04.01.201908:38 Forex Analysis & Reviews: Ethereum analysis for 04/01/2019

Ethereum analysis for 04/01/2019:

Internet giants from Japan are leaving the cryptocurrency markets

Local Japanese media report, that GMO - a giant of online sales is withdrawing from the cryptocurrency mining sector. Hash rate increased while prices fell and competitiveness increased, which put pressure on profitability. In connection with the above, GMO decided to withdraw from the sale and further development of mining equipment. This move cost the company 25 billion yen.

The deteriorating profitability of extraction also affected another Japanese giant of electronic commerce, DMM, which also reportedly intends to leave the crypto industry. The company is to withdraw from the activity, such as even the sale of machines in the first half of 2019. According to reports, DMM will focus on its exchange platform (stock exchange), which has already achieved full legal and licensing status in Japan. DMM has launched a large-scale mining farm in Kanazawa last year where Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) mining began.

Let's now take a look at the Ethereum technical picture at the H4 time frame. The price has clearly broken through the dashed black trendline resistance and now is heading towards the technical resistance at the level of 155.06. If this level is cleared, then the next target for bulls is seen at the level of 175.82. Positive momentum supports the short-term bullish outlook.