the ETH/ USD The pair closed at $ 3979.47 after hitting a high of $ 4,072.10 and a low of $ 3943.62. ETH / USD reversed its course, falling on Wednesday after rising for the last two sessions, largely due to the trend of the leading CryptocurrencyThe CEO of Square and former CEO of Twitter, Jack Dorsey, one of the most famous BTCAdvocate, recently gave reasons for rejecting Ethereum and other blockchains. Dorsey, who previously said he would leave both companies to work on the primary cryptocurrency if BTC needed it, said people should focus on safe and resilient technology developments like Bitcoin rather than Ethereum or other blockchains that Control individuals or organizations.
A Twitter user asked Dorsey to support Ethereum and other blockchains, and in response to his tweet, Dorsey said it was crucial to focus the energy on truly safe and resilient technologies that belong to the masses rather than individuals and institutions . This comment put Dorsey’s belief in Ethereum under pressure ETH / USD Pair.
Meanwhile, the second largest cryptocurrency, Ethereum, also followed in the leading cryptocurrency, Bitcoin, and fell on Wednesday. Bitcoin was down due to the negative comments from famous economist Eswar Prasad. According to him, Bitcoin would eventually lose its value because it was inefficient and had an environmentally damaging mechanism. BTC followed up on those negative comments and fell on Wednesday in the absence of much fundamentals, which dragged overall market sentiment down.
Pivot point: 3998.40
Ethereum attempted to break the USD 4,020 and USD 4,050 resistance levels. ETH/ USD even passed the $ 4,050 mark and the 100-hour simple moving average.
There was no up move above $ 4,075, however. A high was hit near $ 4,075 and the price began to decline. There was a break below the USD 4,000 support level. Ethereum even fell below the 23.6 percent fib retracement level of the uptrend from the low of $ 3,750 to the high of $ 4,075.
Unless a new uptrend begins above USD 4,000, it can continue to fall. On the flip side, an initial level of support is near $ 3,940. The first major support is already emerging at around $ 3,920.
The 50% Fib retracement level of the move up from the low of $ 3,750 to the high of $ 4,075 is also near $ 3,920. A break below the USD 3,920 and USD 3,900 levels could trigger a new dip in the short term.
Source: Crypto News Deutsch