Ethereum adds support for Euro Coin [EUROC]: All you need to know

Circle rolls out new Euro-based stablecoin as an ERC20 token on Ethereum. Ethereum’s on-chain metrics rose as a result of the announcement. The Ethereum [ETH] network just added support for another stablecoin. The network has so far supported multiple stablecoins, but most are pegged on the U.S. dollar. This time the latest addition is Euro […]

might be a game changer for European crypto traders, Ethereum will be one of the biggest beneficiaries.Europe is one of the biggest economic regions in the world. As such, it can control a substantial amount of trading volumes in the crypto market. A direct link to the market through a Euro-backed stablecoin may thus prove quite useful. Ethereum is banking on this development to tap into more trading volume and network growth.

A potential reason for the relatively low change in activity is that ETH is currently slowing down after facing resistance above $1,700. It experienced a return of so far this week, but it remains to be seen whether the new development will breathe life to the bulls.As far as metrics are concerned, there is room for more downside before it interacts with the 50% RSI level. There is a sizable probability that demand may resume at the RSI midpoint, especially since the current bearish momentum is not so strong.Subscribe to get it daily in your inbox.

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