Latest Ethereum News

Unfortunately for blockchain development, the near perpendicular fall in digital asset prices precipitated partly thanks to regulator fear mongering and their tireless effort to cut off direct investment in the space in the name of investor protection—which is ridiculous—has largely contributed to this fall.

Assumed megaliths and industry leaders as ConsenSys are feeling the heat and days after urging their members to be competitive in the face of an increasingly competitive environment, the giant in a press release decided to lay off 13 percent of their staff. Remember they have a presence in 30 countries across the globe and with investment in more than 50 projects, then it’s obvious that quite a good number of developers are out there jobless.

Read: SEC Chairman Affirms ICO Token Sales Are A Good Way To Raise Capital If Rules Are Properly Followed

But there is hope and as Ethereum dedicate all their efforts to deal with scalability problems whose first step is the implementation of Constantinople—whose activation date has been mapped out to mid-January 2019, is one of the few bright spots to look at.

Also Read: Malta and Six EU Countries Sign Blockchain Distributed Ledger Technology Promotion Agreement

Through this hard fork, the platform will be one step towards Serenity and in that ideal state, Ethereum will be scalable with proof of stake as a consensus algorithm in place. Once Ethereum deals with on-chain throughput, scalability and have miners sorted out, then there will be absolutely no reason for projects to shift over to EOS or Tron.

Though we are vibrantly expecting a bounce from this dredge, ETH is under immense pressure. Trading within a clear bear breakout pattern, bulls have a hard time against this wave of sellers.

It’s down eight percent in the last day and perched at third, sellers should be in control as long as prices are trending below $100. As visible from the chart, ETH/USD is stuck in a $17 consolidation with clear support at Dec 7 lows of $83 and resistance at $100.

Assuming bulls close above $100 complementing ETH demand of Dec 7, then traders should look aim for $130 and later $160 with stops at visible support levels in the 4HR chart. This might lay out the rails for higher highs helping erase the damaging losses of Nov 2018.

The consolidation we mentioned above is clear in this time frame. And unless there are strong gains breaking above $100 triggering short-term buyers aiming at $130 and later $160, sellers are in control.

However, considering the strong losses of the last 11 months drops below $83 or Dec 7 lows shall trigger the next wave of lower lows that could see ETH test $50 or worse by the end of the year.

If bulls print higher, then our ETH/USD trade plan will be as follows:

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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