Long-Term Optimism May Contain Ethereum’s Downside Vulnerability

Cryptocurrency markets have been losing ground in recent weeks due to the lack of a positive catalyst. And Ethereum is also under this trend.

While most other cryptocurrencies are struggling to maintain their support levels, the ETHUSD pair has not given up much ground. Therefore, during the next upward movement, it is likely that the pair is leading the rally. Therefore, we do not recommend participants to close their long positions yet. They may add a stop loss on the price level at $ 130.

The longer the consolidation, the stronger the anticipated spike up or plunge for the ETH. It can be anticipated that the next move will be strong.

On the off chance that the price goes out of the general resistance at $ 199.50, there will be a recovery at $ 239.45 in place next. On the flip side, if the bears lower the price below $ 180, they are likely to try again from the price level at $ 152.11 in the support zone. The downtrend may be activated at a break in this area. However, participants may further maintain their long positions with stops at $ 130.

On the positive side, the fundamentals of ETH for its innovation shows a hopeful scenario since the blockchain for Ethereum recently experienced an increase in the amount of ERC-721 transfers made in a single day. The increase seems to be related to a particular decentralized application (dApp) on its network that is taking off.

The increase in the amount of ERC-721 transfers on the Ethereum protocol seems to be related to a decentralized gaming application that runs on the network. Gods Unchained is a trading card game that is built on the Ethereum blockchain. Every single card used to play represents an ERC-721 token on the Ether network. This gives users the true ownership of their virtual cards, which they can freely exchange in the open market.

Furthermore, MyEtherWallet (MEW), a UI client to collaborate with the Ethereum network, has reported another agreement with Rivet to meet its blockchain technological requirements….

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