{"id":55339,"date":"2020-04-21T12:28:04","date_gmt":"2020-04-21T11:28:04","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=55339"},"modified":"2020-04-21T12:28:04","modified_gmt":"2020-04-21T11:28:04","slug":"ethereums-eth-price-holds-168-support-amidst-historic-oil-dump","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/ethereums-eth-price-holds-168-support-amidst-historic-oil-dump\/","title":{"rendered":"Ethereum’s (ETH) Price Holds $168 Support Amidst Historic Oil Dump"},"content":{"rendered":"
In brief:<\/strong><\/p>\n Analysts across the world have constantly been calling for a recession but no one was prepared for yesterday’s (April 20th) price action of US Crude Oil. The commodity fell hard to $0 per barrel<\/a> with its futures contracts going down to negative territory. In the case of the latter, futures on US Crude Oil were at one point trading at $-40. However, and at the time of writing this, US Oil is currently trading at around $16.6 per barrel and $16.90 for its futures contracts. The aforementioned chaos did its fair share of damage to the price of Ethereum (ETH) as shall be elaborated.<\/p>\n In one of our previous analysis of ETH\/USDT, we had noted that the price of Ethereum was back in bullish territory<\/a>. We had cited two reasons as to why this was so: Bitcoin’s dwindling dominance in the crypto markets and the prospects of ETH 2.0 launching later on this year. We had also identified $168 as a very strong support zone<\/a> for the King of Smart contracts.<\/p>\n\n
Ethereum’s $168 Support Zone Holding Well<\/h2>\n