Ethereum price analysis: ETH/USD back above $600 after a short-lived dip; looming Ethereum split brings uncertainty
|- Ethereum is well supported by $600, but the recovery is slow.
- Ethereum developers call to avoid evil twins on Ethereum blockchain.
Ethereum dipped below $600.00 on Wednesday before recovering to $635. The bearish pressure receded, but the coin is still vulnerable to sell-off as the hard fork issue is hanging like a sword of Damocles over Ethereum blockchain.
While influential Ethereum community members are interested in finding a way to avoid the split, the task is hard as they cannot reach consensus on critical points. Immutability supporters argue that EIP 999 will set a bad precedent, virtually licensing tweaks and tricks with the network. Their opponents argue that it will close the black hole that sucks millions of dollars annually.
Anyway, if the fork happens, all Ethereum-based coins and tokens will be affected as each smart contract will be duplicated to exist on both chains.
"If you own rare online cats, now every one of them will have an evil twin in a parallel universe," Van de Sande from Ethereum Foundation argues in his recent blog post. He is against splits.
Ethereum technical picture
On the intraday interval, 200-SMA (hourly chart) at $605 provides a good support with fresh buying interest registered around that area. As long as the price stays above this level, the upside may be resumed., while a sustainable move below $600 and $570 (61.8% Fibo) will strengthen the bearish case.
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