Overall the weekend is showing no significant development for the digital assets against the US Dollar as usually the end of the week is not a positive turn. Moreover, the only showing any kind of gain in the last 24-hours are Ethereum and NEO slightly hurdling to keep a stable position.
Every-other cryptocurrency asset now and then goes through a time of significant volatility. For Ethereum, the past week was a range-bound phase between bears and bulls indicating a stable trading ground being formed despite its on a ‘edgy’ level – that of $300.00. It was a matter of time before one would overpower the other, and it seems the pair ETH/USD is heading the right way.
The main resistance on the short term would be $316.61, and if ETH price continues increasing and clears that point, the buyers could take it up to $354.00 – as explained in the previous ETH/USD press.
Source: coinmarketcap – Oct 6th ETH/USD development
Although no one denies Ethereum is a valuable ecosystem, the market is always subject to some degree of manipulation. No one can deny there is some degree of price action that is not entirely natural. This is not just the case with Ethereum, mind you, as every major cryptocurrency is periodically affected by market manipulation. These odd price actions become a lot more prominent on some days than on others.
Despite the very positive recovery rally that Ethereum is having even against other markets, it is easily lost as every gain in the cryptocurrency world and financial sector will be “punished” with a little of correction or more depending from the sellers. In this case the price has performed greatly upwards to $309.44 which could follow on a retest of the psychological support of $300.00.
This month as the first of the fourth quarter of the year – October, could be very promising to the Ethereum holders and traders as the Metropolis first testing phase and upgrade Byzantium will be taking place on Oct 16, and the Developers are more than happy for now.
All the scheduled meetings are held with the final one being yesterday at 14:00 UCT via Google Hangouts, in which it was discussed that all ethereum users and clients will be taking the right steps of upgrade for their software in unison so any unwanted splits will be missed. The clients have to take the necessary steps and changes that go-with the upgrade names as Byzantium and on top of it the trigger at block 4,370,000 which is the ‘green card’ for changing position to the new code.