Cryptocurrency prices gained stability during early Asian hours and now, the total market capitalization of all virtual coins in circulation is $130 billion, unchanged from Wednesday.
February 28, OctaFX – Cryptocurrency prices rose sharply Last week after it emerged that JP Morgan is planning to launch its own cryptocurrency. The news was big because JP Morgan is one of the biggest banks in the world facilitating more than $6 trillion local and international transactions every day.
Events impacting cryptocurrency prices
JP Morgan updates were followed by another report that said how the biggest oil companies had signed up for Vakt, another blockchain project that aims to simplify transactions in the industry. Other commodity groups like those dealing with agriculture are experimenting on their own blockchain projects as they attempt to simplify operations and boost margins.
The optimism on the currencies faded after Warren Buffet’s interview with CNBC, in which he downplayed the value of cryptocurrencies. Instead, he focused on the value of blockchain and how it would transform the industry.
Traders on their part started to think about the impact of Vakt and JP Morgan’s products and how it would affect current cryptocurrencies like Bitcoin and Ethereum. This led to a sharp decline in their prices. Yesterday, the two currencies reached lows of $3,640 and $124 before paring the losses.
Ethereum price technical analysis
The ETHUSD pair is trading at 135, which is higher than yesterday’s low of 124. On the four-hour chart, the price is slightly lower than the 58-day EMA while the RSI is trading at 47.
The Parabolic SAR of average points to a more downward movement while the on-balance volume indicator remains at elevated levels. There is a likelihood that the ETHUSD pair will remain within these levels.
This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.