Ethereum price analysis: ETH/USD sidelined below $400.00; ASIC miners may force Ethereum hardfork
|- ETH community fights against ASIC miners.
- Ethereum sits below key technical level amid uncertainty.
ETH/USD is sidelined below $400.00 threshold. The coin is 3% higher on the day, but the momentum is not strong enough to push ETH above the critical resistance.
Meanwhile, Ethereum community is discussing possible hard form on ETH blockchain as the growing number of developers are voicing critical views on Ethash compatible ASIC miners. They argue that it will create favorable conditions for ASIC-based mining monopoly and squeeze small individual miners out of the market.
Read more about ETH ASIC mining issues.
Ethereum technical picture
ETH/USD is now trading at $390.00, above both 50 and 100-SMA on the hourly interval, but the upside momentum is fading away on approach to $400 handle. The bulls have to push the price above this level to create the sustainable impulse for further recovery towards $440.00. On the downside, the local support comes at $370; a move below will open the way to Sunday's low at $358.80 and by the critical $320.00-$300.00 area.
ETH/USD, the hourly chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.