State of the crypto-currency market. The Ether maintains a strong position

Most of the world’s major crypto currencies in today’s trades demonstrate growth, after a significant decline the day before. The main pressure on the value of crypto currency is provided by South Korea’s active position to prohibit the trade in crypto currency. 20% of the turnover of bitcoin trade falls on South Korean exchanges. Earlier, the government of South Korea announced the introduction of a new legislative framework to limit speculation in the market of crypto-currency to avoid a significant increase in volatility. To date, the total capitalization of the Crypto-currency is about $ 689.00 billion, while at the beginning of the year this figure exceeded $ 705.00 billion.

Despite the general negative sentiment of the crypto currency market, the Ether maintains a positive attitude. It should be noted that the Ether is the crypto currency of the Ethereum software complex, which is actively used in various projects, the number of which is growing. Also, in a recent interview, one of the creators of the Ethereum noted that this year on the basis of this software complex, ten times more projects can be created than in the past, which can lead to double or even triple Ether growth by the end of the year.

Technical Analysis: After updating the maximum mark to $ 1,375.77, Ether’s price went to correction, while working well through the basic correctional levels of Fibonacci 23.6 and 38.2 on H1, thereby confirming the work of this tool on crypto-currencies.

The main recommendations are: The Fibonacci Levels 23.6 and 38.2 on H1, which correspond to $ 1 205.97 and $ 1 100.93, still remain relevant when considering positions for the purchase of crypto currency. It is worth noting that it is better to buy from the levels of 23.6 and 38.2 Fibonacci on H1 after retest of the historical maximum at $ 1,375.77.

Fig. ETH/USD. The current price is $ 1 220.01001.

Alexander Sivtsov