Ethereum Will Face Further Losses in Significant Percentage Variations and Community not Happy about Devcon 2 in ChinaDecember 8, 2019
The price action of Bitcoin is closely watched. There has been no decisive momentum over the past week. Ethereum and several other Altcoins have been tracking the price of Bitcoin. There has been no momentum, and Ethereum has been hovering in the $150 region.
Analysts have to state that Ethereum will face further losses with significant percentage variations. A descending resistance line has been strong for over two years, and Ethereum is not able to break beyond the point.
Ethereum is trading at 148.27 USD at the time of reporting. Over the past week, the token has been trading in a tight trading range from $144 to $152. The trading range is tightening further between $148 and $150.
ETH was very volatile during November. The price of the cryptocurrency went from $190 to $135. This event happened simultaneously with the decline in the Bitcoin rate from $6,500.
If there will be further lows and losses, the current market lows are likely to mark the long-term bottom per analysts. So far, the token is not able to sustain significant support.
When any business grows, the major objective is to provide for market demands. Scalability is very important, and you have to work with more number of data, resources, and customers.
Devcon 2, the developer focused-event of Ethereum is set to happen, and the Ethereum community is regretting about the location for the most significant event. They are not happy about the event happening in China. The discontent is related to the recent revelations about the atrocities against Muslims in China.
Different people have different reasons for why they do not want the conference in China. However, with China representing the fifth of the entire world’s population, it isolates them from this technology if they are not included. Analysts opine that China has a general liberation movement and that a lot of conferences should happen in countries that have oppressive regimes. This event is also important for China.
Light stated, “I’m saying the annual global flagship Ethereum conference should not be held in a country where you have to use VPNs to access the Internet.” Further stating, it will be held in countries that are not actively practicing genocide versus segments of their population. He opined that the basic standards of personal liberty would be needed, like access to an uncensored Internet.
One Redditor stated, “Having a Pride parade in San Francisco is cool. Having one in Tehran would be a whole lot cooler.”