Ethereum Price Analysis: ETH Sinks 10% as Market Dominance Fall, Ceiling at $230 - Nodez News

Ethereum Price Analysis: ETH Sinks 10% as Market Dominance Fall, Ceiling at $230

Presently, Ethereum (ETH) is struggling against both the USD and BTC, down 10% against the former. However, the DeFi development will likely draw demand.

Today’s Ethereum (ETH) News

The future they say is in Decentralized Finance, or simply DeFi, and this very notion of recreating traditional financial instruments within a decentralized architecture and away from the control of companies and governments are the cause of excitement.

With Ethereum spearheading this development-together with Bitcoin thanks to their complete decentralization with no weak point or majority control, DeFi, according to Alex Pack, the managing partner at Dragonfly Capital, is “to reconstruct the banking system for the whole world in this open, permissionless way.”

Good news is, development is picking up. Since central banks and government policies are manned and formulated by people who can be fallible, prone to errors, the growth of DeFi applications, majority of which are built on Ethereum, will shape out over the long term.

According to Salil Deshpande, a partner at Bain Capital Ventures, the advent of dApps which are censorship-resistant, complete with the Libertarian appeal is exactly what is needed for the financial system to be resilient, transparent and to be less fragile.

As reported by Bitcoin Exchange Guide, Maker DAO and Compound are the two main DeFi application locking $280 million and $94.8 million respectively. The majority of these companies are in lending service, at 33 percent, while 22 percent are in the derivative services.

Despite this, Bitcoin (BTC) is clearly ahead of the pack, dominating the total market share, and concurrently outperforming altcoins including ETH.

ETH/USD Price Analysis

1 ETH/USD =$207,95 change ~ -1.94%

Coin Market Cap$22.27 Billion

24 Hour Volume$1.85 Billion

24 Hour VWAP$209

24 Hour Change$ -4.1200

Ethereum ETH

As of this writing, ETH is down a massive 10 percent from last week’s close, with a market dominance of 7.5 percent. Predominantly ranging, immediate resistance is at $230. Even though buyers have the upper hand from a top-down approach thanks to the strong upswings of May and June 2019, odds are, prices would slip in days ahead.

Ahead of hard fork Istanbul, ETH is trading within a bear break out pattern against the USD following the dip and close below the main support trend line connecting the lows of Q2 2019. Therefore, while there is a chance that prices may correct, sellers have the upper hand as long as prices are trending below $230.

Because of this, risk-off traders can sell ETH on every pullback in smaller time frames with the first target at $190, the main support line. On the flip side, any strong gain above $230, complete with high trading volumesexceeding 405k of July 16 could see ETH float to $300 and even $365, which is 2019 highs.

Similarly, high volume losses below $190 with a conspicuous break out bar is enough to force ETH to $100 or worse $70, 2018 lows. As a result of these and the fact that prices are largely consolidating, the best course of action for risk-averse traders is to take a neutral stance until after there is a break out in either direction as aforementioned.


Source. bitcoinexchangeguide.