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The new year brought some good news to the cryptocurrency industry as all the currencies recorded moderate gains, but the bullish run was too good to be true when the bears came back with a roar on Thursday and all the coins they had to bear the heavyweight bearish trend. The total market capitalization of the cryptography industry has declined and at the time of writing it stood at just over 120 billion dollars, which is equivalent to the psychological level of 130 billion dollars. Bitcoin, the flagship player of the cryptography industry, was around $ 36509 after suffering two sell-offs that saw its price drop from $ 4,050 to $ 3,850. In the last 24 hours, all the major currencies have been traded in red and the same is the case with Ethereum, who lost his second place to XRP. At press time, ETH traded at $ 127.42, down 0.37% in the last 24 hours.
ETH / USD
Currently, Ethereum is the third largest currency in terms of market capitalization after losing its second position in XRP and has recorded a huge decline at the start of today. At the time of the press, Ethereum traded at $ 127.42 and traded well below the support level of $ 139.7500. The key resistance level for the currency is $ 159.4400. The bearish trend that the currency is showing has been less expected by the experts in light of the imminent update of Constantinople scheduled for January 17, 2019. At this time the market capitalization of Ethereum is $ 13.29 billion and has a trading volume of $ 2.38 billion. ETH has plummeted by almost 19% in the last 7 days and this does not bode well for the cryptography market as a whole. The currency is traded in the $ 129.15 and $ 139.7500 range. The RSI indicator is at 50.2450, which suggests that the buying pressure is currently offset by the sales pressure for the cryptocurrency in the market. The MACD suggests that the digital asset is still in the bearish zone and it appears that this trend continues to occur in the near future.
ETH / BTC
At the time of printing, Ethereum is up 1.13% and an ETH is equivalent to 0.03478444 BTC.
Latest updates
Friday, co-founder of Ethereum, Vitalik Buterin, has taken on Twitter to clarify the air that the imminent gallows of Constantinople will not divide the currency in two as feared by many. He said he would simply replace the old chain with a new and updated one. Many users have expressed concern after the dramatic Bitcoin Cash fiasco in November last year.
In another development on Tuesday, Linzhi, a miners producer based in Shenzhen, issued a statement in response to the arbitrary decision taken by the developers of Ethereum to block the ASICs, from securing the platform in exchange for prizes. Linzhi said he was "shocked" by the move, saying: "We reject the arbitrary application of the rules and demand that clear and equal guidelines be established for all hardware manufacturers".
See also: "Congratulations on following my path," says Ethereum, Vitalik Buterin, co-founder of Litecoin
The hardfork of Ethereum in Constantinople will be supported by OKEx and Huobi
Image away Shutterstock
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