Ethereum ranked 2nd as the major altcoin after the largest cryptocurrency, Bitcoin, is now trading above $1100 but has a similar story to MySpace and Facebook. The latter doesn’t need any introduction, but the former is not widely known. MySpace, just like Facebook, was 21st Century’s initial go-to social networking platform that incorporated emails, videos, graphics, communities etc., that was found in 2003. It rules the space for the youths until 2008, just when Facebook came into the picture and the former suffered a declining number of users and crashed by 2012-2014. None of the kids today will know what MySpace is.
For four years, Myspace dominated Facebook.
— oli freuler (@OPFbluesky) January 11, 2021
Similarly, Ethereum is believed to be the coin of the future and has a massive prospect for the investors, but just as Facebook took over MySpace, will Ethereum take over Bitcoin’s position and market capitalization? The answer to this question would be the most controversial and hold probability for both yes and no, affirming the fact that Bitcoin is and will be the king.
However, the current price action of Ethereum is definitely startling as it took over to trade above $1000 in the ongoing year, just the previous week, which is believed to be the year of cryptocurrencies.
Ethereum Price Analysis
Ethereum, at the time of penning down, was seen drawing a bullish view with a green candle after a sluggish correction from $1350 to nosediving below $1000 at $904 in just 24 hours on this bygone weekend that extended till yesterday. Even though the ETH coin pulled back by over 33%, it has even strengthened by 23% till today, from yesterday’s low. The 20-day Bollinger Bands are seen widening, and therefore, short-term volatility is likely to exist.
The MACD chart reflects a bearish divergence due to a massive 33% plunge and does not show bullish divergence because of slow reconciliation.