Ethereum price: ETH/USD extends declines to test $550; Coinbase rebrands GDAX and acquires Ethereum decentralized exchange Paradex
|- Coinbase to start listing more digital assets after the official launch of Paradex.
- Ethereum price supported by the $61.8% Fibo, more downside movement could trade close to $500.
Ethereum price tanked below $600 and is down 2.21% on the day. The currency has not been spared by the bear wave sweeping across the market. The 61.8% Fib retracement level with the last swing high of $831 and a low of $391 is supporting the price at the moment. Besides, there is a bearish momentum in progress in the charts, while ETH/USD is trading at $561.
Coinbase announced on May 23 that it has bought an Ethereum startup referred to as Paradex. The startup allows customers to trade ERC20 token directly from the digital wallets. It is considered as a decentralized exchange because it does not maintain the custody of the tokens for the users. The new acquisition will expand the scope of Coinbase by allowing it to offer trading for some of the 1600 tokens from across the world. Coinbase and other exchanges in the US have been avoiding listing assets that could be flagged as unregistered tokens.
In other news, Coinbase has rebranded GDAX to Coinbase Pro which has been designed to fit the needs of the individual traders. The platform has also been improved to achieve high user experience with the addition of various new features.
Ethereum price is trading below the moving averages on the 1-hour chart. The general trend is bearish, but $600 is the next bullish target on the upside. Above this level, the 50% Fib retracement level will offer more resistance. On the downside, the RSI entering the red oversold region, besides the Stochastic on the same chart is also pointing downwards. A drop below the support by the 61.8% Fib will encounter another support zone at $550. If the trend fails to reverse, $500 is well within reach.
ETH/USD 1-hour chart
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