Ethereum, a rival cryptocurrency to bitcoin that has rallied over 2,700 percent this year, could be due for a correction to the tune of 38 percent, according to one analyst.The cryptocurrency was trading at around $191.78 in the early hours of Friday morning and has been moving within a tight range.This brings ethereum close to a price level which one technical analyst, who looks at historical trading patterns to determine future price moves, said could see a sharp drop in the digital currency.Nicola Duke, an analyst at analysis platform Forex Analytix, said that if ethereum trades below $170, then it could mean the price falls to $140.This would mark a 38.4 percent decline in the price from Wednesday's high of $227 and around a 27 percent fall from Friday's early morning trading price.Ethereum has fallen from Wednesday's high which could mean traders may start taking profits."The fact we have had that wobble yesterday might mean we see some profit taking into the weekend," Duke told CNBC in a phone interview on Friday.

But after falling to $140, which Duke said is a "huge level to buy against", ethereum could rally $100 to $240.This could happen on Tuesday.Duke has so far been correct on her calls on bitcoin.On Thursday, the analyst told CNBC that if bitcoin got close to $2,800 there might be some pullback.The cryptocurrency reached $2791 on Thursday and then declined.It was around $2,571 on Friday morning.Duke said that the bitcoin decline could continue to January before bottoming and then a rally.Investors have been getting interested in alternative cryptocurrencies to bitcoin given that it has seen a huge rally this year.Ethereum is seen as a good alternative and has been backed by major financial institutions and corporations.A group called the Enterprise Ethereum Alliance (EEA) was recently founded to connect large companies to technology vendors in order to work on projects using the blockchain.Companies involved in the launch include JPMorgan, Microsoft, and Intel.On Tuesday, the EEA announced another 86 firms joined the alliance, which is adding growing legitimacy to the cryptocurrency.

A full explanation about ethereum and its appeal can be found here.Daniel Masters, director at Global Advisors Bitcoin Investment Fund (GABI), said that bitcoin is acting as a "gateway" into different digital currencies, which are now becoming more accepted alongside traditional fiat currencies."Some of these currencies are doing a lot better relatively, but the point here is we are moving into this really rich diverse cryptocurrency ecosystem side by side the fiat currency," Masters told CNBC.ethereum exchange singaporeGABI is an investment fund that is listed on The International Stock Exchange on the Channel Islands.bitcoin seed fundsEthereum traders had an intense night following a DDoS attack on Kraken, one of the main ethereum exchanges.bitcoin to zar chart

The DDoS coincided with a large eth sell order which triggered a cascade of liquidations, said Kraken.Many reported losses as their position was forcefully closed while they were unable to react due to the DDoS preventing access to the website.Price went down some $40 in three minutes, from $90 to $50 where it initially found some support.It then went further down by nearly $25, hitting a bottom of $26, with the entire event over in one hours, which is how long it took Kraken to get back up.bitcoin exchange rate tickerAs soon as the website became once more available, everything returned back to normal.visa ceo bitcoinIn the meantime, it is probable that everyone who had a long position has been called at an 80% or so loss of their funds.donde comprar bitcoin barato

Leading to criticisms that Kraken should have suspended trading during this period.Kraken publicly stated today that they had investigated the incident and “did not find any evidence of a coordinated attack or market manipulation.” A statement that might have far more credence if it had been made by independent auditors/investigators in combination with a full report of what exactly happened.bitcoin client x64They further say that if they had halted trading “the consequences for traders would have been even worse.bitcoin transaction ledgerCrypto assets trade on many exchanges and shutting down an individual market simply means that participants there cannot react to the changes elsewhere.” Participants could not react as the DDoS had locked them out.bitcoin kaufen eur

Once they were able to react after the website became available, trading almost instantly returned to normal.Had they been able to react, it is very unlikely price would have reached $26 or would have been able to trade at an incredible discount for one hour.That’s because the bulls would have converted fiat, other digital currencies, and probably everything they have, to buy at such prices, thus most probably easily filling the order, even if it was large.The coincidence of the two events, therefore, appears on its face to be very suspicious, with bitcoin also affected by a temporary price drop of $150.For ethereum, which has experienced new highs, the event appears to have led to a slight overall panic, sending its price down 10% today to then somewhat recover.Bitcoin Price Watch; Live Trade!An evening of intense playing turned fortunate for a player, as he bagged a whopping $112,400 win from his online bets.The crazy outcome took place at BitStarz, one of the leading online Bitcoin casinos, in one of their games.

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