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According to the price graph, Ethereum took a sharp bearish turn with regards to the US Dollar and Bitcoin. Moreover, ETH/USD is now seen trading within a bearish zone, however, it might continue to drop towards $104.
The pair ETH/USD fails to drives momentum above expectation $116 & $118 worth resistance levels. Previously, this particular pair broke down the $112 support, trading below the 100 hourly SMAs.
Currently, the price is fusing losses over $110, with a bearish zone, where an initial resistance is around 23.6% Fib retracement level regarding the latest drop over $117 high – $109 low. Moreover, there has been a huge bearish trend line that is visible with resistance over $112 relating the hourly chart of ETH/USD.
Technical Analysis ETH/USD
Hourly MACD: The current MACD for ETH/USD appears heavily in the bearish zone.
Hourly RSI: The ongoing RSI for ETH/USD seems to be in the oversold area; however, there has been no major sign of recovery so far.
Major Support Level: The value is worth $104
Major Resistance Level: The value is worth $112
Ripple CEO: XRP And Ethereum Doesn’t Seem On A Collision Course
According to the official website, the heads belonging to other Crypto attended a Q&A session. Discussing at the Ethereal Davos panel, Joseph Lubin at the ConsenSys along with Brian Behlendorf at the Hyperledger, specifically the head honchos discussed on a whole slew matter; mainly aiming the Blockchain and cryptos future.
Considering Ripple, Brad Garlinghouse, CEO at Ripple spoke on why he is not considering Ethereum as a competitor. He outlines that this was just a marathon rather than a sprint; weighing the success of any platform in any analysis is a fool’s errand.
Additionally, every coin aims at their respective niche audience on the other side, the platforms works on implementing exclusive use-cases. Therefore, Brad believes that we are still in these nascent stages of the market.
Moreover, Garlinghouse states, I don’t consider what Ethereum is doing in any way as a competitor with what’s going on with the XRP ecosystem. Sure [there is an overlap], but I think you’re going to see things play out in a long time.
Ethereum is not that simple thing to deal with; however, the only point of concern is this ongoing crypto winter. Go hand in hand with the Ethereum crypto market is stay tuned with best Ethereum news and education portals. Now the question is where you can get these Ethereum stories.
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