Ethereum, the second most valuable cryptocurrency.
December 20, 2017 6:03 am,
Just as we have Bitcoin, Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two, one of the most defining distinction between the two, to note is that Bitcoin and Ethereum differ substantially in purpose and capability. Bitcoin offers one particular application of blockchain technology, a peer to peer electronic cash system that enables online Bitcoin payments. While the Bitcoin blockchain is used to track ownership of digital currency (bitcoins), the Ethereum blockchain focuses on running the programming code of any decentralized application.
Talking about the market cap, the market cap of Ethereum — the second most valued cryptocurrency is smaller than just four Indian companies— Reliance Industries, TCS, HDFC Bank and ITC.
Some of the ETH price trends as on 19th December 2017 are:
- Ethereum classic price gained a lot of traction and was able to move above $40.00 against the US Dollar.
- There was a break above a key declining channel with resistance at $34.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is now placed well above the $35.00 support and looks set to gain further in the near term.
As on 16th December 2017, it was suggested that the bulls are slowly nudging price towards the lifetime highs.
It was also noted that the cryptocurrency will resume its uptrend if the bulls manage to sustain above $780. The upside target following a breakout to lifetime highs is $995.99.
On the other hand, if the bears push Ethereum back from the highs, it is likely to consolidate between $610.03 on the downside or $780 on the upside.
In the past week, it was observed that a nice upside move was formed above the $600 and $700 levels in ETH price against the US Dollar. The price traded as high as $758 before starting a downside correction. It traded lower sharply and tested the $620 support area and did not test the $600 handle. Later, buyers appeared and pushed the price above the 23.6% Fib retracement level of the last decline from the $758.24 high to $611.12 low.
Also, the current price action is very positive and suggest more gains in ETH/USD in the near term above $650. There are decent technical signs forming and the price has already moved above the 50% Fib retracement level of the last decline from the $758.24 high to $611.12 low. There is also a crucial bullish trend line forming with support near $680 on the 4-hour chart of ETH/USD. Therefore, there are many supports on downside near $680 and $650 to act as a buy zone.
Read an article here which tells you about how ETH gained momentum during the middle of this year: http://www.moneycontrol.com/news/technology/rise-of-ethereum-why-this-cryptocurrency-skyrocketed-3000-in-2017-2299203.html