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  • Ethereum is a great but underrated technology with big potential.
  • ETH/USD is rangebound around $210 handle.

Ethereum, the second largest cryptocurrency is hovering around $210 handle, off the recent low reached at $208. The second largest coin by market value is sliding in sync with other digital assets. ETH/USD has lost 2.3% in recent 24 hours, though the downside may be limited by $207.80 support created by SMA200 (4-hour chart).

Meanwhile, Billionaire Eric Schmidt and ex-Google CEO believes that Etherum is an underrated technology with major potential. While speaking at a live event hosted by venture capital firm Village Global, he expressed an optimistic view on the prospects of blockchain and Ethereum in particular.  

“Blockchain is a great platform for bitcoin and other currencies. And it’s a great platform for private banking transactions where people don’t trust each other,” he said.


Ethereum’s technical picture

The local support area for ETH/USD is created by the above-said SMA200 (4-hour). Once it is cleared, the sell-off may continue with the major aim at $200. This area is likely to attract fresh buying interest and serve as a jumping-off ground for ETH.
On the upside, we need to push the price above $220 and $223, before we can proceed to the ultimate resistance of $232, which capped the recovery attempts back in September.  

ETH/USD, 4-hour chart