Tanya Abrosimova
Independent Analyst
- Ethereum has lost 1.7% on a daily basis.
- Yahoo Finance adds crypto trading functionality to its platform.
ETH/USD bulls made another failed attempt to take the price above psychological $300 on Wednesday with an intraday high set at $297. The second largest coin is trading at $286 by press time, having lost 0.7% since the beginning of Thursday and 1.7% on a daily basis. ETH's market cap is registered at $29.1B, while the average daily trading volume reached $1.4B, unchanged from Wednesday.
Meanwhile, Yahoo Finance now allows users to buy and sell Bitcoin, Ethereum, and Litecoin right from its platform. While some crypto enthusiasts, including Anthony Pompliano from Morgan Creek Digital, believe that this development is another step forward towards crypto mass adoption, market reaction is somewhat muted so far.
Probably, the news about upcoming crypto related discussions during EU meeting in Vienna on September 7 overshadows everything else.
Ethereum's technical picture
ETH/USD dropped below SMA50 (1-hour chart) at $290, which now serves as a strong resistance area, also strengthened by 38.2% Fibo retracement (daily). $300 handle proved to be a hard nut to crack; thus the downside is now the path of least resistance for the coin with the nearest support seen at $282.9 (SMA100, 1-hour). Once it is cleared, the sell-off may be extended towards $280 (SMA200, 1-hour) and $271 (August 27 low).
ETH/USD, 1-hour chart
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