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  • Yusko compares the current situation of Ether to the initial internet days.
  • ETH/USD is up 2.017% on the day but the prevailing trend is slowly trimming intraday gains.

Ethereum inched higher in the wake of the sudden dip below $170 on Wednesday. In the previous analysis, we discussed the drop that had ETH/USD trade lows of $167.57 before recovering slightly above $170. The buyers increased their grip on the market knowing that their survival depended largely on the retracement above $180 and eventually $200.

In recent a discussion that involved Dan Roberts, of Yahoo Finance, Dion Rabouin and Rick Newman the chief executive officer of Morgan Creek Capital Management, Mark W. Yusko expressed his optimism in the future of the Ethereum project. The discussion was centered on the troubling performance of Ethereum price, the recent fraudulent ICO projects as well as the recent move by legitimate ERC-20 projects leading to Ether cashouts. Amidst all these, Yusko maintained that Ethereum still has a future and it is a bright one. Yusko compared the current situation of Ether to the initial internet days saying:

“People might say its six years from now well, It’s like 1993 or 1994 internet when Google was just being thought off, and nobody thought it was important.”

He insisted that Ethereum develops a TrustNet, which by the way has been designed already. At the same time, he compared Ethereum’s protocol to the internet protocols in the likes of TCO/IP, SMTP, and HTTP.

Meanwhile, Ethereum is trading at $187 after subtle declines that occurred on testing $192 resistance level. There was a break below the trendline but the downside is protected by the 15-minutes 50 simple moving average currently at $186.47. ETH/USD is up 2.017% on the day but the prevailing trend is slowly trimming intraday gains. The technical signals are negative but several support areas are highlighted at $180 and $172.

ETH/USD 15′ chart

 

 

 

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