- ETH/USD recovery momentum has faded away on approach to $600 handle.
- The Chinese leader is positive about blockchain technology.
Ethereum is changing hands at $570, idling away in a narrow range limited by $553 and $580. The second largest coin gained 1.5% since this time yesterday amid slightly decreasing trading volumes.
Looking technically, ETH/USD $600 is a strong resistance where fresh selling interest is clustered. Once it is broken, Ethereum will bump into another obstacle, created by 100-DMA currently at $626 50-DMA at $644, and 23.6% Fibo at $652. Meanwhile,the downside potential is currently limited by $500 support with further bearish aims at $400 and $362 (April 2 low).
Chinese President Xi Jinping welcomed blockchain technology, saying that it underpins “breakthrough” applications.
“A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications,” he said Monday, as quoted by CNBC.
China, just as many other countries, sees the potential in blockchain, but denies the usefulness of cryptocurrencies.
ETH/USD, the hourly chart
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