Ethereum Nears $700 – Trustnodes

Ethereum Nears $700

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Ethereum is back to nearly $700 at the time of writing after a retrace earlier this week following resistance at $720.

Since then, the currency has been gradually rising, with trading volumes remaining at a similar level of around $2.6 billion during the past 24 hours, while its search trends have slightly risen from 15 out of 100 to 19.

Ethereum’s recent price action at 6h candles.

That drop during the 25th of April coincides with a spike in bitcoin futures volumes, so the price action above during that period might have been unrelated to eth.

However, it could have also been just a retrace as ethereum does appear to find resistance in 20s, that being in this case $720.

While the recent green candles might potentially be, in part, due to EOS, which has been significantly rising in recent days from $14 to around $20.

That may be because their rise in eth trading volumes to sixth position might have pushed eth’s price up as the easiest way to get some EOS might be to buy eth first, then exchange it for EOS.

Ethereum’s top trading pairs.

The dollar pair is very much dominating for eth, while the Korean pair is surprisingly down to 13th position.

Interestingly, however, there is a new entrant of sorts, CK USD. They’re on an exchange which itself is a new entrant of sorts, BCEX.

There appears to be little information, but from what we could find, CK USD seems to be a Tether clone, but presumably far more legit as they say:

“CK USD Token (CK.USD) is a blockchain token developed by a wholly-owned holding company CK Fintech Corp. of Cascadia Blockchain Group, which is a listed company in Canada.”

The exchange in question is also owned by¬†Cascadia Fintech Corp, with that in turn being “a publicly listed company on the Canadian Securities Exchange (CSE) since 2013.

Cascadia is currently seeking approval from CSE for changing its main business to a pure blockchain technology and fintech company,” according to their website.

So showing that this space keeps growing and is now beginning to integrate with the wider financial system. But whether that will take eth above the $720 resistance line, remains to be seen.

 

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