#Ethereum: The bounce has some more steam
Ethereum, the third largest cryptocurrency by market capitalisation, has a lot of steam left in this bounce that saw prices climbing up sharply from the prices not seen in more than a year. Although, the bounce won't end the volatility we've seen recently.
ETH/USD is down about 0.8 percent on day at $108.67 and trading in about two percent range for the day, thanks to peculiar weekend trading lower volumes. On the 720-minute chart of this crypto, the formation of a channel and the bounce from the lower end of it is a first sign of the bounce and rally. Although, prices are at the upper end of the bollinger bands, that doesn't mean they can't rally more, all the way towards upper end of the channel, seated around $190 currently.
Co-incidently, ETH's 21 weeks SMA too is placed above $200 for now, which is where the long term trend changes from down to up - a big test for bulls and bears there. Till then, short and medium term trend remains up.
About Ethereum (ETH): Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.
Ethereum (ETH) is the 3rd largest cryptocurrency by market cap size. It is down 2.81% over the past 24 hours and is currently trading at $112.64.