The CEO of Cake Group Julian Hosp posted on Twitter (X) earlier today that Ethereum was not only a better investment than Bitcoin, but that it has been so for years already. “If you only wanna hold 1 coin $ETH is it,” said the tech leader.
Risk Reward, #ethereum is not only the better investment than #bitcoin, it has been so for years already. If you only wanna hold 1 coin $ETH is it
— Dr. Julian Hosp (@julianhosp) September 5, 2023
Ethereum has been in the news over the past couple of days with large amounts of ETH being transferred to exchanges, hinting at a possible sell-off. Whale Alert, Wu Blockchain, and PeckShieldAlert posted details of ETH transfers on Twitter earlier this week. It is believed that this sell-off was a result of Vitalik Buterin-linked addresses transferring huge amounts of ETH to exchanges.
Meanwhile, CoinMarketCap indicated that ETH registered a minor 0.08% loss over the past 24 hours. Subsequently, the king of altcoins was changing hands at $1,632.04 at press time. Along with the slight drop in price, ETH also recorded a 4.94% slump in its weekly performance.
Looking at ETH’s technicals, through the course of the past weeks, the 9-day EMA line has been positioned below the 20-day EMA line, both descending downwards, hinting at bearish market conditions. The RSI, at 36, is dangerously close to the oversold territory — another unfavorable indicator. However, the RSI line is titled upward and is positioned above its signal line which could be a hint at a trend reversal.
Interestingly, nearly a week ago, popular pro-XRP lawyer John Deaton shared an article where the author alleged China’s influence on Ethereum. The article raised questions about Buterin’s ties with China and the influence of the country on Ethereum. The piece focused on how Dr. Xiao Feng, executive director of China Wanxiang Holding, worked together with Ethereum to promote the development of blockchain in China. Ethereum leadership has not yet respond to these allegations.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.