Market Review. Results of the Day. EOS' Correction

May 4, 2018

BTC $9725.00

ETH $762.43

XRP $0.8821

BCH $1497.16

LTC $161.45

EOS $17.33


Technical analysis

Main cryptocurrencies grew today. Ethereum is the leader of the growth (+10.43%). Last week's leader EOS performed worse than the rest of the market (-10.73%). In fact, we predicted that scenario in our previous review, writing that "people prefer to buy at smaller prices, most likely scenario is the correction in the near future".

Bitcoin support is level $8,600, resistance level is $9,750.

Ethereum support level is $640, resistance level is $750.

Ripple support level is $0.80, resistance level is $0.95.


News review

An independent international financial consulting company deVere Group, that offers investment and capital management services, gave a forecast, that the price of Ethereum (ETH) could reach $2,500 by the end of the year. However, the forecast of deVere is not as bold as the forecast of Reddit cofounder Alexis Ohanian. He told Fortune, that Ethereum will hit $15,000 in 2018.

During his speech at the InterContinental Seoul conference Finance Deputy Minister Kim Yong-jin expressed his discontent with huge popularity growth of crypto market and called digital currencies a hazardous threat to traditional financial system.

Vitalik Buterin says that sharding is coming. The concept of sharding implies splitting Ethereum blockchain into small potentially innumerable sections capable of parallel processing thus increasing transaction capacities.

Global investment banking firm Goldman Sachs plans to launch trading of bitcoin futures.

CEO of British investment bank Barclays Jes Staley stated that the bank has no plans to trade cryptocurrency in the near future. He said that the decision was taken after studying current situation in the financial industry and related problems of regulation.

Iran is reportedly developing its own cryptocurrency, although the central bank of the country recently barred local commercial banks from any cryptocurrency operations.

Ethereum co-founder Joseph Lubin believes that the volatility of digital currency has positive implications for the cryptocurrency industry. He says that this attracts investors with a lot of money on the market.

One of the richest men of the world Warren Buffett has once again heavily criticized bitcoin. Buffett in an interview with Yahoo! Finance said that the cryptocurrency is a game, not an investment. 

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