Ethereum [ETH] ranging horizontally at $102.80 price level as bears take control
The cryptocurrency market has been finding it hard to keep its head above water for the past few months and same is the case with the leader of the Bitcoin, which has been hovering around the $3450 mark. The Bitcoin price has been holding steady at a little about $3450 after taking a plunge below the $3,500 in late January. Some 400 billion in value has been wiped off the cryptocurrency market over the last 12 months and the future also look uncertain. Currently, the total market cap of the crypto industry stands at $111 billion which is way below the psychological barrier of $120 billion and most f the top 20 coins are trading in the red in the past 24 hrs. At the time of press ETH is trading at $103.68 and is down by 3.79 percent. The total market cap of the coin stands at $10.8 billion which is well below the market cap of XRP which is at number two spot.
At the time of print, the coin has been trading in a tight zone between $101.19 and $110. The support level for the coin stands at $105.44 and the coin is trading below the support level. The key resistance level of the coin stands at $115.96 and the coin is trading well below it. The bears broke the support level to the low of $101.83. The crypto’s price is now ranging horizontally at the $104 price level. If the support level holds, the coin may may embark on a bullish trend to reach the range-bound levels of $105 and $114. The hourly RSI indicator stands at 46.8873 and it suggests that the coin is facing strong seller pressure in the market. The MACD shows that the coin is in a bearish zone and the 100 EMA line shows a downward trend. If the bears break the $100 price level, the crypto will find support at the $85 price level.
At the time of print, ETH is down by 2.32 percent and one ETH is equivalent to 0.03035917 BTC.
In an interesting development on Tuesday, ETH 2.0 developer, Paul Hauner announced that Phase 0 of Ethereum 2.0, the beacon chain, is on track to launch its testnet. The Beacon chain is the system chain at the core of Ethereum 2.0. The chain helps to store and manage the registry of validators. Beacon chain is the base of the sharding system.
In another development last month, Binance announced that it has enabled users to buy BTC and ETH using credit cards. The exchange has joined hands with the payment processor, Simplex, to roll out credit card payments on its platform.
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