Fri, February 23

Ethereum Price Consolidates After Failing to Clear Above $2072

Ethereum Continues to Trade in Red as Bears in Total Control Editors News
  • At the time of writing, ETH is trading at $2030, down 0.91% in the last 24 hours.
  • If the price breaks below the $1992 support level, then it will likely test the $1935 level.

Cardano’s founder claims that while Ethereum’s co-founder works to rearrange one of its most prominent aspects, Cardano’s current structure seems to be being replicated via the Ethereum blockchain network. Hoskinson maintains the firm belief that Cardano’s status as an industry prototype has gone unrecognized.

Charles Hoskinson recently made some bold claims about the influence of Cardano on the blockchain sector in a post on Twitter. Even though Ethereum tried to rethink its network by including some of Cardano’s capabilities, the Ethereum community still hasn’t recognized Cardano as a groundbreaking solution, as per Hoskinson.

A crypto whale has come under scrutiny for amassing a large quantity of Ethereum (ETH) in the last few months. The blockchain monitoring firm Lookonchain reports that since September, a whale has acquired 31,149 ETH, which is worth around $54.9 million. Moreover, this week the whale added 4,865 more ETH, according to the blockchain monitoring firm.

Additionally, Lookonchain noticed that an Ethereum ICO participant transferred 3,000 ETH ($6.2M) to the Kraken cryptocurrency exchange. The recent dumping might trigger a larger sell-off in the price of ETH.

Consolidation Phase

At the time of writing, ETH is trading at $2030, down 0.91% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down by 14.60%. The price recently found support at $1992 on November 28.

Source: CoinMarketCap

The price surged briefly but could not continue with the momentum, facing strong resistance at the $2072 mark. Moreover, ETH price is now in consolidation phase, trading in a confined range. If the price manages to go past this level then it will likely test $2129 resistance level. However, if the price breaks below the $1992 support level, then it will likely test the $1935 level.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.