A bounce, on the other hand, could lead to a recovery to the 0.01900 area or the very top of its range at 0.02200. On this long-term time frame, the 100 SMA is below the 200 SMA to signal that the path of least resistance is to the downside. RSI is on the move up to suggest a possible return in buying pressure while stochastic is also pointing north.
News from the ethereum sector has been mixed as a blockchain startup called Synereo threatens the monopoly of ethereum in hosting distributed applications. Meanwhile, Microsoft has shared plans to launch its Ethereum Consortium Blockchain Network, which could better leverage the use of its distributed ledger.