Ethereum Prices Stabilize After Bullish Breakout
Ethereum stabilized against the dollar Friday, after a bullish advance took the world’s No. 2 digital currency back toward the $300 price range.
Bulls Stop Short at Psychological Level
A bullish breakout on Thursday sent ether prices surging toward the all-important $300 level. The ETH/USD maxed out around $287 on Thursday before falling $30 in subsequent hours. In the process, ether fell through the 50% Fibonacci retracement level of the Sept. 18 breakout.
The ETH/USD is up more than 2% during Asian trade, with prices hovering around $264. The latest pullback pushed ether into oversold territory, according to the Relative Strength Index. In the process, prices have moved below the 100-day simple moving average (SMA).
Ethereum briefly fell below $200 last week after China moved forward with its ban on ICOs. Chinese authorities are now ordering bitcoin exchanges in the capital to close as its attack on cryptocurrency widened. All bitcoin exchanges in Beijing and Shanghai have submitted plans to wind down their operations.
China is taking a knife to cryptocurrency as part of a plan to reduce the country’s exposure to financial risk. Savvy mainland investors have used digital currency to reduce their exposure to the yuan, a volatile currency that has been systemically devalued since mid-2015.
As it turns out, bitcoin traders are moving to Japan for more favorable regulations. The Japanese government has decided to recognize the blockchain, setting the stage for large uptake in the world’s third-largest economy.
Coindash Hacker Returns $3 Million Worth of Ether
In a surprise twist, a Coindash hacker has reportedly returned $3 million USD worth of stolen ether funds to his victim. The attack was carried out two months ago when hackers hijacked Coindash and redirected more than $7 million worth of ether into their private coffers.
Ether rose sharply through the latter half of summer, making the pot of stolen funds about $3 million more valuable at today’s prices.
The $3 million return transaction is listed on the blockchain and has been publicly announced by Coindash.
The Coindash platform combines cryptocurrency trading with social network capability for investors. This puts it in the same realm as eToro, a leading online financial broker that has pioneered social trading. It too has moved into the cryptocurrency sphere after starting off as a forex broker.