- Ethereum retakes second position on the market after surpassing Ripple in market cap.
- Ethereum technical levels stay positive as cryptocurrency market retreats after weekend gains.
The market is back in red following a weekend of stability. Ethereum alongside other digital assets corrected higher on Friday last week recording gains from the short-term support at $102 to monthly highs at $126.44. While the marker has started to trim the gains, Ethereum is staying above $120 support.
Ethereum has also made a strong comeback in terms of the market capitalization. The gains come after a period of bear pressure where Ethereum refreshed the 2019 lows of $103. The gains last Friday were a welcome after ETH/USD tested the primary support at $100. A drop below this level would have been devastating for Ethereum including delaying recovery.
The cryptocurrency technical levels are still high at the time of writing supported by high trading volumes. The market capitalization zoomed past Ripple to retake the second position as the data on CoinMarketCap. Ethereum is valued at $12.70 billion in comparison to Ripples 12.54 billion.
In the meantime, ETH/USD is trading at $120.79. It is seeking a support at $120.00 while immediately anchored by $120.00. Slightly below this level the 100-day Simple Moving Average will offer support at $119.24. The next support target is at $116.00 while the main support still lies at $102.00.
Ethereum Classic [ETC]: Network numbers shoot up in the wake of EtherNode’s launch by ETC Labs
Ethereum Classic’s [ETC] start to 2019 was quite uneventful as the Ethereum [ETH] hard fork was focused more on building its repositories, rather than partnerships and flashy developments. ETC ‘s upgrade phase has been obvious for some time now, with the focus on the network’s all-important Atlantis Network upgrade.
Latest reports reveal that the network numbers for ETC are healthy, as evidenced by factors like increase in market cap, transaction rate, and active addresses. The 24-hour statistics indicated that the cryptocurrency’s market cap had shot up to $657 million, while the trading volume held between the range of $390 million-$392 million. The 24-hour transaction rate was 41,618, which was much higher than the low 30 thousands that the cryptocurrency previously scaled.
Diligent fans of the cryptocurrency were ecstatic upon hearing the news, with @Drake_10 tweeting,“Perfect, that’s what all of us want to hear, We instantly retweeted this to our strong crypto community!”
The team at Ethereum Classic is concerned with the value of personal data and how it has grown exponentially over the past decade. Another point taken into consideration by ETC was the magnitude of the effects of personal data and its inherent value. Taking data safety into consideration, Ethereum Classic Labs launched EtherNode which, according to the organization, is “the trio making trust minimization a reality.” ETC Labs elucidated,“We’re building infrastructure software and hardware to transform the way people connect to and interact with Ethereum blockchains. The EtherNode is a robust piece of hardware designed to not only host nodes but also serve as the base of a secure smart home network. It’s an easy plug and play way to reduce dependencies on 3rd party node hosts made possible by EnOS, the Linux based blockchain OS we’ve assembled.”
Ethereum market update: ETH/USD stays above key demand zone – the potential for growth is immense
- Ethereum corrects lower 13.6% from April 2019 highs.
- Ethereum escaped one range resistance only to fall into another whose upside was capped at $176.62.
- The demand zone is strong enough to hold off any dips below $160 in the short-term.
ETH/USD has continued to correct lower from the highs posted in April. The asset has lost 13.6% of its value in April alone. Attempts to recover and resume the uptrend towards $200 have been thwarted by selling pressure. In two occurrences the demand zone between $155 and $160 has worked as a key rebound area.
On April 18, Ethereum bulls pushed for a correction above the initial range limit at $170. However, Ethereum escaped one range resistance only to fall into another whose upside was capped at $176.62. Following several days of consolidation above the 200 EMA 2-hour, ETH/USD was caught up in the bear pressure on the market on Wednesday leading to a plunge not only below $170 but also next support target at $165. This time, the price formed a low at $161.01 and while taking advantage of the demand zone commenced the current consolidation phase.
At the moment, ETH/USD is trading at $163.21 and facing immediate resistance at $165. If the growing bullish momentum breaks above the initial resistance, the 200 EMA hurdle will hinder growth. Similarly, as long as Ethereum stays below the 200 EMA, the bears will continue to have an upper hand. Fortunately, the demand zone is strong enough to hold off any dips below $160 in the short-term.
Ethereum [ETH] ProgPow implementation would lead to a drastic drop in hash rate, says developer
Programmatic Proof-of-Work [ProgPow] has so far been one of the most talked about upgrades in the Ethereum community. The protocol that aims at making GPU mining more efficientagainst ASIC mining also raised questions pertaining to the governance of the ecosystem. This was one of the topics of discussions during the Eth1x/ Istanbul Planning, where Danno Ferrin, a blockchain developer, presented on ‘ProgPow: Flipping the Switch’.
Danno Ferrin spoke about the outcome of ProgPow implementation, assuming the transition happened after the audit was released and it gets scheduled for a Mainnet block. Ferrin stated that one of the results of the implementation would lead to a “dramatic” fall in Ethereum’s hash rate, adding that this would “not be the end of the world” as the work done would remain the same but it would be measured differently.
This was followed by the developer explaining the reason the hash rate would fall. He said,“The biggest reason is that the work done in ProgPow is about twice ‘hard’ as Ethash and part of that comes from the amount of memory access that goes on […] since this is a memory-hard algorithm, that is the primary motivator for how long it takes to calculate the hash […]”
Ferrin stated that the second reason was the different ProgPow periods have a different hash rates. He stated that the program run to calculate the Proof-of-Work would change based on the block number particular block number, adding that every ten blocks the “different randomly generated program is generated” with some being quicker and others being slower.
Ferrin explained that the drop in the hash rate would have an impact on the block time and the difficulty bomb. Further, the developer listed the ways this could be handled, first: not addressing the issue. The second was to apply a one-time difficulty adjustment and the third was to apply a pre-algorithm “difficulty multiplier”.