Experts throughout the world have constantly been calling for an economic crisis however no one was prepared for yesterdays (April 20th) price action of US Crude Oil. The previously mentioned turmoil did its fair share of damage to the cost of Ethereum (ETH) as will be elaborated.
The price of US Crude oil fell hard to $0 with its futures contracts going as far down as $-40.
The when in a life time event, shook the crypto markets with Bitcoin (BTC) going back below $7,000.
At the time of composing this, the cost of Ethereum (ETH) is holding the $168 assistance zone.
Ethereums $168 Support Zone Holding Well
In one of our previous analysis of ETH/USDT, we had actually noted that the rate of Ethereum was back in bullish area. We had actually mentioned two reasons as to why this was so: Bitcoins diminishing dominance in the crypto markets and the potential customers of ETH 2.0 introducing in the future this year. We had actually likewise recognized $168 as a very strong support zone for the King of Smart contracts.
Revisiting our preferred ETH/USDT chart, we observe the following. In regards to lower amount of time assistance zones, Ethereum has the following:
On 20th April, we saw a history disaster of the American crude oil costs as suppliers ran out of area of saving the commodity due to reduced demand. This crisis affected both Bitcoin (BTC), Ethereum (ETH) and the bulk of the cryptocurrencies in the markets. In the case of ETH, the coin is still holding the $168 support zone regardless of the oil crash.
In one of our previous analysis of ETH/USDT, we had actually kept in mind that the rate of Ethereum was back in bullish area. This disaster affected both Bitcoin (BTC), Ethereum (ETH) and the bulk of the cryptocurrencies in the markets. In the case of ETH, the coin is still holding the $168 assistance zone in spite of the oil crash. Any extra viewpoint herein is simply the authors and does not represent the opinion of Ethereum World News or any of its other authors.
( Feature image thanks to Victor Freitas on Unsplash.com.).
The previously mentioned turmoil did its fair share of damage to the rate of Ethereum (ETH) as will be elaborated.
The Ethereum 2.0 testnet was effectively released on the 18th of this month and has practically 20,000 validators in the few days that it has been active. The Mainnet launch is still on course to take place in July of this year.
ETH 2.0 Progress.
Disclaimer: This article is not indicated to give monetary suggestions. Any extra viewpoint herein is purely the authors and does not represent the opinion of Ethereum World News or any of its other authors. Please carry out your own research before investing in any of the numerous cryptocurrencies readily available. Thank you.
Ethereums existing rate at $170 is above the 50, 100 and 200 Moving averages thus providing one factor to still be optimistic that $200 is attainable.
However, the MACD has actually crossed in a bearish way and the MFI also indicates that ETH/USDT is on course to retest some of the assistance zones identified above. In addition, trade volume seems to be lowering in tandem with the remainder of the cryptocurrencies in the markets consisting of Bitcoin.