Bitcoin is struggling ETH Consolidating Gains Ripple Co-founder paid $26 millionSeptember 10, 2019
The price of the Bitcoin is struggling, but the amount of Ethereum price could continue further higher and the price settled above the $175 resistance area versus the USD.
The price is now consolidating the gains and, therefore, it might continue to rise towards $185 or $190. A key breakout pattern is forming, and support is seen near $180 on the hourly chart of ETH/USD.
The price might dip a few points toward $176 or $175 before it can start with a new increase. The MACD for ETH/USD is declining, and it is struggling to sustain the 50 levels. Major support level is seen at $175, and Major resistance level is seen at $185.
Hudson Jameson, Community Manager of Ethereum Foundation, stated, the Istanbul Hard fork would be initiated on the ETH testnet approximately during October 02, 2019. The testnet was initially scheduled for September 4, 2019; however, the launch was postponed due to several updates and improvements. The developers have now decided on the block number on which the hard fork would be activated.
Istanbul is likely to become the eighth hard fork on the ETH network. The first part of the fork will likely improve on the interoperability with the ZCash to make the network resistant to double-spending attacks.
Technically, the initial support will be created by the middle line of the 4th Bollinger band near $177 followed by an intraday low at $176.26. The 4-hour SMA is at $175.86. The downside might likely gain traction with the next focus on the psychological $170 level.
Jeb McCaleb, co-founder, and former chief technical officer of Ripple gave its co-founder $26 million. There is a widespread fear that he might cash out the digital currency in favor of fiat.
One of the tweets on Saturday read, “100,000,000 #XRP (26,322,440 USD) transferred from Ripple to Jeb McCaleb wallet.” If this would happen, then XRP would take a nosedive falling straight to ground. However, others feel that he might choose to shore upon another cryptocurrency project, Stellar Lumens. After leaving Ripple, he became the CTO of the project to launch the Stellar Lumens Development Foundation in 2013.
Several investors expected that XRP would reach great heights as it has become integrated with a number of operations with global financial institutions. The value of the digital currency; however, continues to be substantially weakened. This is because of the lawsuits and the ambiguity raised concerning the legal status of the coin. XRP supporters are frustrated as he has been selling his holdings over the past few years.