Ethereum pushed to a major breakthrough yesterday, managing to reach resistance near $390-$395 against the US dollar.
Ether opened today at $402.02 before trading at $404.83 as of writing.
The 2.76 percent loss over the week is connected to a general loss today across most cryptocurrencies in the market.
The bears continue to harass the trend down, but positive signs are out there for those who look.
Has Ethereum hit a wall?
Ethereum, among many other cryptocurrencies, struggled last week as prices slumped.
It was expected that prices would recover after a disastrous week, but there appears to be stumbling blocks in the way to recovery.
Quick sell-off periods have stalled out prices as the bears battle the line.
The stall is a result of the bulls not being able to beat the resistance, despite BTC and other cryptocurrencies managing to survive flagging prices before.
Short-term predictions indicate that resistance will stall out ether for a while as the market tries to rally the bulls into action.
Not a joke
April Fool’s day provided an in-joke for investors that could result in significant changes for Ether.
Founder, Vitalik Buterin, posted an April Fool’s to generate discourse over ether’s likelihood of introducing a cap.
Buterin quickly discovered this suggestion was not as silly as it seemed, as traders argued its merits, leaning heavily to support this change.
This news didn’t help to boost the price of Ethereum but it certainly can’t hurt.
Ethereum ASICs arrive
Bitmain, the Chinese cryptocurrency software/hardware giant, announced yesterday that it had developed a new application specific integrated circuit (ASIC) chip to process ether transactions.
The Antminer E3 chip, retailing at $800 per unit and set to sell for July, was long anticipated by traders.
Bitmain has stated through their website that orders will be restricted to one unit per user and that shipping limits will be placed on orders to China and Taiwan.
Graphics card giants, Nvidia and AMD, will be quivering at the prospect of the launch, as early reports suggest the first batch of orders are already sold out.
Ethereum was previously the most popular mining target for GPU miners, but all that is about to change thanks to the efficient E3 chip.