Ethereum price analysis: ETH/USD capped by $500 handle, as Vitalik Buterin lambasts cryptocurrency exchanges

• Ethereum’s technical picture has barely changed as the coin stays below the critical level.
• Comments from the creator failed to impress market players.

Ethereum, the seconds largest coin by market value, is changing hands at $482 after peaking at $495 on Sunday. Ethereum’s market value is $48.6B with average daily trading volume registered at $1.2B. Short-term volatility is growing amid subdued trading volumes.

ETH/USD has lost 1.5% on a daily basis as a movement towards critical $500 lacked momentum and attracted new sellers. The price stays above the long-term sloping trend line (currently at $4537), which is a promising signal. But the upside is capped by $500, followed by 50-DMA at $525. Ethereum gained almost 9% on a weekly basis, but the market is in no hurry for a decisive breakthrough.

Tech Crunch’s Blockchain Sessions that took place in Swiss Zug on Friday featured Ethereum Founder Vitalik Buterin who heavily criticised cryptocurrency exchanges saying that he hopes all of them would burn in hell. Buterin stands for more decentralization and laments the current trend in the market that moves towards centralized business models.

ETH/USD, the daily chart