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Ethereum market update: ETH/USD stalls short of $290 – bears in action

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  • Ethereum short-term target is $300 while $400 seems to be within reach in the second half of the year.
  • If the bulls manage to defend this support ($280) it will be a confirmation of the bullish momentum.

Ethereum bulls are intent on pushing the price to new 2019 highs. Their short-term target is $300 while $400 seems to be within reach in the second half of the year. The price recently corrected from the support congestion zone at $260 – $262 and stepped above the resistance at $270. Trading above both the 50 Simple Moving Average (SMA) and the 100 SMA 15’ saw the bulls rally forces pulling the price upwards in successive engulfing candles.

ETH/USD ground to a halt after forming a high at $288.15 during the Asian trading hours on Thursday before consolidating above $280. The intraday charts show Ethereum having jumped 4.7% on the day. Besides, there is building bullish momentum above the support at $280.

On the upside, the first resistance is $285 (resistance congestion zone). The second hurdle is $287.5 (resistance congestion zone) while $290 is the third resistance zone. Looking at the Relative Strength Index (RSI), we see Ethereum having hit overbought levels earlier today as a bearish indicator.

The RSI rejection from the region shows that Ethereum dips below $280 are likelily unstoppable in the coming sessions today. However, if the bulls manage to defend this support ($280) it will be a confirmation of the bullish momentum and the upwards trend above the trendline and the moving average making $300 a possibility in the short-term.

 

ETH/USD 15’ chart

source:.fxstreet

Ethereum

Ethereum Set to Join the Hyperledger Consortium

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According to reports, the second-largest digital asset by market capitalization Ethereum will join the Hyperledger Consortium. Ethereum is set to become the first Blockchain network to join the open-source Hyperledger consortium. This is reportedly the first that a public Blockchain network is joining the Hyperledger Consortium.

The report was confirmed after the technical steering committee of the Hyperledger Consortium opted to approve a proposal to adopt the Pantheon project. The Pantheon project is based on the Ethereum Blockchain and is backed by ConsenSys.

Pantheon Project Provides Ethereum Based Services

The Pantheon project is basically designed to give a number of Ethereum-backed services that have been built by the ConsenSys’ strong engineering team known as PegaSys. The Pantheon Ethereum project sent a proposal to Hyperledger’s mailing list earlier in the month. On August 8 precisely. Thus, if this proposal is eventually accepted by the Hyperledger Consortium, Pantheon will be renamed to Hyperledger Besu.

Such a move would be similar to previous Blockchain projects including the Hyperledger Fabric by IBM and the Hyperledger Sawtooth by Intel.

Pantheon Ethereum Client Builds Enterprise-level Apps

Built with the Javascript, the Pantheon Ethereum client creates enterprise-grade apps and features such as permissioning and privacy.

As seen in an earlier report, the Pantheon project will reportedly be the number one ‘public’ Blockchain project that will work under the Hyperledger consortium. This means that the Pantheon code will be easily available on networks like the GitHub page. It will also be open to all developers who are contributing to the project.

Apart from running via the Ethereum Blockchain, Pantheon can also run on private networks. The initiative can run on test networks like Rinkeby, Ropsten and Görli.

It is safe to say that HyperLedger’s association with the Ethereum network is nothing new. It should be recalled that last year, in October to be precise, Hyperledger entered a collaborative process with Enterprise Ethereum Alliance. The goal was to establish common standards that will promote the Blockchain space. Hence, because the Blockchain sector remains scattered to date, the project is designed to reach a common standard. That is a standard that can serve the good of multiple industry participants.

Hyperledger Consortium Was Created by the Linux Foundation

The Hyperledger consortium was created for the purpose of developing open-sourced Blockchain by the Linux Foundation. In similar fashion, the EEA is also a 500-member standards entity that builds private business applications based on the Ethereum Blockchain network.

Both entities are of the view that the alliance between them “will allow Hyperledger developers to prepare code that is in line with the EEA specifications. Which will be certified through the EEA certification testing initiatives.” According to Brian Behlendorf who serves as Hyperledger’s executive director:

The agreement is a two-way street. There aren’t many groups out there that are effectively following the standards set in the blockchain space. The EEA has set the standards. The question is what can we add to this momentum set by the EEA?”

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Ethereum May Face 20% Pullback as Key Support Level Grows Weak

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Ethereum and the aggregated crypto market has been closely tracking Bitcoin’s price action over the past week, which has resulted in a choppy trading session for ETH that has ultimately led it to drop back towards $185 – which remains a critical support level for the cryptocurrency.

Although ETH is likely to find some support around $185 in the near-term, further weakness in the crypto market may lead it to plunge below this price level, and one analyst is noting that it may target $155 next.

Ethereum Revisits Key Support Level After Facing Swift Rejection at $200

At the time of writing, Ethereum is trading down nearly 4% at its current price of $188 and is currently trading down slightly from 24-hour highs of just below $200.

Over the past seven days, ETH has faced an influx of selling pressure each time it visited the $200 region, which signals that this price region is a key level of resistance that may prove to be insurmountable for the cryptocurrency in the near-term.

Josh Rager, a popular cryptocurrency analyst on Twitter, shared his thoughts on Ethereum’s price action in a recent tweet, explaining that its current price region may not be one of significant accumulation, despite what many analysts and investors had previously believed.

“$ETH Update: Some have called this a mega opportunity, I continue to watch for a confirmed reversal. ETH has been unable to break & hold above the 20MA for past six months. VPVR doesn’t suggest heavy accumulation yet at these levels. BB suggests incoming volatility – be careful,” Rager noted.

Will ETH Target $155 Next? One Analyst Thinks So…

Assuming that $185 does end up failing to be a strong level of support for Ethereum, Mitoshi Kaku, another popular crypto analyst on Twitter, explained that the next key support level currently exists around $155.

“A couple dates I have my eyes on for $ETH – Let’s see if that Kumo keeps offering a warm support! $155 is a key level,” he said while pointing to the below chart.

It is highly probable that ETH’s near-term price action will largely be dictated by that of Bitcoin, but a break below the key support levels that lies just below its current price could lead to a bout of capitulation that perpetuates its recent downtrend.

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Ethereum {ETH}, Binance Coin {BNB}, Tezos {XTZ} price analysis and likely limits

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Ethereum is positioned beneath the king coin in the market. The price dipped at a rate of 1.26% in the course of the past 24-hours. The trading volume recorded is $6.356 billion, whereas the supply has 107,451,084 ETH coins in play. The total market cap of Ethereum is $20.382 billion. As for now, ETH is priced at $189.69.

The bullish divergence was observed after 20th August [from 14th till the 17th ETH was being oversold]. The daily RSI [for 10 periods] is at 39.64 and is pointing downwards. The Ichimoku Cloud has been red since the 9th of this month. However, the MACD line is slightly north of the signal line, pointing to a possible [but slight] chance of trend change. Resistance will be experienced near $203.6, while support can be found close to the $174 mark.

Binance Coin is ranked at #6 on coinmarketcap. The price of BNB stands at $26.40. BNB diminished at a rate of 2.28%. The trading volume recorded is $169.660 million, and the supply has 155,536,713 BNB coins in circulation. The total market cap of Binance Coin is $4.106 billion.

There is a big chance that BNB will be impacted by sellers in the near future. The RSI is 36.32 and looks to be declining. The MACD line is also south of the signal line [for the last 8 days, the histogram has been red]. Resistance will be felt if BNB manages to rise to $32.35, whereas support has been established near $25.29.

Tezos is ranked at #19 in the market. A boost rate of 0.41% made XTZ reach $1.15. The trading volume recorded is $9.580 million, while the supply has 660,373,612 XTZ coins included. The total market cap of Tezos is $756.733 million.

The Ichimoku Cloud is green from 26th August onwards, indicating a possible return of bullish momentum. Key resistance lies near the $1.59 mark, while support stays close to the $1.049 region. Tezos has been influenced by bearish divergence in the recent past [XTZ was overbought from 1st to 6th August; can be attributed to Coinbase and eToro listing].

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