The upward trend that started on November 11, 2022 for #Ethereum ( #ETH ) was broken sharply on August 17, 2023. After #Bitcoin dropped on the same date, we observed a sharp downward break in the entire market. The chart below shows the technical outlook for Ethereum (ETH) on the daily parameter.

ETH USDT Daily

Ethereum (ETH) dropped sharply to 1,495 USDT after the upward trend was broken. It seems that the support levels, indicated by the two green zones, remain strong for the price to hold. One of the two options must try the old support level (new resistance level) of the trend channel with an upward movement again. However, it must be said that the downside possibility is more likely. The liquidity squeeze in the market, statements regarding interest rate decisions and recession expectations show that the downside is much more likely.

It is not investment advice. DYOR.

What is Ethereum (ETH)? What are its features?

Ethereum is the second largest cryptocurrency in the world after Bitcoin. Ethereum is a blockchain platform used to build decentralized applications ( #dApp 's). The Ethereum blockchain can run computer programs called smart contracts. Smart contracts are codes that are automatically executed when certain conditions are met.

One of the most important features of Ethereum is the ability to create decentralized applications. DApps operate without being controlled by a central authority. This allows users to stay in control of their own data and applications.

Ethereum uses Solidity, a programming language used to create smart contracts. Solidity is a language that is easy to use and relatively easy to learn.

Ethereum is becoming increasingly popular for decentralized finance ( #DeFi ) applications. DeFi applications offer traditional financial services on a decentralized platform. This allows users to obtain lower-cost and more accessible alternatives to traditional financial services.

Ethereum is a platform still under development. Ethereum 2.0 is an upgrade designed to make the Ethereum network faster, more scalable and more efficient. Ethereum 2.0 is being implemented gradually starting from 2023.

Ethereum features include:

  • It can be used to create decentralized applications (dApps).

  • Can run smart contracts.

  • It is not controlled by a central authority.

  • It allows users to stay in control of their data and applications.

  • It uses a programming language called Solidity.

  • It is becoming increasingly popular for decentralized finance (DeFi) applications.

  • It is still under development.

Ethereum is a powerful technology that could potentially revolutionize finance, healthcare, supply chain management, gaming, and more. It will be interesting to see how Ethereum develops in the future. $ETH $BTC $BNB