IMPORTANT DISCLAIMER

ETH/USD 22.06.2017

ETH/USD Chart

After a massive correction of the crypto market on June 16, ETH was exposed to another correction a few days ago. But, most clearly, these problems have been observed during the large ICOs, like the recent Status ICO, which clogged up the Ethereum Blockchain. The ETH website was down for periods of time due to the traffic problems.

On the market, ETH price instantly reacted to these congestion issues and started to drop.

Because of that, many trading platforms like BitfinexBTC-E and Cex.io restricted the withdrawal of ETH.

Key points

  • A clear support zone has been established at $310. It was visible during last week’s correction and is visible right now. From the technical point, it is a strong long signal with minimal targets at $360.
  • There are several upcoming ICOs and the question is whether the ETH Blockchain can handle them.

Vitalik Buterin has not yet spoken on the issue. While there are clearly some problems, ETH price uncertainty will remain. Technically, ETH can be traded with a low stop from the support level of $310 but fundamental factors outweigh, suggesting refraining from the opening positions of the ETH/USD.

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