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Ethereum’s Enigma Testnet Has Officially Gone Live

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Ethereum’s private smart contract network Enigma has had its testnet launched today, according to the Medium post of the development team.

The announcement reads that developers are now able to create their decentralized applications (DApps) on the Discovery test network. The contracts which run on the Discovery testnet will supposedly be deployed on the Ethereum (ETH) network after Enigma has been launched on the mainnet.

” We are extremely pleased to finally announce the Testnet Developer Release of our Discovery network! This huge milestone clears the way for our partners and collaborators to easily begin building secret contracts that will power their own applications and solutions. Contracts built now will be able to be immediately deployed once Enigma is live on Ethereum mainnet — helping to provide immediate usage for the Enigma network.” 

According to the post, the new network will reportedly make overall computations more private, which would aid DApp developers in the development of secure applications.

“This developer testnet finally enables privacy for general computations, enabling dApp developers to create significantly more meaningful and secure applications than what we have seen to date.”

It was also noted that after three months of testing and changing the code the network is now available to the public as an open source software.

“We have been using this very same developer network for the last three months ourselves for integration testing and network testing, and we are now opensourcing it for anyone to develop with. Furthermore, it has the very same features and characteristics of the network that Enigma will have on mainnet, pending some minor improvements and successive iterations. This developer testnet is as close to the “real thing” as it gets.” 

The Enigma’s consensus is dependent on the Ethereum blockchain, but its hosted smart contracts are independent and are written in a different code (Rust, instead of Solidity.) All Enigma-based smart contracts are claimed to have the same functionalities of an Ethereum smart contract.

Enigma also made great strides in terms of collaborations. In June of last year, it announced that it was partnering with Intel to work in privacy research in order to make blockchains even more trusted and permissionless.

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Ethereum chucks the CUP; bullish breakout may break the handle

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Ethereum is nearing the edge, and the CUP might be the first to fall off.

The second largest cryptocurrency in the market has turned over a new leaf. Intrinsic community and technology developments aside, from a price perspective, Ethereum has had a bullish few days. Beginning the week with a massive green rally with fellow altcoin heavyweight XRP, the two led the market with double digit gains.

Not letting the rally be a one-off and allowing correction bears to take over, Ethereum is holding on, even as Bitcoin’s price descends into four digits. Trading at $208 at press time, the coin is just $8 off its peak during the current bullish cycle. Given how the charts have been laid out, this breakout could be the start of something special for the altcoin.

SHORT TERM

Source: TradingView

A clear parallel channel is being formed, and it is on the ascent. Following the recent rally, coupled with strong fundamentals emanating from the coin’s network activity, the channel looks to persist.

There is although, an absence of a consistent array of higher-highs, and the higher lows are stacked. Placed at $168, $175, $180, and $190, the coin has been yo-yoing, but has managed to move higher with every downward movement. Looking down, the closet support level lies at $180, which barring a massive sell-off, looks unlikely to be tested. Looking up, things get interesting. Ethereum, during the recent upswing, bounced off the resistance level placed at $217, which the coin is not too far off from, despite dropping below $210.

Finally, in the short term, the level of $233 is also significant, as the price bounced off the same on three occasions: 15 July, 25 July and 6 August. In over two months, ETH’s price has not crossed this margin. Hence, a move over $217, coupled with strong technicals, could buoy the market over $233.

LONG TERM 

Source: TradingView

In the long term, Ethereum seems to be breaking out in a very stark fashion. An initial look at the 1-week ETH chart reveals a vague, but present formation of a ‘CUP,’ created due to the bearish movement of 2018, preceding the bullish [relatively] 2019.

The left cup lip began in July 2018, and sparked a price valley, thanks in large part to the crypto-winter which took the collective market cap to $100 billion from over $800 billion earlier in the year. In 2019, bullish sentiment took over the market, and the coin’s price surged from $80 to over $320 in June, the top of the right lip. July and August began to see slumping movement, more drizzle than downpour, leading to the formation of a parallel channel, or a handle.

Despite sustaining itself within the channel, the recent price surge, if sustained through the end of the month, could lead to the handle being broken. The handle, at press time, marks a resistance of $221, and a move out of the same could result in a breakout from the handle and imminent bullish movement.

To conclude, the key resistance levels are placed at $217, $221, and $233, the first and third based on the movements in July and August, and the second owing to a surge out of the ‘Cup and Handle’ formation.

However, a simple breakout over the same will not be easy for two reasons. First, earlier this month ETH broke into its ‘Death Cross,’ spelling bearish movement and second, Bakkt is launching its physically delivered Bitcoin Futures next week, a development which could lead to a shift from altcoins to the king coin once again.

Source:ambcrypto

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Indicator shows Ethereum accumulation is surging: main factors behind the rally

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According to Elias Simos, a senior research analyst at Decentral Park Capital, Ethereum recorded net exchange outflows for the first time since May, following the recovery of the cryptocurrency market and the Ethereum price.

Net outflows refer to investors moving funds out of a cryptocurrency exchange to either personal wallets like a non-custodial wallet or a cold wallet to store the asset securely over the long run.

Often, net outflows on cryptocurrency exchanges for assets like ETH occur when the confidence of investors towards the short to medium term trend of the asset rises.

Since September 1, within less than three weeks, the Ethereum price increased from $165 to $217 at its weekly peak, by more than 31 percent against the U.S. dollar.

Why the Ethereum price is surging strongly against both BTC and USD

As said by Ethereum analysts including Anthony Sassano, a product market manager at Set Protocol, the Ethereum blockchain protocol has seen an overall increase in usage in recent months.

Indicators of Ethereum growth
Indicators of Ethereum growth (source: IntoTheBlock)

On Sept. 16, the Ethereum network processed record high activity on its protocol in the form of transactions and smart contracts, indicating that despite an 85 percent drop from its all-time high, the usage of ETH is consistently increasing.

Sassano said:

“Ethereum flipped Bitcoin in daily fees today. You know what’s even more striking about this image? The fees paid on the other blockchains don’t even come anywhere close to Bitcoin & Ethereum which signals to me that there is practically zero demand for these platforms.”

The strong short term trend of ETH is supported by fundamental factors like increasing network usage and daily fees but the major catalyst behind the surge in the Ethereum price is said to have been its steep decline in mid-2019.

At its lowest point in 2019, the Ethereum price fell to as low as $80 across regulated cryptocurrency exchanges, hovering at the low $100 range throughout the first two quarters of the year.

The 93 percent drop from its record high at $1,448 to the low $100 region led the Ethereum price to demonstrate oversold conditions.

When the Ethereum price recovered beyond $190, which has acted as a relatively heavy resistance level for the cryptocurrency, it quickly its made its way to establishing a monthly high.

Other potential factors

Ethereum is anticipating the release of its 2.0 version in 2020 and expectations of improved scalability to provide a more practical environment for both developers and users are rising.

At the Ethereal conference, Ethereum co-founder Vitalik Buterin said:“[First step of the 2.0 version is] finalized except for things that come up during the security audits. The clients are now talking to each other. The next step is to make sure they can maintain a public network at scale.

The next step is to make sure they can maintain a public network at scale. We’re talking about potentially hundreds of thousands of validators aggregating a huge number of transactions.”

The anticipation of users towards the 2.0 release, the noticeable increase in the usage of the network, and the recovery of the Ethereum price over an important resistance level are likely fueling the short term momentum of the cryptocurrency.

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Will Ethereum Classic Price Start an Upward Trend?

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  • Ethereum Classic price has been moving in a flattish range over the past day.

ETC has managed to stand ground in the ongoing bearish trend in the crypto market, though the price has shown variations since the beginning of July. The past one-day price trend has seen ETC moving in a flattish range above the baseline price of $6.4-$6.5.

ETC to USD Price Comparison

The past one-day price shows a flattish trend for ETC on September 18. On 2:32 UTC, the price was at $6.5322. It was moving in a slight range for most of the day and then at 21:38 UTC fell to $6.3840 by 2.27%. The current day’s price is at $5.9746, which shows a downward movement to the extent of 6.41%.

Ethereum Classic Price
Ethereum Classic Price Chart By TradingView

Ethereum Classic Price Prediction

Ethereum Classic has managed to maintain its momentum even in the bearish momentum. Analysts expect this short-term bearish trend to pass and ETC to get back on track in the medium-term.

Conclusion

Investors should hold their current investments from a long-term perspective. Short-term and day traders should exercise caution while trading.

Source.cryptonewsz.

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