Ethereum Price Analysis: ETH/USD starts the correction, $200.00 to keep bears at bay
Ethereum tested $227.36 during early Asian hours and retreated to $217.80 by the time of writing. The second-largest digital asset has gained over 8% of gains on a day-to-day basis and 2% since the start of the day. Despite the downside correction, ETH/USD is still one o the best-performing assets in the recent seven days out of top-10. Ethereum’s market capitalization reached $24 billion, while its average daily trading volume is $28 billion.
On a daily chart, ETH/USD jumped above the upper line of the Bollinger Band (currently at $218.20). This development usually implies that the asset is overbought and may be vulnerable to a short-term correction. The RSI on a daily chart confirms the overbought state of ETH, though there are no clear signs of reversal as of yet. ETH/USD.
On the intraday charts, ETH/USD has settled above the middle line of the 1-hour Bollinger Band, while the RSI has exited an overbought territory and shows signs of the bearish reversal. It means that the coin is less vulnerable to the deep correction and may enter a consolidation phase in the current range limited by $218-217 on the downside and $227 on the upside. If the lower border of the range gives way, the sell-off may be extended towards 1-hour SMA50 at $206 and psychological $200.00
OKEx Mining Pool to Support Ethereum 2.0 Test Network
OKEx Pool, the OKEx-backed mining pool, has become the first validator to join Ethereum (ETH) 2.0 Topaz testnet.
Currently, Topaz is the only testnet completed of ETH 2.0 mainnet configuration. The launch is the main action before ETH switches its consensus algorithm from PoW (proof-of-work) to PoS (proof-of-stake).
According to an official announcement, betting on the ETH network will allow mining pools to grow together and share future dividends.
OKEx CSO Alysa Xu says the exchange is glad to have become one of the first members that have successfully connected with the Topaz ETH 2.0 test network.
“As a public chain with the largest ecosystem, ETH has brought the blockchain industry up to a new level in application expanding. We appreciate what ETH dedicated to the industry and have great confidence in the potentials of ETH 2.0,” she added.
Earlier iHodl reported that the developers of the Ethereum 2.0 have launched a testnet that supports multiple clients. According to developer Eric Conner, only two clients have joined the testnet so far: Prysm and Lighthouse.
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OkEx Becomes a Validator in Ethereum 2.0 Testnet