As yesterdays' market downtrend movement and more or less $19 Billion wipe out from crypto market cap in 24 hours as Ethereum Falls 7%. Still did not hit the buying zone. However, it turned down from the overhead resistance at the 20 day Exponential Moving Average (EMA), if we can set it.
With last day fall, the ETH/USD pair has still entry the descending channel pattern in daily timeframe, which is in again, a bearish development. If the bears break below the $430|420 levels, the next major support line is at $380|340. For, me that was a good buying level, just in case it will hit.
However, we can also wait for the bulls to scale the current level, if this can be sustained for the upcoming days. There maybe a possible uptrend move. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Fundamental News for Ethereum Long-Term price and uptrend possibilities!
The past week, Vitalik and his team has an Ethereum Core Devs Meeting #40
Stating that they will be combining sharding and casper upgrade in ONE upgrade.
- Casper is a “proof of stake (PoS)-based finality system which overlays an existing proof of work (PoW) blockchain.
- Sharding is a method of increasing the number of transactions that a blockchain can process.
Source: cointelegraph/ethereum-to-combine-casper-and-sharding-upgrades
Also, if bitcoin have already established the Bitcoin Futures, Ethereum Futures May Emerge Soon, as SEC Clarifies Ether is Not Security. As I've remembered, way back December 2017 when the bitcoin future is being planned, the BTC market cap is only $178K Billion, and after the bitcoin futures launched it goes to $332K Billion BTC Market cap.
If ever those Ethereum Foundation projects will be success. This maybe the time that Ether will take over the BTC market cap?
PS. Article you've read above is for educational purposes only and not an investment advise, do your own research and acquired enough knowledge in crypto before you take an action. Hope this helps!
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