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Non-Decentralized Ethereum Slides Back to Under $200

Sep 24, 2019

One of the key characteristics of cryptocurrencies is their decentralization, which makes alternative digital currencies very attractive compared to fiat money. 

But is this actually the case? 

More than 60% Ethereum nodes operate in the cloud, with 24.57% of them deployed on Amazon Web Services (AWS) servers. 10 major cloud hosting providers host 57.3% of all Ethereum nodes. This is not such a great arrangement for either ETH itself or the cryptocurrency market in general.

Please note that buyers fell just $6 short of their target $230 mark, which we discussed last week. As a result, the ETH/USDT pair price plummeted below the psychologically significant level of $200, which indicates that the strength is currently on the side of sellers. If the price holds below this level, it will greatly increase the risk of the continued slide of ETH towards the $170-180 mark. We recommend that traders be ready for it and place limit buy orders at this level.

It is also important to note that the price crossed the EMA50 threshold, and this is a negative sign for the coin (similar to the penetration of July 13). This is why it appears highly likely that the rate will graze the $170-180 mark.

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