Ethereum [ETH], Ripple’s XRP, EOS fall prey to bears: Technical Analyses and Latest Updates 20859
Analysis
Jessica Kuruthukulangara
Aug 12, 2018 at 2:30 AM

The cryptocurrency market has not been able to bounce back from the low levels seen in recent days. Most of the major coins were trading in the red on Saturday, including Ethereum [ETH], Ripple's XRP and EOS [EOS].

ETH/USD

Ethereum [ETH] has been struggling in recent days, with the coin exhibiting a downtrend from the start of this month. In the last week alone, the cryptocurrency has slumped over 20 percent. The digital asset found at support $307.1 and is trying to sustain a positive momentum. The coin is now attempting to break out from the current resistance level, which can be traced at $326.2.

The 100 EMA line indicates that the virtual currency is still in downtrend, and this is likely to continue unless the coin sees buying coming in. At the time of writing, the MACD showed that the cryptocurrency was trading the in the bearish zone. The significant trading range is noted at $305.1-$332.3. As of 2005 GMT, the coin had fallen 5.8 percent against the U.S. dollar to trade at $323.15.

Ethereum [ETH], Ripple’s XRP, EOS fall prey to bears: Technical Analyses and Latest Updates-BCFocus

Ethereum [ETH] Latest Updates

World Bank recently mandated the Common Wealth Bank of Australia to issue a bond based on the Ethereum blockchain. This will be the first ever bond to be created, allocated and managed till its maturity using distributed ledger technology.

XRP/USD

Ripple’s XRP cannot seem to keep the bears away. The coin has slid a whopping 28 percent in the last seven days. The virtual currency initially found support at $0.29, after which it briefly edged up. However, it failed to keep away intense selling pressures seen in the market lately, and inched back down again. At the time of writing, the cryptocurrency was trying to break out from the current resistance level, noted at $0.31.

See also: Ethereum co-founder Vitalik Buterin debates on Bitcoin block size; community argues

The MACD showed that XRP was trading in bearish territory. The 100 EMA line indicated a downtrend. The digital currency was locked in a significant trading range of $0.29-$0.32. As of 2020 GMT, XRP had declined over 4 percent against the U.S. dollar to trade at $0.31.

Ethereum [ETH], Ripple’s XRP, EOS fall prey to bears: Technical Analyses and Latest Updates-BCFocus

XRP Latest Updates

Recently, Jackson Palmer of Adobe and Dogecoin pointed out that XRP was processing fewer payments per day than it did in 2016. The transaction volume has reached its all-time-low since 2016, back when the coin was sold at a price that was less than 5 percent of its current value.

EOS/USD

EOS [EOS] is not faring too well either, with the coin falling around 26 percent in the last seven days. The cryptocurrency initially found support at $4.92, but failed to maintain its momentum. The virtual currency is again attempting to rise further, after finding support at $4.86. The current resistance level is noted at $5.27.

See also: Charles Hoskinson posts a ‘rebuttal’ to Vitalik Buterin, Ethereum co-founder calls it ‘pathetic’

The 100 EMA line shows that the digital asset is in a firm downtrend. The MACD, at the time of writing, indicated that EOS was trading in the bearish zone. The significant trading range was noted at $4.82-$5.34. As of 2035 GMT, the coin had slipped 2.3 percent against the US. dollar to trade at $5.15.

Ethereum [ETH], Ripple’s XRP, EOS fall prey to bears: Technical Analyses and Latest Updates-BCFocus

EOS Latest Updates

Everipedia, a decentralized competitor of Wikipedia, will be launched on the EOS blockchain. Everepedia users can collect coins for contributions they make, in the forms of new articles or editing the existing ones on the platform. Everipedia’s native token, IQ, can be used to manage the network or cast votes when needed.

Image via Shutterstock

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