Cryptocurrencies bounce back, Ethereum Turns Positive – Outlook Positive
Feb, 07th 15:45
Digital currencies turned higher on Wednesday, building on gains from the previous day when they recovered from a drop to their lowest levels in more than two months amid a broad based selloff in digital assets.
Analysts explained that the upward move across cryptocurrencies found its roots in the fact that testimony from regulators before the Senate Banking Committee a day earlier was not as negative as many investors had feared.
As the price of Ethereum has soared (and then corrected) in 2018, one thing has remained constant – users continue to lose money due to hacks, faulty code and human error. It’s an issue that in the past has split the underlying platform into rival factions and left lingering debates – and, as recent activity on GitHub shows, tensions are escalating again.
Pumping new life into the debate is the resurgence of a chat channel formed in the wake of the loss of 513,000 ethereum coins by a startup named Parity, last year. In particular, the forum has reignited with the release of a sketch for how fund recovery proposals could be standardized to make them easier to implement.
The bullish tendency extended to all cryptocurrencies with the likes of rivals Ethereum, Ripple, Bitcoin Cash or Cardano all registering gains between 20% and 30%.
On the technical charts, ETH/USD is trading in the positive zone, above the 100 day and 200 day EMA. The market is trading below the 9 day , 20 day and the 50 day EMA. the RSI is at 41.3 and the MACD is below the signal line. The positive bias is dominating the market and expected to trade in the positive.
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