Ethereum, the alternative to bitcoin.
December 18, 2017 6:42 am,
Ethereum is the second largest cryptocurrency after Bitcoin and has a market cap of $43.87 Billion and a supply of 96,211,128.
Ethereum (ETH/USD) trading at USD 455.99 was up by 5.36% with a total change of $23.20 within a single day on 8th December 2017. Moreover, more than 50% of the Ethereum traded through BTC followed by USD.
During an ETH/USD uptrend, the three long black candlesticks patterns occur with consecutively lower closes. This pattern suggests that the market has been at a peak price for too long, and investors are beginning to compensate for it.
During the period from December 4–10, the exchange rates of Bitcoin, Ethereum and Litecoin increased by 36.9%, 2.0%, and 55.3% respectively.
Moreover, according to Fibonacci retracement, the price is trading below 50% Fibo. Retracement level which signifies the buying at this level. If the ETH/USD falls below 38% Fibo, retracement level than a significant downtrend might be seen this week. However, on the upside, the changes are very high that the Ethereum will cross the 78% Fibo. Retracement level and the price may hike up to $510, $515, $520 levels by the end of this week. And it did. ETH is currently settled at approximately USD 650 (as on 15/11/2017).
Ethereum (ETH) remained in a tight trading range this week near its all-time high. The market cap as on 11th December 2017 stands at US$43.89 billion with US$1.26 billion in trade volume over the past 24 hours. Holders have seen a 58% increase from November.
Ethereum price is currently correcting lower against the US Dollar and Bitcoin. ETH/USD is now near $605, which is a major support area for buyers.
According to coinmarketcap, Ethereum’s price surge continued into today (15th December 2017) as the digital currency topped $700 to reach a high of $750. This brought Ethereum’s market capitalization to an astonishing $72.5 bn. However, as Bitcoin mounted a comeback, returning to near-record highs, Ethereum slipped.
The number of transactions per day too recently hit a new all-time high of 791,000, in no small part due to a popular Decentralized Application (DAPP) called CryptoKitties. More than US$8,000,000 in ETH has been spent on the self-described “breedable Beanie Babies”.
The technical experts suggest continued moves to US$650 and US$800 based on chart patterns. The ETH/BTC is also near a potential bottom but remains in a strong downtrend.
The price surged above the $720 and $750 resistance levels to trade to a new all-time high at $758.23. And again, it turned backward.
Learn more about ETH here: https://blockgeeks.com/guides/ethereum/
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