At press time, the second largest cryptocurrency in the world is trading at a steady price point of $213.36— thus showcasing a stagnating economic trend that has endured over the course of the past 72 hours. However, it is worth noting that late yesterday, Ether touched a relative high of around $222.40 before falling once again below the $215 mark in a space of less than twelve hours.
ETH: Technical Outlook
Ether’s technical chart from a few hours ago seems to indicate that the currency is breaking out from its bearish pattern formation (referred to as the Rising Wedge). Considering that the overall economic trend for the currency looks to be heading downwards, it would not be surprising to see Ether test even lower levels in the coming few hours.
It is also worth remembering that the next strong resistance line is currently touted around the $225 mark, which means that Ether is currently in a murky area financially— especially if investors don’t pump in money soon into the premier digital asset.
Is Ethereum Classic the Next Bitcoin?
If market trends are to be believed, Ethereum Classic (ETC) may be on its way to an unprecedented market run in the coming few days. While the ETC community may not be large at this point in time, it does boast of investors who are really knowledgeable about the cryptocurrency sector in general.
Even though the market sentiment at large towards ETC has been largely negative from the very start, with many people even calling the project a scam from its inception, the above shorts chart clearly seems to indicate that the coming few days could usher in an unprecedented bull run for the currency. In fact, the chart is quite similar to the one Bitcoin exhibited last year when it had its amazing breakout.
Final Take
As reported by Cryptomode yesterday, XRP is once again closing in on Ethereum’s overall market share— with the difference in the total market capitalization of the two currencies laying at just over $1Bln.
Lastly, while most of the top-ten altcoins in the market have struggled to stay in the ‘green zone’ recently, Bitcoin Cash has seen a tremendous increase in its value (>17%) within the last 24 hours.
With that being said, what the future holds for this volatile market space is anybody’s best guess.
Charts Courtesy of TradingView.com
Disclaimer
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