Ethereum still faces bearish trends
August 14, 2018 9:29 am,
The cryptocurrency market has been facing quite depressing for a couple of days; the investors have been in constant fear of losing it all. Since the last couple of days, the cryptocurrencies have shown growth after Blackrock’s growing interest in cryptocurrency. When we look at Ethereum, we realize that it possesses the capability to provide decentralized processing which makes it different from other tokens. This also implies that the value of Ethereum may increase in the future. Although Ethereum is experiencing some drops time to time in the long run if the demand goes in the way it is not hard to hit numbers as big as $1k.
The cumulative market capitalization of Ethereum is placed next to Bitcoin which is as close as $47.72 billion. The individual price Ethereum has reached up to is $474.8 and is constantly increasing at the rate of 4.7%.
The price of Ethereum has managed to grow through the important resistances against the value of US dollar like $450 and $460. The present bullish trend has made the investors and crypto community return into the game. The ETH/USD pair is presently following the ascending channel it is being expected to correct the lower towards $480 level. The bullish signals indicate an uptrend against the US dollar. The Ether gained traction, breaking key resistance at about $210 against the US Dollar. A clear break above trend line at $200 was observed. The medium, as well as short term outlooks, are in consolidation for a breakdown. Stochastic oscillator is at about 32% and signal points are in the upward movement for Ethereum in the range. The estimated resistance levels are $330; $340 and $350, the support level currently range around $300, $290 and $280.