Price variation in Ethereum
January 8, 2018 7:14 am,
We’ve all heard about the virtual world taking over and the bitcoin revolution. This has been going on for more than a year and now, it’s time to see the progress. Ethereum is a public blockchain based platform which features smart contracts. It is a decentralized platform which runs without any cause to fraud or censorship. Ethereum is represented by the abbreviation ETH.
In December, 2017, the ETH price was seen moving back higher after testing the $670 support zone against the USD. ETH had seen declines which was below the $700 level against the US Dollar. But with the strike of new year, Ethereum has set new records. We can put a statement from the previous analysis that ETH price has moved above the $900 and $1000 resistance against the US Dollars. This shows that the world, is indeed, trying to push over and indulge itself in the crypto virtual world.
There had been a couple of swing moves from the $1000 level but it has been speculated that the price was to settle above $1000. The marvelous part here is that the price has breached the 1.236 extension of the last drop from the $864 high to $475 low near the $1105 cut off. With these high rates, it would be only fair to make the next target 1.619 extension. The major support level is currently at $990 and the major resistance level is at $1105.
From January 4th to January 5th, Ethereum has been facing profit at the resistance level. The ETH/USD has since climbed to the $1200 level so we can anticipate it climbing to the $1310 level in no time. We have all herd of terms like bulls and bears in the stock market. So, if the bulls fail to break out of the ascending channel, a fall to the lower end at $840 is likely to happen. So keep your fingers crossed!!