- ETH/USD is locked in a tight range amid low trading activity.
- Ethereum’s creator thinks the community put too much emphasis on institutional adoption.
ETH/USD is trading at $463 at the time of writing. The second largest coin with a market value registered at $46.7B has an average daily trading volume settled at $1.7B. The price is from this time on Sunday as the whole cryptocurrency market lacks trading activity
Meanwhile, Ethereum’s founder Vitalik Buterin expressed concern that the industry is too fixated on ETFs, while they won’t do much to promote cryptocurrency mass adoption.
“I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption,” he tweeted recently.
Ethereum’s technical picture
Looking technically, ETH/USD is supported by $460 (Fibo retracement level). Once it is broken, the sell-off may be extended towards $440 (Friday’s low ) and $421 (the lowest level of July 12). On the upside, the short-term resistance is created by $470 handle, surrounded by 50 and 100-SMAs. If it is cleared, the upside may be extended towards psychological $500 handle.
ETH/USD, 1-hour chart
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