Despite Market Downturn Ethereum Price Still Showing Bullish Indicators


Despite Market Downturn Ethereum Price Still Showing Bullish Indicators
Contents

Bitcoin continues to lead the rest of the cryptocurrency market with its recent fall below $8,000 taking most of the market down with it. The major cryptocurrency has fallen over six percent in the last 24 hours, as has the next biggest coins, Ethereum and XRP and Bitcoin Cash.

This fall in price of the top four cryptocurrencies is disappointing to see after a sustained period of growth, but it may well just be a blip, for Ethereum anyway. The second biggest coin by market cap is falling, but it still has strong technical and fundamental indicators.

Through the year Bitcoin is up around 130 percent, while Ethereum is not far behind having doubled in value in 2019, but moreso, it could mean that Ethereum has a lot more room to grow.

A positive cross over

Looking at more the technical side of things, Ethereum is seeing a crossover of 100 EMA and 100 SMA in its one day chart. The EMA is the Exponential Moving Average, while the SMA means Simple Moving Average.

This type of crossover has been seen before, and at a key time, during the late 2017 massive cryptocurrency rally. During that time, Ethereum took the cross over momentum and went from single figure to be valued at just under $1,400.

Undervalued?

Ethereum is, arguably, even more revolutionary than the pioneering blockchain, Bitcoin. It has even called Blockchain 2.0 and offers broader use-cases bringing the technology to the fore. For this reason, may feel that it is significantly undervalued.

However, the blockchain itself has not done itself any favours by putting up poor performances under bigger tests and strains. Small applications such as CrypoKitties have nearly sunk the blockchain in the past as cracks quickly appeared.

Now, however, there is a change in the air as Ethereum looks to change its algorithm and effectively up its performance capabilities. Many feel that if the change to proof-of-stake is successful, the price of Ethereum will skyrocket.

Cover image via 123rf.com
Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

👓 Recommended articles

Ripple’s XRP Price Struggling — Is This the End as Max Keiser Predicts Facebook Coin Will Take Over?

  • Darryn Pollock
    🤷 Opinions

    ❌👊 XRP’s price has failed to kick on — is there too much competition as Max Keiser predicts Facebook Coin to make it obsolete?💁‍♂️⚒


Ripple’s XRP Price Struggling — Is This the End as Max Keiser Predicts Facebook Coin Will Take Over?
Contents

While the cryptocurrency markets have been down of late, there has been very little to be excited about from a Ripple point of view. The company’s XRP token has failed to kick on during the cryptocurrency spring, and maybe it is down to losing its niche.

There is a bigger and bigger drive for coins that accomplish what XRP does, and despite being one of the first, there is major competition emerging from big companies like JPMorgan, as well as now Facebook.

Max Keiser, a well-known cryptocurrency commentator, has said he believes Facebook’s hugely hyped GlobalCoin will do away with the need for hundreds of altcoins, including XRP. It remains to be seen if GlobalCoin will hit the same niche, but it does feel like it has a chance.

A cryptocurrency killer

There are hundreds of cryptocurrencies currently on the market, and not many would argue against the fact that many are not needed and a bit of a waste of space. There are niches which have a lot of competition, like the smart contract blockchains of Ethereum, Cardano, NEO, etc.

Ripple’s XRP solution to cross-border banking payments is a well known cryptocurrency, but is still just a startup and a minnow in the eyes of JPMorgan and Facebook.

Keiser is a big believer in Bitcoin, but not as fond of the massive altcoin market behind it.

Should XRP be worried?

Keiser has a point about the power of a coin backed a company of the magnitude of Facebook, but he may be stretching things a little with GlobalCoin’s reach.

XRP’s niche is, and always has been, towards banks and making partnerships there. On the other hand, GlobalCoin will be a broad token, but one targeted at individuals rather than businesses.

Questions continue to be asked about the interoperability of blockchains, and perhaps that is where this arms race will be headed. XRP can be a banking solution, and GlobalCoin one for the people, but there should be a drive to be able to get them to work seamlessly together.

Cover image via www.freepik.com
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

👓 Recommended articles