The CEO of Square and former CEO of Twitter, Jack Dorsey, among the most well-known BTC proponents, has recently given reason for not supporting Ethereum and other blockchains. Dorsey, who has previously said that he would leave both companies to work on the primary cryptocurrency if BTC needed it, has said that people should focus on secure and resilient tech developments like Bitcoin and not on Ethereum or other blockchains that individuals or organizations control.

A Twitter user asked Dorsey to support Ethereum and other blockchains, and in response to his tweet, Dorsey said that it was critical to focus energy on truly secure and resilient technologies owned by the mass of people and not by individuals and institutions. This comment expressed Dorsey’s belief in Ethereum and pressured the ETH/USD pair.

Meanwhile, the second-largest cryptocurrency, Ethereum, also followed in the leading cryptocurrency, Bitcoin, and dropped on Wednesday. Bitcoin was down because of a famous economist, Eswar Prasad’s, negative comments. According to him, bitcoin would eventually lose its value as it was inefficient and had an environmentally destructive mechanism. BTC followed these negative comments and dropped on Wednesday in the absence of many fundamentals, leading the whole market mood towards the downside.

Support Resistance
3924.70 4053.18
3869.92 4126.88
3796.22 4181.66
Pivot Point: 3998.40

Ethereum attempted to break through the $4,020 and $4,050 resistance levels. ETH/USD has even surpassed the $4,050 mark and the 100 hourly simple moving average.

However, there was no upward movement above $4,075. A peak was made near $4,075 and the price began to decline. Below the $4,000 support level, there was a break. Ether even fell below the 23.6 percent Fib retracement level of the uptrend from the $3,750 swing low to the $4,075 high.

If a new upward trend above $4,000 does not begin, it may continue to fall. On the downside, an initial support level is near $3,940. The first major support is already emerging about $3,920.

The 50% Fib retracement level of the upward move from the $3,750 swing low to the $4,075 high is also near $3,920. A break below the $3,920 and $3,900 levels on the downside could trigger a new slump in the near term.