- ETH/USD gained 4% since this time yesterday, but the recovery is capped by $200.
- Vitalik Buterin and Nouriel Roubini express different views on cryptocurrency future.
Ethereum is changing hands at $197.14, nearly 4% higher from this time yesterday. The second largest cryptocurrency was badly hit during the weekend as the traders seemed to be disappointed by Vitalik Buterin’s comments. Ethereum creator said that the days of explosive growth are over.
Mr. Buterin believes, that the explosive growth was driven by the novelty of the concept, however, now the average person is already aware of cryptocurrencies and blockchain technology.
“If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1000-times growth in anything in the space anymore,” he commented in the interview with Bloomberg.
Now the industry is moving to the next step where people are more interested in real-time applications of cryptocurrencies and their use cases in real life.
Despite the catchy headlines about the end of growth, Vitalik Buterin was positive about the future of cryptocurrency industry that has “deep reservoirs of value just waiting for the right trigger”.
Meanwhile, Professor at Stern School and famous crypto critic Nouriel Roubini does not buy into crypto real use cases as currently the digital assets and the blockchain technology is used mostly for the purpose of entertainment and speculation
“No wonder Ethereum is collapsing. 75% of DApps are crypto-kitties, scammy Ponzi pyramid schemes & Casino games. The other 25% are DEX that no one uses as 99% of transactions are on centralized exchanges. & 99% of crypto-currencies have already lost 99% of their value. Meltdown!” he wrote in his Twitter account.
Ethereum’s technical picture
On the intraday level, ETH/USD is capped by $200 handle, strengthened by SMA50 (1-hour chart). Once it is cleared, the recovery may be extended towards $121 (SMA100) and $246 (SMA200). On the downside, the nearest support is created by Saturday’s low at $185.56, followed by $177.80 (the lowest level since July 29, 2017).
ETH/USD, 1-hour chart
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