Today’s Ethereum (ETH) News
A lot has been said about Ethereum. It is the pioneering smart contracting platform with real use case. Although there is no official statement from the US SEC stating overtly that the network is completely decentralized, many of its executive officials are confident it is. That is the kind of acknowledgement that keeps the ball rolling. In this case, investors are bullish that despite what they do with their ETH, they won’t be investing in investment contracts.
Coincidentally, this is at a time when Weiss Ratings decided to downgrade EOSIO technology to an A- because in their assessment “centralization” is a serious problem for a tech they claim to be representing. EOS, prioritizing scalability and security over decentralization meant the implementation of the delegated proof of stake consensus algorithm, which is closely related to the proof of stake (PoS).
The latter is energy efficient in that it eliminates mining saving energy and differentiating itself from Proof-of-Work networks like Bitcoin accused by environmentalists as energy inefficient and prone to centralization.
All in all, the conclusion by Weiss Ratings, damning EOS is a huge boost for Ethereum which despite being a launching pad for most dApps lags EOS and Tron in the number of transactions processed.
Meanwhile, Digital Asset Risk Management Advisors (DARMA) is long Ether. It’s managing director who doubles up as ConsenSys Capital co-founder, Andrew Keys says his fund will invest in ETH because fundamentals points to an incoming 10-year bull run.
As optimistic as he is, time holds the keys. However, the raft of supportive fundamentals as the expected freeze via activation of EIP 1234, the revival of BTC and the actualization of Ethereum 2.0 will accelerate ETH’s rally.
ETH/USD Price Analysis
At the time of writing, ETH is down 2.4 percent in the last day but shedding 9.9 percent from last week’s close. That’s largely because the reaction from the $230 mark is spectacular. Unless otherwise, after today’s close, a double bar bull reversal pattern will print from an important support line.
Note that from previous ETH/USD trade plan, the short to medium term trajectory for the second most valuable asset depends on the reaction at $230.
Trading within a bullish breakout pattern after May upsurges, the cool off after testing $290 is technically another buying opportunity for aggressive traders capitalizing on the firm ETH uptrend.
Therefore, the fact that there is a clear signal at the back of high trading volumes off the 50 percent Fibonacci retracement level of May 2019 reveal the strength of the underlying momentum. Because of this reaction, risk off traders can load the dips while targeting $290.
On the reverse side, a more cautious approach would be for traders to wait for a firm close above $300. Accompanying this surge should be high trading volumes exceeding 410k of May 30th. Such a move will cancel the three bar bear reversal pattern after May 30th bear bar, setting on motion the next leg of higher highs with bulls aiming at $400. On the flip side, any depreciation below $230 nullifies this trade plan.
All of Today’s Ethereum (ETH) Price Analysis, Chart Forecasts and Industry News
All Charts Courtesy of Trading View—Coinbase
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Like what you read? Give us one like or share it to your friends