In late February, the ETH/USD pair rose to a high of $950. After a series of negative reports, the pair started to fall and reached a low of $350 in March. The pair then reached a high of $750 in early May. Today, it has given up most of the latter gains and is currently trading at $560.
Unlike price drops of the past, this decline has not been the result of any major negative news. In fact, it was largely caused by a disappointing Consensus event in New York. Traders, who paid more than $2,000 to attend the event, were unsatisfied with the quality of speakers and the lack of positive news from the crypto/blockchain space. One of the only big stories this month was about an investigation into crypto manipulation launched by the US Department of Justice.
Yesterday, Weiss Ratings, a company that provides reports on a wide range of assets released its ratings on 93 cryptocurrencies. The ratings considered the risk and reward of each cryptocurrency as well as technology adoption. Most of the cryptocurrencies rated scored poorly. Ethereum’s risk was gauged as weak with its reward being fair while its adoption and technology were rated good and excellent. It was given a general rating of B. This has pushed the ETH/USD pair to $560, from a previous low of $510.
At the current price, the ETH/USD pair is in line with the 30-day moving average and lower than the 50-day moving average. The bears power has eased a bit as bulls take over following the positive rating by Weiss. In the short term, this could be a false breakout, which means that the pair could continue moving slightly lower.
