Ethereum Nears Crucial Level, Flappens Bitcoin Cash
Cryptocurrency market is slowly trying to stabilize and climb from last week’s crash, with the price of Ethereum (ETH) overtaking Bitcoin Cash (BCH) for the first time since the latter’s introduction in August 2017.
Data from CoinGecko and CoinMarketCap shows the combat among the top ten altcoin assets, with ETH trading around $90.10 compared with BCH on $84.56 at the time of writing this article.
A controversial hard fork in November resulted in the splitting of BCH into two chains, the second crypto being Bitcoin Cash “Satoshi’s Vision,” represented by the ticker BSV.
To begin with, BSV’s price had an inverse correlation with a number of crypto currencies, fluctuating wildly according to volatility in Bitcoin (BTC) markets before plunging to nearly match the price of BCH in mid-December.
At the time of writing this article, BCH and BSV was trading at 84.58 and 78.25, respectively. Furthermore, BCH and BSV occupied eighth and ninth positions respectively in the list of top cryptocurrencies by market cap.
Bitcoin, in the meanwhile, has managed to bounce off 15-month lows of $3,130 seen to trade at $3,425 levels.
Technically, Ethereum is nearing a crucial level of 97.50. If the crypto is able to breach and sustain above that level, then the probability of $166 in the next two to three weeks is high. If not, the uptrend can be considered only as a relief rally.