Ethereum Could Narrowly Avoid a Major Drop if it Closes Above $380
Ethereum Could Narrowly Avoid a Major Drop if it Closes Above $380
Ethereum extended its decline below the key $365 support against the US Dollar. ETH price is correcting higher and it must surpass $380 for to avoid another bearish wave.
Ethereum extended its decline below the $370 level. ETH price even broke the $365 support level and tested the $360 level. It found support near $360 and recently started a fresh increase.
There was a break above the $365 and $368 resistance levels. More importantly, there was a break above a major bearish trend line with resistance near $372 on the hourly chart of ETH/USD. Ether price is now trading nicely above the $370 level and the 100 hourly simple moving average.
It is still facing a strong resistance near the $380 level. A high is formed near $380 and the price is currently correcting lower. There was a break below the $375 level, plus the 23.6% Fib retracement level of the upward move from the $360 swing low to $380 high.
Source: ETHUSD on TradingView.com
Ether is now testing the $372 level and the 100 hourly simple moving average. A crucial support is forming near the $370 level and a connecting bullish trend line. It is close to the 50% Fib retracement level of the upward move from the $360 swing low to $380 high.
On the upside, the bulls are facing a strong resistance near $380. A clear break above the $380 resistance is needed to start a steady increase in the coming sessions.
If Ethereum fails to clear the $380 resistance levels, it might continue to move down. An immediate support is near the $372 and the 100 hourly SMA.
The main support is near the $370 level. A clear break below the $370 support level could spark a sharp decline. The next major support is near $360, below which it could test $350 in the near term.
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now just below the 50 level.
Major Support Level – $370
Major Resistance Level – $380
Author: About The Author
Ethereum Gold Project (ETGP) Trading 53.2% Lower This Week
Ethereum Gold Project (CURRENCY:ETGP) traded up 80.9% against the US dollar during the 24 hour period ending at 11:00 AM E.T. on October 18th. Ethereum Gold Project has a market capitalization of $121,490.86 and $39.00 worth of Ethereum Gold Project was traded on exchanges in the last day. One Ethereum Gold Project token can now be purchased for approximately $0.0000 or 0.00000000 BTC on exchanges including Token Store, Hotbit and Mercatox. During the last week, Ethereum Gold Project has traded 53.2% lower against the US dollar.
Here is how related cryptocurrencies have performed during the last day:
Ethereum Gold Project Profile
Buying and Selling Ethereum Gold Project
Ethereum Gold Project can be purchased on these cryptocurrency exchanges: Hotbit, Token Store and Mercatox. It is usually not currently possible to purchase alternative cryptocurrencies such as Ethereum Gold Project directly using US dollars. Investors seeking to trade Ethereum Gold Project should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, GDAX or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Ethereum Gold Project using one of the exchanges listed above.
Receive News & Updates for Ethereum Gold Project Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Ethereum Gold Project and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.
Author: ABMN Staff
3 Trends Show Ethereum Is On Track For Strong Growth in 2021 – news.kuaidiantou.vip
Ethereum remains in a bullish state from a macro perspective after a strong 25% correction from the year-to-date highs, analysts say.
One analyst, the head of technical analysis at Blockfyre, recently shared the chart below. It shows that the cryptocurrency has recently formed two bullish macro technical signs: ETH has broken out of a 715-day range while it is forming a series of higher highs and higher lows, suggesting the formation of an uptrend.
Not to mention, Ethereum’s 2.0 upgrade is slated to begin in the near future with the rolling out of phase zero. This may drive capital into ETH as investors seek to capture the yield offered in the coin.
“$ETH Notes on Chart: 2.0 Coming, HH + HL on top of 715 day range, break PoB to ATH’s. You’re bearish? Buy + Hold + Wealth Drop the LTF bias.”
While Ethereum may be strong in its own right, the coin may face competition from other blockchains that could suppress ETH upside.
According to a Bloomberg article released on Oct. 17, Polkadot is an Ethereum blockchain killer. It is a recently-launched blockchain network that uses a network of sidechains that are customizable by developers to facilitate a much better user experience than its predecessor.
Outlier Ventures reported that the number of Polkadot developments has begun to increase, boding well for the network.
“While developer interest in Bitcoin and Ethereum has declined, the number of monthly active developers building on Polkadot increased by 44% in the 12 months ended in May, the report found.”
It is currently unclear how much of an effect a rising Polkadot will have on ETH. But it’s worth noting that Ethereum has faced some setbacks over recent months as the cost of transactions has increased rapidly and as the high block times have begun to limit some development.
Blockchain to curb fake news
With the United States Presidential Election set for next month, the concern over fake news has once again dominated public discourse. Fake news — the deliberate spreading of verifiably false information under the disguise of being an authentic news story — not only undermines the public’s confidence in the free press, it inflames social conflict, can result in health hazards (like swallowing bleach in an attempt to avoid COVID-19), gives rise to radicalism, undermines the integrity of elections, and manipulates markets. In short, fake news threatens the social trust we have in our institutions and in each other.
Common solutions today, such as fact-checking websites and artificial intelligence algorithms are deployed only after the fact — they aim to detect fake news that has already been created. The Blockchain Center of Excellence at the University of Arkansas just completed a case study on ANSAcheck, developed by Agenzia Nazionale Stampa Associata — Italy’s top news wire service — and Big Four audit firm Ernst & Young, which takes a different approach. ANSAcheck authenticates the source of a news story and guarantees “the story came from ANSA.”
ANSA had previously suffered from imposter news. In March 2020, for example, there were at least three imposter stories related to COVID-19. The fake stories were distributed using the ANSA brand, format and signature. Instances like these prompted ANSA to launch the ANSAcheck project.
Stefano De Alessandri, ANSA’s CEO and managing director, said:
“Fake news is one of the biggest challenges facing traditional media organizations and social media platforms as it undermines the trust they have built with the public and advertisers, undermining their strategic asset that is their reputation. […] If we lose trust, we lose everything.”
The ANSAcheck project started in 2019. Giuseppe Perrone, the head of EY’s blockchain initiatives in the Mediterranean, served as EY’s leader. The ANSAcheck solution works by assigning a unique hash ID to every ANSA-created news story and posting the hash to Ethereum, the world’s largest public blockchain platform. If even one letter in the story is changed, the system will detect that it is not an identical copy to the original story. Story IDs are batched and posted multiple times each day to Ethereum. If ANSA updates the story, another entry is recorded on the blockchain and linked back to the original entry to form a chain of provenance.
Each ANSA story posted on its website is accompanied with an ANSAcheck sticker to signal its authenticity to readers. Readers can click on the ANSACheck sticker to query the blockchain about the source of the story. By Oct. 6, as many as 532,727 ANSA news stories had been posted on the blockchain. Approximately 72% of ANSA readers had clicked on the ANSAcheck explanation tab to learn more about it, while 38% of people who viewed the article actually clicked on the sticker to perform the validation.
When users click on the ANSAcheck sticker, the console viewer displays the transaction details on the blockchain. Each story gets a unique ID using MD5 cryptography. In this example, the story headline is “Johnson, I still have a fever, I am staying isolated” and the unique story ID is “5b456347bf699bb9807b742e132c9120.” This story was created on April 3, 2020 and the Block ID is “AC202004031330.”
In the above image, users can see where the story is stored on the Ethereum blockchain. The story was added to Ethereum block number 9799299 on April 3, 2020 at 01:34:26 UTC. The unique transaction hash is “0xadc600195857be4f138b1a15b400ee4adf799cae462e3d6abaf1ecca8c52928d.” By pressing the verify button on the console, the application performs a real-time verification of the story.
Phase one of the solution was deployed in April 2020 using a smart contract. The smart contract mitigates the risk of Ether’s (ETH) price volatility by postponing the processing of new stories if the current cost of Ether is too high. EY also keeps transaction costs low by batching multiple news stories within a single transaction. Initially, EY was posting a batch of stories every 15 minutes, with an average cost per story of $0.06. More recently, EY was batching roughly 500–600 new stories every six hours, so the cost per transaction dropped to around $0.006 per story. Ethereum costs drove the decision to reduce the time of notarization. ANSA stories usually come in the news feed before they are launched on the website, giving EY time to register them on the blockchain.
Meanwhile, EY manages the end-to-end service. The firm makes sure that clients’ digital wallets are funded with enough Ether so that there is no disruption of service, posts stories on behalf of publishers, provides analytics, and performs and displays search query results. Chen Zur, EY’s U.S. blockchain practice leader, described the solution as “notarization as a service.”
EY plans to add other services to the ANSAcheck solution. EY’s Giuseppe Perrone said:
“The solution will become more sophisticated in terms of functionality and components, such as fact checking functions, semantic language analysis, and picture data protection.”
In addition to ANSAcheck, there are other blockchain-enabled solutions deployed or underway. Gartner estimates that by 2023, 30% of world news, including videos, will rely on blockchain technologies for authentication. There will likely be multiple blockchain-enabled solutions that provide services such as establishing content authenticity, tracking provenance of content over time, blacklisting imposters, spotting deepfakes (content manipulated by artificial intelligence), and tying digital content to the physical world, for example, by tagging the GPS location of a photo. De Alessandri welcomes such solutions, saying, “We were the first in Italy, but we don’t want to be the only adopter.” He also added:
“The value comes to readers, publishers, and journalists when everyone adopts a solution like this. Any tools to defend and enlarge professional information benefits democracy.”
Disclosure: EY has been on the Blockchain Center of Excellence’s executive advisory board since 2019 and is an active participant in the University of Arkansas’ blockchain research and events.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Mary Lacity is a Walton professor of information systems and the director of the Blockchain Center of Excellence at the University of Arkansas.
Author: News Bureau