Crypto News | Ethereum consolidation on the horizon

Hello once again. More news is coming to us from the cryptocurrency market and, as we can see from statistical data, ethereum has been rising and has gained 77 percent this month. Its trading volume is $73.2 billion, so we can say that ethereum definitely took its piece of the market pie. As for the further price movements of ethereum, most experts agree that it will consolidate. The prediction of ethereum consolidation is founded on its breaking above of the multi-month ascending triangle. The price is now at horizontal resistance level, which is normal for every chart pattern. We have to say, though, that we cannot be 100% positive about the outcome: ethereum consolidation is just one, albeit the most likely possibility. So, if you’d like to enter the game with ethereum, now might be the time!

Today’s second piece of news has to do with bitcoin cash. Coinbase, the leading platform for buying and selling bitcoin in the United States, rolled out support for bitcoin cash. In other words, bitcoin cash is open to sends and receives, and buys and sells will be available once there is sufficient liquidity on GDAX (Global Digital Asset Exchange). Bitcoin cash was made because developers tried to improve bitcoin transaction speed, and all of the major bitcoin investors support bitcoin cash as well. Another good trading target!

We’ll close our news reviews with the situation on markets of shares. The pan-European STOXX 600 index was down 0.3 percent, and France’s CAC .FCHI was down 0.5 percent. Due to the scandal with accounting irregularities that wiped more than $1 billion of its market value, South African furniture retailer Steinhoff (SNHG.DE) lost 21 percent of its market value. The biggest gainer on the DAX was RWE that rose 1.8 percent. The winner on the STOXX was Stada (STAGn.DE) with a rise of 9.7 percent. Analysts think that the main reason lies in the fact that the German pharmaceutical company made a news deal with its majority investor, Nidda Healthcare.

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Author: Max Rothstein
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