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Ethereum Technical Analysis: ETH eyes $500

Ethereum Technical Analysis: ETH eyes $500

  • Ethereum rallied by 10.50% over the last four days.
  • ETH managed to peak above the 50-day SMA this Saturday.

ETH managed to string together four consecutive bullish sessions in its daily chart, rallying by 10.5%. Currently, the smart contract giant is trading for $376.50 and has managed to cross above the 50-day SMA. The bulls now need to consolidate their position above the 50-day SMA to break above this level and aim for the $485 resistance line.

ETH/USD daily chart

ETH/USD daily chart

The bullish outlook is further validated by the MACD, which shows increasing bullish momentum. The bulls will want to ride the wave and aim to re-enter the $500-level for the first time since June 2018. The IOMAP shows that ETH needs to overcome a moderate-to-strong resistance level at $380 before it can begin its charge.

Ethereum IOMAP

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As per IntoTheBlock’s “In/Out of the Money Around Price” or IOMAP, 1.15 million addresses had previously purchased a little over 2 million ETH at this in the $380-level. The bullish outlook is further validated by Santiment’s holder’s distribution graph, which shows that the whales are currently strengthening their positions, which should spike buying pressure.

Ethereum holders distribution

fxsoriginal

As per the holders distribution chart, the number of addresses holding 100,000-1 million tokens went up by 5 over the last five days. Similarly, the addresses holding 10,000 – 100,000 tokens rose by 9 over the last two days. This is a very positive sign for the second-largest coin by market cap as it shows that the whales are consolidating their positions instead of just dumping their holdings.

Can the bears stage a comeback?

The bears can fight back if the price fails to close above the 50-day SMA. As per the IOMAP, this can trigger a pullback to the $355 support wall. If the bears

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David Hoffman: Ethereum Is the Frontier of Financial Innovation

David Hoffman: Ethereum Is the Frontier of Financial Innovation

Innovation across various global industries seems to be moving at an accelerating pace. This makes sense because innovation in one sector ultimately makes innovation in other sectors cheaper. As innovation becomes cheaper, we can naturally expect it to increase in usage. 

The advances we’ve seen in the world are all underpinned by silicon and computation. Whatever time-saving invention you’ve created is probably better with a chip in it, though finance is seemingly excluded from this hard and fast rule.

David Hoffman is the co-founder of Bankless, a content studio with a newsletter, podcast and YouTube channel focused on education on how to live a life without banks. He will lead a discussion, “Trade Secrets: The ‘Triple Point’ Bull Case for ETH,” at CoinDesk’s invest: ethereum economy on Oct. 14.

Regulatory red tape and walled gardens between financial institutions are potential culprits. But it’s not obvious that removing these obstacles would enable the level of innovation seen in industries that have successfully integrated chips and software.

The reason why innovation in the finance industry seems to move at a snail’s pace is the lack of a developer sandbox for experimentation. There are no startup studios where coders are able to attempt to turn an idea into a product and learn lessons along the way. 

As research and development in finance moves into the developers’ domain, the costs of innovation drops, leading to an innovation explosion. Once the keys to the kingdom are given over to those who code, thousands of global developers will compete to find the best way to supplement an industry. 

This is what Ethereum offers to the world: A place for financial experimentation to mature into consumer products. DeFi, or decentralized finance, is both the place where financial products are tested (often in production), and also refined, finalized

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