Ethereum (ETH) Price Has Broken Downtrend and May Start Rising, ETH Developer Says

News
Fri, 11/22/2019 - 10:38
Yuri Molchan
Ethereum has broken the downtrend and is now retesting the trend line, an ETH developer states, saying that a positive outcome for the ETH price is likely
Cover image via 123rf.com
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The price of Ethereum, the second biggest crypto by market cap in the top ten line, has dropped by over 10 percent. All altcoins are declining following the flagship currency Bitcoin in its bearish trend at the moment.

Ethereum and EOS are both losing the biggest amount of value – ETH minus 10.79 percent. EOS minus 10.45.

Image via CoinMarketCap

However, a core Ethereum developer, who goes by the name @antiprosynth on Twitter, has brought some good news and a hope for a bullish reversal.

Ethereum price may go up if it holds

Looking at two charts, where ETH is trading against USD and against BTC, @antiprosynth states that ETH price has broken the downtrend on both charts and is now retesting the trend line.

While answering a question from a follower in the comment thread, the developer says that if ETH manages to hold from dropping further, the price may start growing.

Related
Bitcoin Price May Drop to $6,800 but Small Bullish Reverse Is Likely: Crypto Analysts

Ethereum’s hard fork Istanbul approaching

As reported by U.Today previously, the announced date of the Istanbul hard fork is December 6, which is about two weeks away from now.

This major upgrade has been delayed a few times but now Ethereum seems determined to implement it in the final days of Q4 this year.

Ethereum and Bitcoin are ‘formidable’ collateral economies

A few days ago, a cryptocurrency influencer Chris Burniske expressed an opinion that Bitcoin and Ethereum have gone beyond being just a medium of exchange and now they represent ‘formidable’ collateral economies.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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