Julian Hosp, CEO of Cake Group, tweeted earlier today asserting Ethereum is a better investment than Bitcoin. “If you only wanna hold 1 coin, $ETH is it,” the tech mogul claimed. This endorsement comes when Ethereum garners much attention, albeit not all positive.
Whale Alert, Wu Blockchain, and PeckShieldAlert have been busy tweeting about large ETH transfers, indicating a possible sell-off. These moves are believed to be initiated by addresses linked to Ethereum co-founder Vitalik Buterin. Consequently, such transactions have added a layer of unpredictability to the altcoin’s market trajectory.
Moreover, CoinMarketCap shows that Ethereum faced a marginal loss of 0.08% over the past day, trading at $1,632.04. Alongside this, Ethereum recorded a 4.94% decline in its weekly performance. These statistics further underline the need for investor caution.
Looking at Ethereum’s technicals, the market hints at bearish conditions. Specifically, the 9-day EMA line has consistently lagged below the 20-day EMA line. The Relative Strength Index (RSI) stands at 36, nearing the oversold territory. However, a silver lining exists as the RSI line tilts upward, suggesting a possible trend reversal.
Besides the immediate market concerns, Ethereum also finds itself embroiled in controversy. An article shared by pro-XRP lawyer John Deaton recently spotlighted questions about China’s influence over Ethereum. The piece detailed the collaboration between Dr. Xiao Feng, executive director of China Wanxiang Holding, and Ethereum for promoting blockchain in China. Ethereum leadership has yet to respond to these allegations.
In summary, while Julian Hosp’s endorsement highlights Ethereum’s investment potential, the altcoin is wrestling with market volatility and public scrutiny. Therefore, investors may consider these multifaceted issues before entering the Ethereum market.
Source: https://bitcoinworld.co.in/julian-hosp-backs-ethereum-amid-market-volatility-and-controversy/