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Ethereum [ETH] co-founder’s ConsesSys launches Rimble Design System to foster adoption of Ethereum

Joseph Lubin, the co-founder of Ethereum and the founder of ConsenSys, a blockchain software development company, tweeted the release of Rimble Design System [RDS]. RDS, as the founder claims, is a package of adaptable components and tools to help make the development of decentralized apps [dApps] on Ethereum more user-friendly.

The design team at ConsenSys developed Rimble Design System as an open-source project that provides dApp designers and developers adaptable components and design standards to create common dApp UX patterns, validated through user research, and built for developers.

The launch was tweeted by the founder, Joseph Lubin:

Source: Twitter

Source: Twitter

The design team at ConsenSys agrees that the development of dApps requires users/developers to learn new patterns, which are a hurdle for both designers and front-end developers.

Amanda Gutterman, the Cheif Marketing Officer at ConsenSys, tweeted recently that the ConsenSys Grant Program will be awarding $500,000 to projects in the Ethereum space which focus on infrastructure, research, interoperability, usability, and developer tools. This was announced at Devcon 4 by Joseph Lubin.

ConsenSys aims to create a new internet because “the current internet is broken”. In a Medium post, it described how digital information on the internet can be stolen without the creators getting the required credits. It plans to eradicate this model of the internet and create a new one. It stated:

“It’s time to change this model; to reward those who enrich our digital worlds. It’s time to use ethical collaboration to foster innovation and growth, with infrastructure built to support just that. It’s time to decentralize the Internet, to move to version three.”

In its effort to help decentralize the world and help companies, ConsenSys oversees the project of a startup called Kaleido. The startup aims to help enterprises implement blockchain technology and is collaborating with Amazon Web Services to do just that.

Ethereum

Ethereum Price Analysis: ETH/USD heading for the big psychological $200 price mark

  • Ethereum price is trading in the red by 6.30% in the session on Wednesday. 
  • ETH/USD is exposed to a free-fall down to the psychological $200.
  • The bears have broken down a critical area of support, which was noted at $250-40 price range.

ETH/USD daily chart

The price is now running at three consecutive heavy sessions of losses in the red. 

ETH/USD 60-minute chart

Markets bears have capitalized on a bearish pennant structure, inviting a fresh wave of selling pressure. 

Spot rate:                     259.20

Relative change:          -6.30%

High:                             250.24

Low:                              234.54

ETH/USD

OVERVIEW
Today last price231.07
Today Daily Change-15.73
Today Daily Change %-6.37
Today daily open246.8
TRENDS
Daily SMA20253.82
Daily SMA50201.51
Daily SMA100172.19
Daily SMA200179.14
LEVELS
Previous Daily High266.2
Previous Daily Low244.75
Previous Weekly High287.04
Previous Weekly Low237.24
Previous Monthly High186.73
Previous Monthly Low125.81
Daily Fibonacci 38.2%252.95
Daily Fibonacci 61.8%258.01
Daily Pivot Point S1238.97
Daily Pivot Point S2231.14
Daily Pivot Point S3217.52
Daily Pivot Point R1260.42
Daily Pivot Point R2274.03
Daily Pivot Point R3281.86

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Ethereum

Ethereum Price Analysis: Is $230 ETH/USD’s last shot at a bullish reversal?

  • Ethereum price seeks balance as price dives towards $230.
  • Coinbase’s Coinbase Wallet now supports Ethereum Name Service.

The bloodshed in the cryptocurrency market has started to send jitters among investors and crypto enthusiasts. The losses across the board remain vaguely unexplained especially with the Coronavirus fast becoming a global pandemic. One would expect that cryptocurrencies would continue to gain traction in such disastrous natural, geopolitical and economic circumstances.

Meanwhile, Ethereum failed to hold tentative support identified yesterday at $250. Instead, the bulls lost balance allowing the bears to exert more pressure, sending ETH/USD to $235 (intraday low). Trading activities on Wednesday have remained bearish with Ethereum having shed off 3.5% in value by the end of the Asian session. Besides, charts and rates table shows a bearish bias trend amid high volatility.

Coinbase Wallet now supports Ethereum Name Service

In a tweet sent out on February 26, Coinbase says that its Coinbase Wallet has extended support to Ethereum Name Service. The support will ensure that ETH users are able to send their payments to a wallet address that is human-readable instead of the usual hexadecimal address. In other words, users will get the feel of sending funds to an email address as opposed to scrambled strings of text. Note that the address will only function in this way if the user has the address registered with Ethereum Name Service (ENS). At the moment about 133,000 ETH addresses are registered with ENS compared to the total 88 million ETH addresses in existence.

Ethereum price technical update

Ethereum price has managed to pull upwards from the intraday low to trade at $239 at the time of writing. However, the sellers are generally in charge. Moreover, the RSI’s dip into the oversold region while still maintaining a downward slope suggests that ETH/USD reversal would not be forthcoming in the coming sessions. The momentum indicator doubles down on the ongoing selling pressure and emphasizes that the path of least resistance is to the downside.

With the downward movement slowing down, one is left wondering if $230 could be the support ETH has been searching for and, therefore, a bullish reversal is around the corner. If that is the situation, traders should be on the lookout for the RSI’s recovery from the oversold coupled with good volume levels, which could eventually send ETH/USD back in the bullish zone above $260.

ETH/USD 1-hour chart

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ETHEREUM STILL COUPLED TO BIG BROTHER, IS ETH ABOUT TO CRASH HARDER?

It was largely predicted that when bitcoin corrects, the altcoins will capitulate. That appears to be happening this week and Ethereum hasn’t escaped as it dumps almost 15% since the weekend.

Digital asset markets are in free fall today, since Monday over $30 billion has been dumped, with over half of that leaving the space in the past 24 hours.

From their 2020 peak above $300 billion total market cap has dumped over 15% to current levels and it looks like the pain is not over yet.

ETHEREUM FALLING FAST

Bitcoin has corrected around 13% from its peak price this year which is a lot less than Ethereum’s losses. As predicted by Bitcoinist last week, the altcoins are capitulating as BTC corrects and fails to hold key support levels.

Since its 2020 high, ETH price has corrected 19% to current levels, hitting a low of $235 during Asian trading this morning. Over the past 24 hours the asset has dumped 11% from an intraday high of $265.

ethereum

ETH price 1 hour chart – Tradingview.com

Three lower highs since mid-February have mirrored the action on bitcoin’s chart as Ethereum remains hopelessly coupled to its big brother still.14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!

Analysts have also observed the correlation despite hopes that ETH would begin to move independently this year.

“So just understand that this is no reflection on #Ethereum and 100% tied to what $BTC does next. They have not been decoupled.”

At the time of writing BTC has broken down to this level and ETH is still falling so $225 could well be on the cards.

Zooming out shows a healthier picture with Ethereum prices still up 80% since the beginning of the year but this will only remain healthy if the pullback slows down. Any asset that has made such rapid gains is bound to correct harder and faster than slower moving ones and ETH has been on a roll this year.

There may have also been some liquidation from DeFi markets as the total amount of ETH locked has fallen to $2.8 million. The dollar value has also dumped below a billion but that is due to falling ETH prices.

Without pointing out the obvious, the past two months have been a mirror of the price action in June and July last year. The only negative at the moment is that overall high was lower this time around.

Bitcoin really needs to find support above its previous bottom of $6,500 in December for crypto markets to stabilize and a new rally to begin. Only then will Ethereum start to climb again.

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