Ethereum analysis for 02/01/2019

The Bakkt digital asset platform – created by the operator of the New York Stock Exchange (NYSE) – announced the end of its first funding round before the start of the new year. The cryptocurrency platform for institutional investors with the Intercontinental Exchange (ICE) has officially raised $ 182.5 million from 12 partners and investors.

Partners and investors reportedly have experience in both traditional financing and crypto investments, including ICE, Boston Consulting Group, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Microsoft Venture Capital Arm and Pantera Capital.

Bakkt also noted that the company is working with regulators in the United States – namely the Commodity Futures Trading Commission (CFTC) – to obtain “regulatory approval for physically delivered and stored Bitcoin”, adding: “We submitted our applications and the approval deadline is now based on the regulatory review process”.

Many crypto experts and commentators in the crypto and Blockchain industry have pointed out Bakkt as the main factor that will help cryptographic markets bounce back from this year’s bear market.

Let’s now take a look at the Ethereum technical picture at the H4 time frame. The market is still trading in a narrow horizontal range between the levels of 146.04 – 117.40. Currently, the bulls are pushing the price higher in order to test the short-term trendline (dashed black) around the level of 138.00. The positive momentum supports this move up and if it will be successful and the bulls will break through this line, then the next target is the technical resistance at the level of 146.04.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Ethereum analysis for 02/01/2019