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Despite Market Downturn Ethereum Price Still Showing Bullish Indicators

Despite Market Downturn Ethereum Price Still Showing Bullish Indicators
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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.

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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.

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Libra Was a "Neat Idea" That Will Never Happen: JPMorgan CEO Jamie Dimon

  • Alex Dovbnya
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    Jamie Dimon predicts that Facebook will not be able to launch Libra

Libra Was a "Neat Idea" That Will Never Happen: JPMorgan CEO Jamie Dimon
Cover image via u.today

During an event organized by the Institute of International Financed, JPMorgan Chase CEO Jamie Dimon weighed in on Facebook's Libra cryptocurrency that has ruffled many feathers since its announcement that took place on June 18.

Dimon calls Libra "a neat idea," but he is certain that this launch will never happen. That's all that the big banking boss has to say about the controversial stablecoin. 

He further added that the idea wasn't unique and recalled the bank's own stablecoin.  

Over the past few weeks, multiple private companies have abandoned the Libra Association out of fear of closer regulatory scrutiny. However, neither their exodus nor the outrage of lawmakers around the global stopped Facebook from moving forward with his plans. The company expects to add around 100 members prior to the launch of Libra.

Jamie Dimon is clearly not a fan of cryptocurrencies. Back in September 2017, just three months before the peak of the crypto bubble, Dimon infamously called Bitcoin a fraud, which is "worse than tulip bulbs." His critique was so scathing that the Bitcoin price dropped after his speech. 

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I'm a Big Fan of Bitcoin, Libra's Chief David Marcus Says

I'm a Big Fan of Bitcoin, Libra's Chief David Marcus Says

However, the number one US bank made a sudden U-turn and announced the launch of JPM Coin, its very own stablecoin that was perceived as a slap in the face for XRP.

Ripple CEO Brad Garlinghouse later explained why so-called "banking coins" are not the right answer to the global cross-border payment problem. Notably, Garlinghouse slammed Facebook for its "arrogant" approach to the Libra project while predicting that the stablecoin will not be launched by 2022.   
 

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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