- “Ethereum interests me because it can do things and because it's a platform,” said Wozniak.
- Ethereum price is trading within a falling wedge pattern, upside capped below $710, while the major support is at $680.
Ethereum price is supported above $700, but at the moment, it is facing resistance from the descending trend line of the falling wedge pattern close to $710. The price is down 0.87% on Monday, although it corrected higher over the weekend sessions after testing the major support level at $660 on Friday last week.
Ethereum blockchain has been receiving support from various leading figures in the technology world for its usefulness in the crypto space. The latest is coming from Steve Wozniak, Apple Inc. co-founder who said while giving a speech at the WeAreDevelopers conference on May 20 in Vienna Austria, “Ethereum interests me because it can do things and because it's a platform.” He also stressed that Ethereum platform could become as influential as Apple Inc. He also said that cryptocurrencies are still growing and their potential will be realized in a decade’s time.
Ethereum price is exchanging between support and resistance on the 4-hour chart. The 100 SMA is offering resistance to the upside, while the 50 SMA is supporting the price alongside the 38.2% Fib retracement level with the previous swing high of $825 and a low of $501. ETH/USD is trading at $707, although it is lacking the momentum to retrace higher towards $720. The RSI on the same chart is moving downwards towards the 50 mark, support targets on the downside are at $680 and $660 respectively.
ETH/USD 4-hour chart
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