Ethereum price analysis: ETH/USD flirting with the 38.2% Fibo, Golem CEO Julian Zawistowski believes Ethereum is the most promising blockchain platform
|- Golem has been referred to as the most ambitious project launched on Ethereum platform.
- Ethereum price is facing resistance from the 100 SMA, on the downside, it is supported at $680 and $660 zones.
Ethereum price is locked below the descending bear trend line as observed on the charts. ETH/USD managed to break out of the comfort provided by the support zone at $680. Although the crypto breached the resistance at $691, the upside movement is limited and Ethereum price is dancing with the 38.2% Fib retracement level with the previous swing high of $766 and a low of $644.
Julian Zawistowski, the founder and CEO of Golem said recently in an interview with TNW that Ethereum offers the most promising blockchain. He even said that there is no other platform that is remotely close to Ethereum. Golem is not migrating from the platform anytime soon, however, the CEO said that they are waiting for the scaling of Ethereum blockchain after which they will increase their interaction with the platform on a wider scope. Golem was developed on Ethereum and even raised funds through an Initial Coin Offering (ICO). Julian. However, said that he is not too pleased by the way ICOs are conducted noting that they do not really help the industry.
Ethereum price is exchanging hands at $691 with the upside limited by the 100 SMA ($695) and supported by the 50 SMA ($685) on the downside. Further resistance as the price retraces steps upwards will be faced at $700, but the buyers are eyeing $720. On the downside, ETH/USD has several support zones, for instance, at $680, the 23.6% Fibo close to $670 and the major support area at $660.
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