Ethereum was one of the few altcoins that were expected surge this year, flagging the start of a new revolution. But, alas, the arrival of Coronavirus and the struggling economy reduced the value of Bitcoin and the cryptocurrency industry as a whole.
Over the past couple of days, Ethereum and a few other altcoins were holding steady in a financial climate that looked eerily similar to the 2008 crisis. Financial analysts have predicted major countries to be hit by recession with places like India and China being spared.
At the time of writing, Ethereum was trading for $132.4 billion with a total market cap of $13.6 billion. The second-largest cryptocurrency held a 24-hour market volume of $11.6 billion after a 1.45 percent rise in the daily spectrum. While Ethereum was holding steady, its closest rival XRP was climbing with a total market cap of $7.6 billion.
The hourly chart represented a price hold that was reminiscent of an earlier bear attack. Ethereum’s immediate support was at $124.3 while the resistance was at $135.4.
The Bollinger bands were in the middle of convergence after the latest price dip ensured any sort of resistance break was curbed.
The Relative Strength Index had fallen towards the middle of the graph, a sign of the reduced buying pressure. More people were now selling their Bitcoin assets in the middle of the coronavirus scare.
Ethereum’s Chaikin Money Flow indicator crashed below the zero line after struggling to stay above it. This occurred because the capital leaving the Ethereum market was more than the capital coming into it.
Ethereum’s daily chart was a representation of the cryptocurrency’s biggest fall since February 2019. The support on the daily spectrum was at 99.75.
The Relative Strength Index climbed from the oversold zone after positive price movements throughout the week.
The Chaikin Money Flow indicator salvaged some pride as the chart rose to the zero line. This meant that the Ethereum market was enjoying a higher capital inflow than earlier.
For the time being, the market can be expected to continue moving sideways because of a lack of external factors. The attack of the coronavirus has affected millions of lives across the planet and the cryptocurrency market will have to do everything to defend its credentials of being safe-haven assets.