2018-7-17 19:43 |
After losing more than 80 percent from their April highs, Ethereum (ETH) is ready for a comeback. So far, ETH is up five percent and bottoming out from the psychological $400 which also marks 2018 lows. Besides that, fundamentals are positive but regardless, we recommend staying neutral until prices edge past $550.
From the NewsJoseph Lubin-led ConsenSys is a force to reckon not only within the inner circles of Ethereum but in blockchain. Well, with offices in Paris, London and Dublin, the team made up of developers and entrepreneurs spread in 30 different countries are leaving permanent impression when it comes to development and implementation of applications that promote the Ethereum ecosystem.
Spearheading ConsenSys in particular is their Paris office. After opening doors in 2014, the team has been on an innovation spree coming up with ingenious and efficient solutions addressing real world problems. One of them is VariabL, a one of a kind dApp that would run in the Ethereum blockchain and seeks to be this secure and efficient platform for trading the trillion-dollar derivative market. Another of their product is PegaSys which describes itself as an enterprise grade system that shall:
“incorporate and involve the public-chain community and private chain work by enterprises”.
Interestingly, PegaSys works closely with Ethereum Alliance Enterprise and other important partners to identify the needs of enterprises and provide timely solutions addressing such needs. In simple terms, PegaSys dApp, which depends on the security and reliability of Ethereum, will be an enterprise level collaboration and innovation platform that is scalable, private and stable.
Besides that, ConsenSys is working closely with the EU and in place is the EU Blockchain Observatory and Forum. Their objectives are to study blockchain and monitor blockchain initiatives within Europe, be a source of information when it comes to matters blockchain and most importantly, make policy suggestion on what the EU can contribute in Blockchain.
Ethereum (ETH) Technical Analysis Weekly Chart Click here to see the full size Ethereum Weekly Chart By Trading ViewOverly, there is a revival in Ethereum but well, it’s not something that is special per se especially when we take a top-down preview of price action.
Notice that while there was a nice three bar reversal pattern, the Morning Star that was confirmed after week ending July 8, ETH prices have been moving within a tight $100 trading range with resistance between $500 and $550.
The lower edge is $400 coinciding with our main support and sell trigger line. Besides, if you are keen enough then we realize that price action has been level and contained within week ending June 24 high low meaning we need strong movements with high trade volumes in either direction to trigger buys or sells.
Daily Chart Click here to see the full size Ethereum Daily Chart By Trading ViewLike it has been the case in the last 14 days or so, prices are moving within a trade range as mentioned before. In the midst of that, we have been seeing buyers bouncing off $400 and are gradually building momentum.
Now, in the midst of this, we also realize that this is actually happening within a bull flag and just below the 78.6 percent retracement line. For buyers then to be in charge and change fortunes of ETH supporters then we must see up-thrust above that minor Evening Star and 61.8 percent Fibonacci retracement level. From then on, ideal targets would be at $850 and if momentum continues $1,000.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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