Ethereum Ichimoku resistance is hit after recovering from last week’s bloodbath. This comes as Ethereum’s rival, Dfinity, raises $61 million for its product. What could be next for Ethereum and other cryptocurrencies?
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Ethereum Ichimoku Resistance is Hit
Major cryptocurrencies including Ethereum were mostly having a good day on Wednesday, hiking up to the $860 level right below the daily Ichimoku cloud.
However, it seems the bullish sentiment wasn’t strong enough for it to break through the cloud.
A brand new bearish sentiment started towards the end of Wednesday’s trading day and has continued until Thursday’s Asian trading session. Then first thing during the new session, we saw the bulls renewing a bit of their energy.
How long will it take for Ethereum to fully recover?
After last week’s bloodbath, it could take the cryptocurrencies a while to regain their previous strong bullish momentum. These types of consolidating behavior aren’t that surprising.
ETH/USD is supported by the pivot level and 61% Fibonacci retracement level of $678. We could see a period of consolidation between the two levels before the next major moves.
The future Ichimoku cloud remains flat, signaling further consolidation. However, the Chiko span has yet to break below the cloud.
Ethereum Rival Raises $61 Million
The consolidation comes as Dfinity, a new product that rivals Ethereum, raised $61 million. The investors included Andreesen Horowitz and hedge fund Polychain Capital.
DFINITY Stiftung is a non-profit foundation developing a blockchain-based “internet computer.”
They are working on this internet computer, hoping to share it with the world. The product could have unlimited capacity, unmatched performance, and algorithmic governance. The company explained that the internet computer would allow decentralized versions of tech services such as eBay, Uber or Dropbox.
In other news…
Ethereum’s co-founder Vitalik Buterin donated $2.4 million in Ether to an Anti-aging research foundation.
Vitalik is the one who threatened to leave Ethereum right before the New Year, saying he’s fed up with the immaturity of the digital currency crowd. Now he’s staying true to his word by attempting to make a difference through his cryptocurrency fortune. Now it’s up to the market players to take the news and decide on their next moves when it comes to Ethereum.
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