The bulls snap out of hibernation as the looms approach

• "Blockchain is more than a market, it's a movement, market capitalization does not strengthen the business (sic)". The co-founder of Ethereum Joseph Lubin.
• Ethereum in the green for the first time this week; adds 2.97% per day.

The value of Ethereum has been reduced throughout the year. Likewise, its market capitalization skyrocketed and Ripple's XRP gained second place in the market. The test exceeded $ 100 levels last week before buyers pushed for a rebound of more than $ 120. However, the declining trend line limited gains with the trend that saw a bearish fall of $ 130. The disadvantage is currently supported at $ 105 while the $ 100 demand area is strong enough to contain and stop further failures.

Elsewhere, one of the co-founders of Ethereum, Joseph Lubin recently told users that the network can not be defined by the market. He added that market capitalization does not reflect the success of Ethereum. He calculated that growth in decentralized networks is what users should focus on, but adoption continues to grow.

"Blockchain is more than a market, it's a movement, market capitalization does not strengthen activity (sic), decentralized networks are growing, 10 billion daily API requests served by Infura, 1 million truffle downloads. 1 million MetaMask downloads, 12,000 eternal living nodes, 48 ​​million unique Ethereum addresses 3 times LinkedIn's blockchain job openings. "

Meanwhile, the price of Ethereum is trading below the 2-hour moving averages, which shows that bears are still under control. ETH / USD is changing hands at $ 111.4 at the time of writing. ETH / USD traded slightly in the green after a 2.97% increase in the day. The RSI, 50 percent of the market, is showing that the path of least resistance is upside down. The same is reflected in the MACD which is directed towards the middle level (0.0). To achieve a rally, Ethereum must eliminate resistance to moving averages and correct the resistance of the range to $ 125.98.

2-hour ETH / USD chart