- The collapse of the Ethics / USD is picking up as the currency pulls out a support after the other.
- Vitalik Buterin states that his comments have been misinterpreted and distorted.
Ethereum changes hands to $ 174.60. The coin takes back the downside after a weak attempt to recover late Tuesday. ETH has lost more than 4% of its value from the start of the day and almost 10% in the last 24 hours. It is one of the worst performing digital coins with over 37% losses in the last seven days.
The technical framework of Ethereum
ETH / USD is approaching unexplored territories as there are no support levels below $ 174.00. Once eliminated, the sell-off could take the pace and take the price towards $ 155.00, which is July 17, 2017 low. On the upside, the obstacles are numerous, and the first comes to $ 186. This level interrupted the recovery attempt late on Tuesday. Then come $ 190 and $ 200, which seems unattainable now.
Many experts accuse Vitalik Buterin of the recent sale of cryptocurrencies as a creator of Ethereum, who said the market has no room for growth. However, it seems that the cryptic community erroneously interpreted his words and lost the positive aspects.
"To be clear, I never said that there is" room for growth "in the cryptographic ecosystem, I said that there is no room for * 1000x price increases *. A price increase of 1000 times from today means $ 200T in crypto, or ~ an entire 70% of today's global wealth is encrypted, "he explained in his Twitter account.
In addition, he said he was positive about the future of the cryptocurrency industry, due to "deep reservoirs waiting for just the right trigger", but nobody listened.
ETH / USD, 1 hour chart
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