Ethereum continues its crashing, especially against Bitcoin, after losing a total of 6% over the past 24 hours. The current price is around $165. As mentioned, the sharp decrease in price is mostly a result of ETH BTC falling further lower into the 0.030 BTC support region.Despite the recent price declines, Etehreum is still up by 20% over the past 30 days and is up by a further 40% over the past 90 days, against the USD.
Ethereum has continued to trade within the consolidation pattern over the past few days as the cryptocurrency trades around $144. The market has now seen a 4% price rise over the past seven days, facing the previous resistance at $145. However, the market has remained within a long term symmetrical triangle and has dropped back beneath the $145 level.Ethereum remains ranked in second position as it currently holds a market cap value getting close to $15 billion.
Hong Kong Abra, the world s first global investment app, had just announced on expanding its support for Ethereum s platform by adding native integration of its cryptocurrency - Ether (ETH). This means that Abra users can deposit, invest, and withdraw ether directly from the application. Prior to extending its support, Ethereum was available on the platform as a synthetic asset. This basically means that Abra users were able to gain exposure to the price movements of ETH but they could only make deposits into the Abra app through a US based bank account, American Express Card, Bitcoin, Bitcoin Cash, or Litecoin.
The ETH market has seen a recent price surge: a remarkable 10% over the past 24 hours of trading, getting the ETH price action up to over $140, at the time of writing.The market cap of Ethereum is currently $14.5 billion as it comfortably sits in the second position of the largest cryptos by market cap.
ETH had reclaimed the second position on the top cryptocurrencies list by market capitalization with a current total market cap of $12.75 billion, whereas Ripple on the third place has $12.5 billion.The fact that Bitcoin recently gained 10% affected ETH better than its effect on XRP s price. Ripple is considered one of the cryptocurrencies with the highest percentage of inverse correlation to Bitcoin.
The inverse head and shoulders pattern in the Bitcoin chart is still active. However,For this formation to play out, Bitcoin has to break above the formation s neckline around the $4380 resistance level, which is the prior high. In case of a breakout, the target could be found at the mid $5000 area.