Disclaimer: The findings of the following article attempt to assess Ethereum’s price trends and the direction of it in the near-term
With the DeFi bubble cooling off, the situation has started to go sideways again. The prices of Ethereum and even Bitcoin are now moving within certain ranges, a development that is good for scalping. In fact, while Ethereum broke out of a falling wedge recently, it was soon stopped by the bulls.
With ETH noting a price depreciation of over 5.4% on the charts over the last 24 hours, the cryptocurrency’s weekly gains are now close to being wiped out entirely.
From the attached chart, we can see that ETH’s price has broken out of the larger falling wedge. However, the price hadn’t hit target 2 yet. This intermediate surge could be the bulls attempting to revive the cryptocurrency’s price. However, it only turned out to be a pit stop for the bears, before they continued their clobbering.
The consolidation turned upside, forming a pennant/rising wedge, which when looked at with the previous price pattern, formed a continuation pattern. Hence, the targets for the price include $356.96, which was 2.83% away from the entry point [$367.31], at press time.
Stop-loss can be set up at $375.13, which was 2.13% away from the entry point. The take-profit level can be at two points, the first at $356.96 which would yield an R of 1.32. Alternatively, one could wait for the price to drop all the way down to the next strong support level at $336.25, which is a drop of 8.49% from the entry point. This would provide an R of 3.99.
The interesting fact about the second target is that it is the 61.8%-Fib level. Also, to be on the safe side, one could take part in the profits at $346.33, which is the 0.5-Fib level. This trade would provide an R of 2.68.
It should also be noted that if the price of ETH on a shorter timeframe changes, the rising wedge could turn into a channel too.
Author: by admin
Deloitte report, IT News, ET CIO
New Delhi: Adoption of Internet of Things (IoT), which provides the core tools to automate data collection and generate insights, is still at a niche stage in India due to various challenges such as lack of clarity on what to prioritise and right talent and skills, says a new report.
Technical challenges of connectivity, compatibility, interoperability, and cybersecurity are other challenges that are holding back IoT adoption in India, according to the report released by Deloitte India in collaboration with Confederation of Indian Industry (CII).
The challenges of adopting the right IoT platform has meant that the overall return on investment has not been exciting for management which in turn has put more hurdles in realising potential of this technology considered to be crucial for Industry 4.0.
However, the report, titled “Internet of Things (IoT): The rise of the connected world”, suggests that “organisations should consider investing in technologies such as IoT during the downturn and be ready to operate”.
This is because studies have shown that companies that invest in key technological advances during downturns such as the one the world is facing due to the Covid-19 pandemic are better positioned to leapfrog competitors when economic conditions improve.
According to Deloitte , IoT, Artificial Intelligence, Cloud, and big data/analytics are the “big four technologies” that could provide the bedrock to connect organisations, generate data, and drive more intelligent operations.
Across the world, spending on software and hardware related to IoT is projected to grow rapidly, from $726 billion in 2019 to $1.1 trillion in 2023, according to a market research report.
A recent IoT industry spending report revealed that Asia/Pacific accounted for most ofAthe spending on IoT in 2019, with India spending $20.6 billion.
However, after Covid-19, the focus is on conserving cash in India and the Deloitte report projects a de-growth in 2020, possibly going into the first half of 2021.
Growth after the second half of 2021 is expected to be much faster after a Covid-19 vaccine/treatment is found, it added.
Bitcoin Engineers Rediscover Major Blockchain Vulnerability on Decred
Bitcoin engineers have rediscovered a major blockchain vulnerability found in 2018 on the software that powers the Bitcoin blockchain, Bitcoin Core. The vulnerability was discovered on Decred (DCR).
The vulnerability was first found by Bitcoin protocol engineer Brandon Fuller. Called INVDoS, short for inventory out-of-memory denial-of-service attack, it could see an attacker create malformed Bitcoin transactions that, when processed by nodes, would lead to an uncontrolled consumption of the server’s memory resources, leading to an eventual crash of affected nodes.
In a paper, Fuller wrote:
At the time of the discovery, this represented more than 50% of publicly-advertised Bitcoin nodes with inbound traffic, and likely a majority of miners and exchanges
INVDoS, according to ZDNet, also impacted Bcoin and Btcd servers, as well as cryptocurrencies built using the original Bitcoin protocol. These include Litecoin, Namecoin, and Decred. Per Fuller, the bug was dangerous as it could “contribute to a loss of funds or revenue.”
This, he added, could be through a loss of mining time or expenditure of electricity by shutting down nodes. It could also be through the “disruption and delay of time-sensitive contracts or prohibiting economic activity.” Exchanges, e-commerce, atomic swaps, escrows and lightning network payment channels could be hit.
In 2018 the vulnerability was quietly patched and kept a secret, to avoid hackers exploiting it on other blockchains build using the original Bitcoin protocol, such as Litecoin and Namecoin. At the time, the generic identifier CVE-2018-17145 so it would not tip off attackers.
INVDoS was, however, rediscovered by another Bitocin protocol engineer earlier this year, as Javed Khan found it while looking for bugs in the Decred cryptocurrency. The bug was reported to its bug bounty program, and later on disclosed so other cryptocurrencies using the same protocol could patch it.
Both Fuller and Khan asserted that, as far as they know, the vulnerability has not been exploited.
Featured image via Pixabay.
Author: News Bureau
September 15, 2020 – BITCOININNEWS.COM
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Ethereum’s developer activity climbs to seven month high
Developer activity recorded a new increased level; the highest level since the beginning of the year pre-crisis
Developer activity for Ethereum has hit a seven month high. Judging from past trends, this blockchain activity has been a definitive pointer of the medium-term trend of the concerned crypto. As such, the elevated level of Ethereum developer activity indicates an optimistic medium-term trend for Ethereum.
According to a 2017 study rounded up by JP Vergne, a professor at the UCL School of Management, “The best predictor of a cryptocurrency’s exchange rate is the amount of developer activity around it”.
An analyst at Santiment reported: “Santiment is indicating that #Ethereum is reaching #Github development rates not seen since February (a 7-month high)! $ETH continues to make its case as the most highly innovative network in #crypto, including the many ERC-20’s under its umbrella”.
Propelled by DeFi projects, Ethereum blockchain user activity posted a massive upswing to unmatched levels since 2017 across several sectors.
A crypto trader by the name Qiao Wang suggested that the majority of the population is still trying to understand DeFi.
This indicates that both mainstream and existing crypto users are unfamiliar with DeFi and most of its underlying concepts. The decentralized aspect of DeFi platforms increases the level of complexity for beginners to navigate various platforms.
However, the DeFi space is just in its early stages of growth, moving from $1 billion to $8 billion within the last 4 months.
According to Wang, the more people try out DeFi products, the faster they realise and understand their fundamental aspects.
Wang explained in a tweet: “Lotta people try to reason about DeFi on an abstract level. I had made this mistake myself. But reality is the only way to truly appreciate what’s going on is to use the products. Spend a week to trade/lend/asset-manage, and you’ll get why this stuff is fundamentally interesting.”
ETH developer activity will increase as more people start using DeFi. The ETH developer community is projected to focus on slowly releasing ETH 2.0 in the next one year.
The post Ethereum’s developer activity climbs to seven month high appeared first on BTC Ethereum Crypto Currency Blog.
Author: By TeamMMG