Ethereum price analysis: ETH/USD hanging in the balance, China’s cryptocurrency ban still on track, but ranks Ethereum as the number one blockchain
|- Ethereum tops the list, Bitcoin comes at 13th position while NEM (XEM) is the last blockchain at 28.
- Ethereum price upside movement limited below $705, but support at $690 and $680 zones respectively.
Ethereum price is sitting like attack waiting to be attacked by either the sellers or the buyers. The price is moving up and down the new pivotal level at $700. On the upside, it is capped below $705 while on the downside the immediate support zone is at $690. Ethereum has been the most used platform for developing tokens and building decentralized applications.
The Chinese government has been antagonistic toward cryptocurrencies in general, and still maintains the ban of the digital assets including trading. On the flip side, it welcomes the blockchain technology with open arms. However, it is sometimes not easy to separate blockchain and the cryptos making the subject a volatile one in the country. On an interesting turn on events, the Chinese government has released a ranking review of 28 top cryptocurrencies. Ethereum is leading as the top blockchain, followed by Steem and LISK respectively. Bitcoin (BTC) the 13th NEM (XEM) is at the bottom. The virtual currencies were ranked the basis of their technology, application as well as innovation.
Ethereum price is forming a falling wedge pattern on the 1-hour chart. The price has been achieving lower highs and lower lows in most of the sessions from the beginning of May. Attempts to retrace higher in the past few days have been unsuccessful with ETH/USD hanging to the key support areas at $700 and $680. The 50 SMA is offering resistance, besides, the 50% Fib retracement level with the previous swing high of $766 and a low $644 is another hurdle to be crossed. The short-term support is at $690, but further declines will be stopped at $680.
ETH/USD 1-hour chart
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