The day began with Ethereum [ETH], the second largest cryptocurrency by market cap, sparking a little bit of red and a little bit of green. Despite the constant appearance of the bear in the coin’s realm, the bull continues to have a grip over the coin’s future.
According to CoinMarketCap, at press time, Ethereum was trading at $123.07 with a market cap of $12.9 billion. The coin has a trading volume of $3.42 billion and has witnessed a rise of over 16% in the past seven days.
The downtrend for the cryptocurrency in the one-hour chart is outlined from $123.93 to $123.18 and further down till $122.80. On the other hand, the uptrend for the coin is pictured from $103.27 to $120.66. The resistance levels for the coin are set at $122.81 and $123.96. The coin’s immediate support is at $119.78 and the main support is at $103.08.
Klinger Oscillator is currently forecasting a bearish market as the signal line and the reading line had a crossover in the market with reading line deciding to take the direction pointing south.
Bollinger Bands are forecasting a less volatile market for the currency as the bands are pictured contracting and moving close to each other.
RSI continues to show that the buying pressure is evened out by the selling pressure in the market for this cryptocurrency.
In the one-day chart, the downtrend is demonstrated from $317.55 to $123.93. The coin’s uptrend is recorded from $83.74 to $103.22. The immediate resistance for the coin is pictured at $123.99 and there is also strong resistance at $156.02. On the other hand, the cryptocurrency has set its immediate support at $103.20 and its strong support at $82.92.
MACD has pictured the moving average line above the signal line after a crossover, paving path for a bull run to take place.
Chaikin Money Flow is seen making a leap towards the bull’s market as the line is pictured making an effort to cross over the zero line.
Parabolic SAR is forecasting a green market for the coin in the long-run as the dots have aligned below the candlesticks.
Despite the short bearish weather, the market is still indicating a bullish market for the coin in the coming days. This is because of the support of the long term indicators, MACD and Parabolic SAR from the one-day chart.
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”.