, the 50 SMA on the 1-hour chart and $174.

The current activities are settling in a sideways trend between the 50 SMA resistance and the 100 SMA support. The RSI doubles down on the sideways movement with its horizontal motion at the 40 level. If the next support at $172 gives in, expect additional support atv$170. However, a slide under $170 could have overreaching effects erasing the gains made towards $160.

ETH/USD 1-hour chart