ETHEREUM FALLS AS THE RISE CONFERENCE STARTS
Yesterday, Ethereum continued to fall reaching a low of $415. It is currently trading at $430. This is disappointing for crypto fans who expected the rally started last week to continue.
The current decline was not triggered by government regulation changes or bearish comments from top investors. The only major news reported in the past few days was the hacking of Bancor, a cryptocurrency exchange based in Israel.
The exchange hack was significant as it yet again raised concerns regarding crypto security. In recent days, cryptocurrencies worth hundreds of millions of dollars have been stolen, resulting in negative press and increased worries regarding digital assets.
In other news, crypto fans gathered in Hong Kong for the RISE conference which started on 9 July 2018 and will conclude today (12 July 2018). The event attracted major panellists including Michael Novogratz (a leading Wall Street figure), Jacky Wong (from Wall Street Journal) and Joseph Rubin (the CEO of Galaxy Digital). During the event, Novogratz shared his positive crypto views stating that Bitcoin was likely to become digital gold while Ethereum will become a crypto-fuel for decentralized systems.
The current ETH/USD price is $430, which is at the same level as the 25 and 50-day moving average. It is also at the middle level of the Bollinger Bands with the RSI at 48. Therefore, at this point, the pair could continue moving lower to test the $400 support level.