Ethereum Price Analysis: ETH/USD Upside Capped, “Dr Doom” vs. Ethereum Creator Buterin

  • Global economist Nouriel Roubini and Ethereum’s creator Buterin are set to have a live debate.
  • ETH/USD rallies over 10% on Monday, as bulls look to maintain upside pressure. 

Nouriel Roubini AKA “Dr Doom” vs. Ethereum’s Creator Vitalik Buterin

Ethereum’s co-founder Vitalik Buterin and globally known economist Nouriel Roubini have agreed to have a live debate. Full details remain unconfirmed. This live debate idea between the two, was seemingly sparked by Senior Editor at Forbes, Laura Shin. She had invited them to debate on her podcast Unchained: Big Ideas From the Worlds of Blockchain and Cryptocurrency.

Roubini had responded via Twitter saying, “happy to have a live debate with Vitalik Buterin. We can agree on a fair moderator that we both agree on, not on biased shills pretending to be pseudo-journalists but who are PR folks for the crypto industry. I have no interest to interact with Laura Shin.”

As casual as a guy Vitalik Buterin appears to be, he simply replied to the live debate idea by tweeting “Yeah sure why not”.

Roubini Not a Fan of Cryptocurrencies

One of the biggest known public cryptocurrency critics, Nouriel Roubini, is famous for foreseeing the 2008 financial crisis. On several occasions, he has not been shy of expressing his strong views against blockchain and cryptocurrency.

Most recently, “Dr Doom” was speaking at a Senate hearing, delivering his written statement. He made comments such as, “blockchain is the most over-hyped technology ever” and that “it is nothing better than a glorified spreadsheet or database.”

Nouriel Roubini throughout his statement argued that the whole crypto “asset class is imploding” now. This follows from the large decline observed in prices, compared to the back-end of 2017. He further mentioned of the study that uncovered how 80% of initial coin offerings (ICOs) in the same year as scams. Roubini believes that digital assets are useless, serving no value, believing they are unable to serve as a unit of account, means of payment or store value.

Technical Review – 4-hour Chart

ETH/USD 4-hour chart

ETH/USD has taken a big jump north on Monday. The move coming inline with the renewed buying seen across the market. This comes after the recovery lost momentum on Friday, after the heavy selling pressure earlier in the week.

The price had initially been moving within an ascending wedge pattern from early September. This started to take shape on the back of the steep drop seen from 4-5 September. Consolidation mode kicked in, after managing to receive a bounce.  Given this price behaviour, it commenced formation of the wedge. On 10-11 October, the price firmly made a break out of the technical pattern, playing out to the textbook. The recovery being observed on Monday 15th October, has seen the bulls retest underneath the broken wedge. Former support is now acting as a new obstacle for further upside.

Resistance is tracking at around $240-241. Should momentum maintain its course and able to break back above, eyes would then be on $275. The upper trend line of the original wedge pattern is seen here. In terms of support, buyers are notable around the $200 mark and just below, $190. A failure to hold, would likely see a fall back down to the below demand area, $178-168.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.