Ethereum by early August, remains under pressure and declining. Wednesday, August 1, virtual currency is trading at $420,82 and dropping 2.5%. For the last day of Ethereum has broken 2 important support level of $440,00 $426,00, and is now clearly committed to the new support at $410,00, according to Dmitry Gurkovsky, senior analyst at RoboForex.
Hour chart confirms what is seen on daytime. During the reduction Ethereum has formed 2 trend lines, they are both bearish and have resistance around $429,00 $442,00 respectively. In fact, the bears have become full-fledged masters in Ethereum right after the bitcoin went under $468,00.
Given how quickly Ethereum loses in price, it can be expected that the cryptocurrency “slip” to the recent low of us $411,00. If implemented, this scenario, sellers will easily take bitcoin below $400,00. On the other hand, the technical picture paints the possibility of a rebound from the $410,00-of 411.00 to $430,00, where it will be broken the first line “bear” trend.
The main support level for Ethereum, therefore, is the line of $411,00. Key resistance is at $430,00, then – at $442,00. The MACD on the daily chart remain in negative territory, declining again and signals sale. Stochastic oscillator goes down in the positive area and increases the signal to sales.
Among the interesting and significant fundamental news for Ethereum is worth mentioning the beginning of the testing code of Constantinople. This is a new stage in the process Metropolis, which began in 2017. Now the developers of Ethereum are prepared to make changes in the Protocol platform. The update should be completed by 13 August, then a decentralized platform for two months will be in the testing process. The test network will be available later.
Hardwork Ethereum in theory should make the whole system more efficient and attractive from the point of view of reduction of the Commission component.
The first stage of hard forks – Byzantium – was held in mid-October of 2017 and triggered a sharp depreciation of the currency. The decline, however, was fast enough to recoup the investors, but in the phase of measured growth Ethereum never returned.
The market still looks calm in the run-up to the tests of the second phase hard forks. The “failure” rates Ethereum at this time may not happen: it is now clear and can be clearly seen that all Protocol changes aimed at improving efficiency, which subsequently will make the cryptocurrency and token more competitive.
Capitalization Ethereum is now estimated at 44 billion USD, which keeps Aldona 2 place in the ranking of the most popular cryptocurrencies.
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