03.12.201808:22 Forex Analysis & Reviews: Ethereum analysis for 03/12/2018

According to an official statement, the University of Basel awarded an honorary doctorate to the co-founder of Ethereum, Vitalik Buterin.

The Business and Economics Department of the oldest university in Switzerland awarded Buterin for "outstanding achievements in the field of cryptocurrencies, intelligent contracts, and institution design," as the university noted in a recent tweet.

The honorary title was awarded by Aleksander Berentsen, professor of economic theory and dean of the Faculty of Business and Economics, during the annual university celebration "Dies academicus", which took place on Friday, 30 November.

The University of Basle especially underlined Buterin's "breakthrough" contribution to promoting the idea of decentralization, as well as "participation in the digital revolution." The department underlined that Buterin wrote his scientific papers without a diploma and commitment at the university.

Launched in the summer of 2015, Ethereum is one of the largest cryptocurrencies, as well as the public Blockchain platform containing intelligent contracts and a database for decentralized applications (DApps). This altcoin is the third largest cryptocurrency in terms of market capitalization and recently lost its second position to Ripple. The record level of ETH was $ 1,400, which took place in mid-January, after which a huge sale took place.

Let's now take a look at the ETH/USD technical picture at the H4 time frame. The market is trading inside of the trading range between the levels of 93.84 - 121.82 after a huge drop in value. Nevertheless, the larger time frame trend remains down, so trend continuation behavior might return to this market anytime. The nearest technical support is seen at the level of 105.04 and if this level is violated, then the test of the recent swing low will occur.