Ethereum price analysis: ETH/USD settled at $690.00 amid subdued volatility
- French retailer allows consumers to pay in ETH.
- ETH/USD is sidelined, just as the majority of cryptocurrencies.
GrosBill, large French retailer selling computer and other digital devices, allowed the customers to pay in ETHs. The shop hopes to get a competitive edge as many outlets accept payments in Bitcoins, but few receive Ethereum. The company is encouraged by massive positive feedback, but it does not have plans to introduce payments in Bitcoin or any other digital coin in the nearest future.
GrosBill has opted for Ethereum as it is less volatile than other popular coins. It takes only 15 seconds to confirm ETH transaction, which is much faster than in Bitcoin's case.
Ethereum price technical picture
On the intraday level, ETH/USD upside is limited by $690.00-$700.00 area, which comprises both 100 and 50-SMA on the hourly chart. If the coin manages to clear this level, the upside may be extended towards 61.8% Fibonacci retracement $723.00 that goes before the essential resistance, created by the long-term downside trendline at $750.00.
On the downside, the support is seen at $640.00 (March 9 low) and at $563.30, which is February 6 low.
ETH/USD, hourly chart
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Author
Tanya Abrosimova
Independent Analyst
