Ethereum was previously trading inside a symmetrical triangle as it formed lower highs and higher lows. Price appears to have broken past the resistance and is starting a new uptrend, which might last by the same height as the triangle.
In addition, an ascending channel can be drawn to connect the lows and highs so far this month. Price just bounced off the channel top and may be due for a test of support, which happens to line up with the former triangle resistance.
Stochastic is on the move down so ethereum could follow suit. RSI also reached overbought levels and is also heading south to show that sellers are regaining control. Stronger selling pressure might even lead to a break below the $225 area of interest and a resulting drop that’s the same height as the triangle.
The 100 SMA is below the longer-term 200 SMA for now to show that the path of least resistance is to the downside. This signals that the selloff is more likely to resume than to reverse. Then again, the gap between the two is narrowing to hint at a bullish crossover or further consolidation if the moving averages oscillate.
In an interview at the Ethereum San Fransisco meet, ethereum co-founder Buterin talked about the early days of the blockchain industry and its mainstream adoption, along with Coinbase CTO Balaji Srinivasan. Buterin spoke of his expanding vision for ethereum:
“It kind of slowly dawned on you know, probably both me and the Ethereum community that general purpose, blockchains, really are general purpose and really are usable for a much wider variety of things, than we thought blockchain should be used for, back in 2013.”
As for mainstream adoption, he cited:
“The big question is, basically are there going to be applications that actually do manage to use blockchains, and use blockchains kind of front and center in ways that, you know, reach very large numbers of people.”