Tanya Abrosimova
Independent Analyst
- Ethereum is trapped in the range as $500 handle attracts sellers.
- Google's founder confessed hat he mined Ethereum.
Ethereum, the seconds largest coin by market value, is changing hands at $461 after peaking at $495 on Sunday. The currency has lost 3.%% on a daily basis. Currently, Ethereum's market value is $46.9B with average daily trading volume registered at $1.5B. Short-term volatility is growing amid higher trading volumes.
Speaking at blockchain conference in Morocco, Sergey Brin, co-founder of Google, confessed that he had been mining Ethereum He said that he got interested in blockchain when his son asked him for gaming PC.
"A year or two ago, my son insisted that we needed to get a gaming PC. I told him, 'Okay if we get a gaming PC, we have to mine cryptocurrency. So we set up an ethereum miner on there, and we've made a few pennies, a few dollars since," he said.
Being the president of Google's parent company, Alphabet, Brin explained that the company is moving slowly towards the adoption of the new technology.
ETH/USD has lost 2.8% since the start of the day, so $500 handle remains out of reach for now. The price stays above the long-term sloping trend line (currently at $420), which is a good signal. However, further upside is capped by 200-SMA at $491 (4-hour chart), and by $500.
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