Commonwealth Bank of Australia ships almond using Ethereum blockchain, but ETH/USD drops below $450

ETH/USD got into bearish trap moving below $450.
CBA experiments with blockchain-based trade-supply system.

Tanya Abrosimova Independent Analyst

ETH/USD is trading at $448 at the time of writing. The second largest coin with a market value registered at $45B has an average daily trading volume settled at $1.7B. The price is down 2.5% from this time on Monday as the whole cryptocurrency market creeping lower after a strong rally during the prervious week.

There are no ETH-specific news taht could have influenced the coin's price, which means that ethereum in moving in sync with Bitcoin and other crypto majors.

Commonwealth Bank of Australia (CBA) announced that it had been testing a new system based on the Ethereum blockchain. The bank shipped 17 tonnes of almond from Australia to Germany using this new blockchain-based trade-chain system,

Ethereum's technical picture

Looking technically, ETH/USD slid below $460 (Fibo retracement level), which manes the short-term picture look bearish. Now the focus has shifted onto $440 (Friday's low ) and $421 (the lowest level of July 12). If this aea is cleared, the downside may be extended towards $400. On the upside, the short-term resistance is created by $460 and $470 handle, surrounded by 200 and 100-SMAs.

ETH/USD, 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

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