Over the weekend, no notable Ethereum price changes have been noted. Although this popular token still faces a lot of market pressure, it seems a positive value gain might be in order over the coming hours. The hourly chart looks somewhat promising, although a push to $110 may very well require a lot of effort. In the ETH/BTC department, things are not looking too great either, although the situation could improve at any given moment.
Ethereum Price Momentum Remains Awkward
It is not an easy period for all cryptocurrencies as of right now. Considering how many markets rely on Bitcoin’s price first and foremost, it is only normal no real uptrend can materialize as of right now. In the case of Ethereum, there has been a lot of negative pressure on the market, although it hasn’t hit the two-digit mark again. There may be another dip in the coming days, although no major dips are to be expected as of right now.
Over the past 24 hours, it has become apparent there may be some further sideways trading where the Ethereum price is concerned. The 0.2% drop in USD value is expected to level off in the coming hours, which is something to look forward to. There is some positive action in the ETH/BTC ratio, as a 0.13% increase can be noted there. For now, the value of $108 should be sustained all day long, assuming Bitcoin doesn’t turn incredibly bearish once again.
The big news of the day comes in the form of the recent Parity security bug. Although a software update was issued, those users who do not upgrade can be susceptible to having their nodes crashed remotely. It shouldn’t cause any major disturbance where the Ethereum network is concerned, although one never knows how long it will take for everyone to upgrade the software. No immediate price impact is expected due to this news.
It would appear a lot of people are quite pleased with the way EnjinX has supported Ethereum and its native network. It is another viable tool for novice users to effectively explore the Ethereum ecosystem and everything it has to offer. Solutions like these can eventually pave the way for mass adoption in the coming years, which could have a positive impact on the price as well.
When looking at the current Ethereum chart from a technical perspective, it would appear the ETH/USD ratio will offer some excitement moving forward. While it remains unclear how things will evolve exactly, there could be some minor gains to be noted. A push to $110 would be more than welcome for investors, but it will primarily depend on what will happen to Bitcoin’s value in the process. Assuming Bitcoin doesn’t collapse, this week might be off to a decent start.
— SERTAN ARİCİ (@Sertong81) February 4, 2019
Although there is no major development taking place right now, the Ethereum chart action can prove worth keeping an eye on. It is unclear what this week will have in store for all markets, as predicting Bitcoin’s momentum has been very challenging in many different ways. For Ethereum, no news is usually good news, although the value could always respond in a rather unexpected manner.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.