- Ethereum bears ttack critical $200.
- New cross-blockchain protocol comes to life.
ETH/USD is changing hands at $201.68, down 1.3% since this time on Wednesday. The second largest coin by market value stays in a tight range, trading with subtle bearish bias. Ethereum’s market value is registered at $20.8B, while average daily trading volumes are set at $1.4B.
A new protocol developed by iBitcome and DEx.top and known as Open Federated Gateway Protocol, or OFGP, was launched on October 24. The new open-source technology will allow users to make cross-blockchain transfers, explore the flow of assets and check transactions with a built-in block explorer.
Trading between Bitcoin and Ethereum blockchains will be facilitated by a new token know as WBCH and pegged to Bitcoin Cash. The team of developers hopes to include more public Blockchain to its service in the nearest future.
ETH/USD, the technical picture
ETH/USD managed to stay above a critical $200 handle despite a breakthrough attempt during early Asian hours. The short-term recovery is capped by SMA50 (1-hour) at $203.12. Once it is cleared, the upside momentum may gain traction with the next aim at $205.00.
On the downside, a sustainable move below psychological $200 will open the way to $186 (October 11 low).
ETH/USD, 1-hour chart
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