Ethereum price analysis: ETH/USD stays below $600 third day on a row while Vitalik Buterin initiates discussion about the Rothschilds going to crypto
|- ETH/USD is still below critical $600.
- Ethereum creator casts doubt over the Rothschilds financial power.
Ethereum has been sliding steadily for the fourth day in a row. The price is rangebound at $566 at the time of writing with little momentum. The second largest coin with market value $57B has lost over 2% in recent 24 hours and over 20% on weekly basis with average trading volumes registered at $1.8B.
Looking technically, ETH/USD upside potential is limited as long as the coin stays below a cluster of important resistance levels created by 23.6% Fibo at $652 and 100-DMA currently at $641. A sustainable move above this area is needed to discourage sellers and push the coin towards 200-DMA at $688 and to the ultimate resistance at $700. Ethereum as been spiraling down for three weeks now and the latest bearish candle on weekly chart looks terrifying. However, 50-SMA (weekly chart) currently at $525 is likely to stop the assault. This support is critical for the coin in the long run as a sustainable move lower will trigger a strong wave of selling orders and take the price all the way down to $400 and $362 (April 2 low).
Meanwhile, creator of Ethereum Vitalik Buterin threw into question "the Rothschilds" power. For those who are out of subject, this is a European dynasty of bankers, financier, and politicians, their wealth is comparable with FED's reserves.
"Are "the Rothschilds" even well-coordinated enough to be worth caring about as a group these days? I read the wikipedia article on them a few days back and these days they seem to just be a few hundred or thousand people born into various old-money-type high society positions. If old-money-type high society people want to make their own currencies, go ahead, more power to them; see you in the moderately-free market," that's what he wrote in Reddit thread.
Many people believe that the Rothschilds are capable of destroying Ethereum if they create their own crypto and choose to get rid of rivals through its wide connections. While there is no evidence to back the allegations, the discussion demonstrates the scale of distrust and disbelieve towards mainstream finance universe.
ETH/USD, the daily chart
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