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.
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.