Cryptocurrency Ethereum on Friday, November 16, continues the decline and “teetering” around 180,95 USD. Now virtual asset is close to the minimum values of September 2018. It is possible that the minima will be updated in the near future due to negative market conditions, says a leading analyst RoboForex Dmitry Gurkovsky.
After a rapid reduction in Ethereum continued the development of the longer-term downtrend. Quotes approached the main line of support, the goal remains the $159,70. While the current short-term technical pattern can be considered as a correction on the recent momentum of decline.
Correctional growth has reached the level of 38.2% according to Fibonacci scale and may continue until the level of 50.0%. The correction is completed upon reaching the main target at $159,70 may be only an intermediate stage in the development of a descending tendency. The $152,75 could be the turning point on a local scale for the development of a medium term correction towards resistance at $186,20.
According to Susquehanna, mine Ethereum has become quite profitable. This fall, as the observations of experts, the profitability of mining Ethereum fell to minimum values, and then decreased to zero. Such dynamics will have a negative impact on the arrival of new miners to the cryptocurrency.
The reason for the fall of profitability of mining on the surface – reducing the cost of the asset, largely associated with market trends. If last year’s production Ethereum has brought no less than 30 USD a month, and earlier in June 2017, and allows you to earn up to 150 USD, now this figure is zero. We are talking about Ethereum mining on graphics cards RX570, GTX1070 and their analogues.
Moderately negative for Ethereum news is the decision of the developers of the Kik messenger to abandon the platform Vitalik Buterin. Alternative to Ethereum was Stellar. The main problem Ethereum is called scalability.
In the spring of this year, the functionality of the EIC was based on two platforms, in order to use the maximum benefits of both. From Ethereum was taken safety, from Stellar – the processing speed. The interaction was based on the principles of atomic swaps. Now, however Kik has decided to abandon this approach and suggested users to switch to the new blockchain and not use tokens ERC-20.
Meanwhile, as already mentioned repeatedly, the Ethereum developers deal with scalability problem. It decided first, for the next few years will take the place of leader in the sector of digital currency and technology.
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