For our daily update today, we will review both Bitcoin and Ethereum’s price action during the last 24 hours. We will also go through any new development from the Bitcoin community, miners as well as whether any potential for a hard fork has been detected or not.
Bitcoin and Ethereum’s price movement during the last 24 hours
Ethereum’s price is still in the $200 area, therefore at the top of the descending channel. At this moment, any positive news could propel it outside of this bearish channel and any negative or concerning development could make it quickly break its current support levels.
So far, these are the levels we have identified as support: $200, $175 and $125. These are the same levels we have shared on yesterday’s Daily update and it’s worth noting that Ethereum’s price had bounced off the $175 support area to reach as high as $210 intraday. The Chart below shows the price bouncing off the $177.36 and reaching $210.
As soon as the price touched $210, which also represents the top of the descending channel, the price went back down to trade in the $190 – $200 area again.
Our Ethereum price review for the month of July provides a detailed Ethereum’s price action for the week starting Sunday the 23rd . It also provides a recap of the price evolution for the month of July.
Bitcoin is still showing a stronger overall performance and holding around the $2625 and $2750 area. For Bitcoin, we have a resistance at $2800 and support at $2400 and $1800. This sideway action is bullish in a sense as if all goes well during the upgrade, it might lead to the next spectacular leg up.
Segwit developments, Miners and community updates
So far, the majority of miners continue to signal support for Segwit, the software upgrade that will allow faster and more secure transactions on the bitcoin network. Below is a snapshot of the last 1000 Blocks from Nodecounter, another website where you can check what the majority of nodes are currently signalling. Our previous articles were featuring xbt.eu updates.
No hard fork has been detected yet. So far, the only incident with the potential for a hard fork on the Bitcoin Network happened on the 25th of July. Stay tuned for our next article about Bitcoin Cash, a potential outcome of the upgrade and what you need to know about it. If it actually happens, Bitcoin Cash will be a hard fork and you need to understand what to do in case you own any Bitcoins.