ETHEREUM RECEIVES BETTER RATING THAN BITCOIN AND RIPPLE
On Wednesday, Weiss Ratings released its first ratings of cryptocurrencies.
In their ratings, the analysts at Weiss looked at four key elements for all currencies they analyzed. They looked at the cryptocurrency risk index, the reward index, the technology index, and the fundamental index.
The risk index dealt with the fluctuations of the price over a period while the reward index compared the price movements against the moving average, benchmarks, and smoothed returns.
The technology index looked at the underlying technology and other details like energy efficiency, governance capabilities, and scaling.
Finally, the fundamental index looked at several factors including the acceptance by the public, participation by the developers, and the transaction speed.
In yesterday’s ratings, ethereum received a B while bitcoin and ripple received a C+. In their ratings, a B stands for good while a C stands for fair.
The ratings helped push ethereum up by 13% to the current price of $1094.
As shown below, ETH/USD established a floor on Tuesday when its price fell to $906.88. It then started moving upwards, establishing lower highs and higher highs at significant Fibonacci retracement levels. The next levels traders should now pay close attention to are $1104 and $1158, which form ideal support and resistance areas.