The price of Ethereum is featured in our coming altcoin news. Over the past two weeks, Ether (ETH) has been a frequent topic of discussion. In the past day or two, the Ethereum price flashing green was another topic for analysts – all wondering if the altcoin has finished its retrace from a 2019 high at $364 or it has potential to rise even more.
This week, Ether settled at $170. Currently, the latest cryptocurrency news and updates feature the Ethereum price flashing at around $189 which marks a significant increase. On the day, ETH managed to add around 4% to its rise, proving that a bullish momentum may finally be building up.
Even though the news are not as exciting as they sound and not as convincing for a new bull run or a trend reversal, it is true that Ethereum can trigger many altcoins to grow now. In fact, the past 24 hours volume indicates that ETH has already pulled a lot of coins upwards. If Ether bottoms and reverses its course, however, the altcoins will also follow its trend.
Traders will now remember that starting from December 2018, Ether and Litecoin kickstarted a great year and initiated a rally which was dubbed as the “altseason” in the news. This is where all the excitement of the Ethereum price flashing went and why everyone is seeing behind the significant rise and to a potential rally.
The daily chart also shows that ETH managed to pop above its descending wedge after a double bottom with $167.50 support. On a large scale, it is clear that Ether is attempting to reverse the trend and a move above $196 is now set to be crucial for a new high.
When it comes to the purchasing volume, many best cryptocurrency news sites report that it is less than fantastic. Also, it is something that traders should keep an eye on. Some analysts are even attributing Ether’s rise to the network’s demand skyrocketing over the past month.
The weekly Moving Average Convergence Divergence (MACD) histogram also shows positive momentum during the Ethereum price flashing scenario – but the MACD has yet to pull above the signal line.
Privacy-Focused Zcash Demands Access To Ethereum’s DeFi Ecosystem
“Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.”The developers all over the world have been working on interoperability solutions just so they can enable different networks and to be able to interact more efficiently in an attempt to eradicate the existing issues in regard to scalability and speed. Related to this matter, the VP of marketing and business development at Electric Coin Company Josh Swihart, explained that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network by saying:
“If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in Ethereum smart contracts.”The ZCash Foundation board member Ian Miers explained the issue of why decentralized app creators might want to protect their addresses and smart contracts. However, as previously reported in the blockchain news, the South Korean cryptocurrency exchange UpBit stopped the trading support for six cryptocurrencies including Zcash. The exchange decided to delist these six privacy coins in order to block the possibility of money laundering and the influx of external networks. Also, a few days ago, the OKEx crypto exchange confirmed that they will also stop the trading of Zcash and other privacy-oriented digital assets. the exchange made clear that all of the coins fall short on the new guidelines that were set out by the intergovernmental body which is the Financial Action Taskforce.
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Analysts Expect Ethereum’s Price To Drop Towards $170
“Retest of $175 $ETH and $8150 $BTC IMO.’’Another crypto analyst- The Cryptomist, also explained on Twitter that the $183 is a key-near short term support level that most of the bulls will defend and there is a drop below this level potentially sparking a lot of capitulation that quickly sends it to $174:
“$ETH It is important for the price to sustain a successful re-test of this ascending triangle breakout at the price of $183. Should it fail to do so $174 may very well be next.’’As per the latest crypto news, the next few days will likely be very indicative when it comes to how most of the altcoins like Ethereum will continue their trends and seemingly will take guidance from Bitcoin.
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