Samsung, the South Korean electronics giant has released a beta version of Ethereum Blockchain-based Software Development Kit (SDK) for partner developers.
This kit enables the developers and consumers a full set of functions that are required to build decentralized apps (dapps). It will be available in Canada, South Korea, and the USA. Currently, the kit will support only five devices- Galaxy S10e, S10, S10+, S10 5G, and the Galaxy Fold.
The SDK provides developers with ways to manage user accounts, authorize digital signatures for transactions, and manipulate transaction data. It will further allow linking users to any cold wallets, and not just Samsung KeyStore. Additionally, the beta edition SDK will facilitate the creation of transactions and the result of the transfer will be sent to a blockchain node.
Samsung will leverage its partners with additional features available in the kit to have access to a “blockchain specialized browser” for web dApps, which will have features to facilitate easier crypto payments and tools for easily estimating fees using live crypto exchange rates. Partners will be able to fetch transaction history from Samsung’s “blockchain proxy node.” These features will help reduce the cost of building dApps on supported mobile devices, said Samsung.
Galaxy S10, which was launched earlier this year, supports several dapps as well as features a Samsung crypto wallet supporting ether and ERC20 tokens. The giant was also planning to bring blockchain solutions to more budget-friendly Galaxy models.
According to recent news, Samsung is creating its own Ethereum-based blockchain network and may be planning to issue its own token too.
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Ethereum (ETH/USD) forecast and analysis on October 18, 2019
Cryptocurrency Ethereum (ETH/USD) is trading at 174. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator stripes.
Ethereum (ETH/USD) forecast and analysis on October 18, 2019
As part of the Ethereum forecast, a test of level 180 is expected. Where can we expect an attempt to continue the fall of ETH/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 162. The conservative area for sales of Ethereum is located near the upper border of the Bollinger Bands indicator strip at the level of 188.
Cancellation of the option to continue the decline in the Ethereum rate will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of 188. This will indicate a change in the current trend in favor of the bullish for ETH/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Ethereum (ETH/USD) forecast and analysis on October 18, 2019 implies a test level of 180. Further, it is expected to continue falling to the area below the level of 162. The conservative area for selling Ethereum is located area of 188. Canceling the option of falling cryptocurrency will be a breakdown of the level of 210. In this case, we can expect continuation growth.
Ethereum (ETH) Rebound Faces Major Hurdle Near $180
- Ethereum price is currently correcting higher, but it is facing a strong resistance near $180 against the US Dollar.
- Bitcoin price is up more than 1.5%, but it is also facing resistance $8,120 and $8,200.
- This week’s followed major bearish trend line was breached with resistance near $174 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is clearly facing a strong resistance near the $180 level and the 100 hourly SMA.
Ethereum price is currently recovering higher versus the US Dollar, similar to bitcoin. However, ETH price must settle above $180 to continue higher in the near term.
Ethereum Price Analysis
Yesterday, we saw an extended decline in Ethereum below the $180 support against the US Dollar. Moreover, ETH price settled below the $180 support and the 100 hourly simple moving average. The decline was such that the price traded close to the $170 level. A swing low was formed near $171 before the price started an upside correction. It recovered above the $174 and $175 resistances.
Additionally, this week’s followed major bearish trend line was breached with resistance near $174 on the hourly chart of ETH/USD. The pair climbed above the 23.6% Fib retracement level of the last decline from the $188 high to $171 low. Finally, the price spiked above the $178 resistance area. However, the upward move is facing hurdle near the $180 resistance and the 100 hourly simple moving average.
Moreover, the price failed to test the 50% Fib retracement level of the last decline from the $188 high to $171 low. Ethereum retreated from highs and it is currently trading below $178. It seems like the $180 area and the 100 hourly SMA are crucial barriers. Therefore, a successful close above $180 could push the bulls to continue higher in the near term.
If not, there is a risk of another decline below the $175 level. The main support is near the $172 and $170 levels. If there are more downsides, the price is likely to accelerate its decline below the $165 level. The next key support is near the $160 level.
Looking at the chart, Ethereum price is facing a strong resistance near the $180 level and the 100 hourly SMA. If there is a successful close above $180, the price could recover towards the $185 level. An intermediate resistance is near the 61.8% Fib retracement level of the last decline from the $188 high to $171 low.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to move into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently moving lower towards the 50 level.
Major Support Level – $170
Major Resistance Level – $180
Ethereum (ETH) Could See Another Month Of Upside
Ethereum (ETH) has shown signs of weakness the past few days but we believe that all of that might soon change as it prepares to make a big move against Bitcoin (BTC). Fibonacci circles on the daily chart for ETH/BTC shows us how the price has entered a new phase and could now be expected to rally towards the 61.8% fib retracement level and the 200 day EMA to say the least. There is a strong probability that we might see ETH/BTC rally past the trend line resistance to touch the fib circle and then begin its decline from there. In other words, we are looking at at least another month of upside from current levels. We might see some profit taking in December as investors generally take profit before Christmas but until then we expect a bullish reversal.
In the past, Ethereum (ETH) and other altcoins led investors into thinking that an altcoin season might be around the corner but those hopes were short-lived. This time however there is a strong probability that we may have a mini altcoin season at least till the end of the year. I think it is going to be a massive bull trap that will lead most investors into thinking that the next bull run has finally started and just when everyone starts talking about it, we will see the next big decline. Some analysts and traders have pointed to bearish scenarios recently like the price crashing hard from current levels expecting that Bitcoin (BTC) will decline straight to $6,000 or slightly lower and that the market will begin a bullish cycle after that but I do not agree with that view.
I think there is a very high probability that Ethereum (ETH) will continue to remain bullish for now and see further upside to inflict more pain on the bears. This could lead to ETH/USD rallying towards $300 or even higher before the downtrend begins. In my opinion, the next downtrend is going to be extremely devastating and it is likely to coincide with a sharp decline in the S&P 500 (SPX). At the moment, we are likely to see further upside that will get the bulls excited once again.
It is important to note that Ethereum (ETH) like other altcoins is at a much higher risk of losing most of its gains when the next downtrend actually begins. This is why we need to remain focused on the big picture regardless of any short term bullishness in the market that we could see in the days ahead. Traders and investors would be better off hedging their positions and adopting strategies to accommodate both long term and short term positions. As responsible traders, we have to realize that trading is a game of probabilities and that we can never be certain that something is happening for sure. This is why it is important to have effective risk management in place to limit your downside and remain consistently profitable in this market.