Ethereum [ETH] falls below $139.75 support level as it comes under bearish spell
The New Year brought some good news for the cryptocurrency industry as all the coins registered moderate gains, but the bullish run was too good to be true as the bears came back with a roar on Thursday and all the coins had to bear the brunt of the bearish trend. The total market cap of the crypto industry took a tumble and at the time writing it stands at just above the $120 billion mark which is well the psychological level of $130 billion. Bitcoin, the flag bearer of the crypto industry has been hovering around the $36509 mark after enduring two sell-offs that saw its price drop from about $4,050 to $3,850. In the last 24 hrs, all the major coins have been trading in the red and same is the case with Ethereum, which lost its second place to XRP. At the time of print, ETH is trading at $127.42 which is down by 0.37 percent in the last 24 hrs.
Currently, Ethereum is the third largest coin in terms of the market cap after it lost its second position to XRP and it registered a huge drop earlier today. At the time of print, Ethereum is trading at $127.42 and is trading well below the support level of $139.7500. The key resistance level for the coin is at $159.4400. The bearish trend that the coin is showing was least expected by the experts in light of the upcoming Constantinople upgrade which is scheduled to take place on 17, January 2019. Right now the market cap of Ethereum is $13.29 billion and it has a trading volume of $2.38 billion. ETH has plummeted by nearly 19 percent in the last 7 days and that doesn’t bode well for the crypto market on the whole. The coin is trading in the range of $129.15 and $139.7500. The RSI indicator stands at 50.2450 which suggests that buying pressure is currently evened out by the selling pressure for the cryptocurrency in the market. The MACD suggests that the digital asset is still in the bearish zone and it seems that this trend is likely to continue in the near future.
At the time of print, Ethereum is up by 1.13 percent and one ETH is equivalent to 0.03478444 BTC.
On Friday, Ethereum co-founder, Vitalik Buterin, took to Twitter to clear the air that the upcoming Constantinople hard-fork will not be splitting the coin in two as feared by many. He said that it will just replace the old chain with a new and upgraded one. Many users raised concerns after the dramatic Bitcoin Cash fiasco that took place in November last year.
In another development on Tuesday, Shenzhen-based miner-manufacturer Linzhi came out with a statement in response to the arbitrary decision taken by Ethereum developers to block ASICs, from securing the platform in exchange for rewards. Linzhi said it was “shocked” by the move, stating, “We reject arbitrary enforcement of rules, and request clear and equal guidelines to be established for all hardware makers.”
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