Ethereum [ETH] has been making news in the cryptocurrency space with various updates and developments in progress, according to the officials related to the organization.
The cryptocurrency also made news when Vitalik Buterin, the Co-Founder of Ethereum elucidated on Ethereum 2.0 and its workings. He said:
“Ethereum 2.0, is basically the kind of new version of Ethereum that will take all of these different improvements and put them together and essentially create what we believe is the best possible design for a general purpose blockchain.”
Ethereum’s move towards mainstream adoption was given another push when Ethfinex, the Ethereum backed cryptocurrency exchange announced a free giveaway on its Twitter handle. The exchange had excited users by revealing that it was giving away two Ledger Nano S hardware wallets on popular social media platforms like Twitter, Instagram, and Facebook. Ethfinex also allows users to conduct trade on a stable centralized platform as well as proceed with on-chain trading activities.
The Ethereum Foundation has also been gearing up for the next major hard fork on the Ethereum network, titled Constantinople. The hard fork which was supposed to occur yesterday, 9th October, was delayed due to a Denial of Service [DoS] attack.
The Constantinople update has created an evident surge of news within the Ethereum network which was reflected in a 673% increase in the Ethereum empty blocks.
Ansel Lindner, a cryptocurrency enthusiast had made some crucial observations. He said that the shoot up was related to the miners “realizing that the value of ETH doesn’t come from transactions, but marketing”. Linder said:
“The success of Ethereum’s marketing is only partly correlated with the number of transactions. There needs to be enough volume to support the narrative, but not too much to make it extremely hard to stay synced.”
Ethereum [ETH/USD] Technical Analysis: Trend reversal expected as bull attempts to overpower bear
As the bear rule moves ahead in its journey in the cryptocurrency market, Ethereum [ETH], like its fellow mates, also dipped in red. At press time, the token slumped by 3.25% wherein it was trading at $89 with a market cap of $9.24 billion. The 24-hour trading volume was calculated at $1.72 billion.
In this scenario of Ether candlesticks, the downtrend is stretching from $96.8 to $87.3 whereas the support level is set at $82.8. As of now, a possibility of trend breakout in the price is not apparent due to the absence of price-concentration.
The Parabolic SAR is clearly bullish on the cryptocurrency. This is visible as the dots have assembled themselves below the candlesticks to depict support for the price trend from falling.
The Aroon indicator is neutral on the matter as the green trend is also crashing, following the downtrend. However, the uptrend is still relatively stronger than the downtrend on the graph.
The MACD has made a bullish crossover to side with the bull. To confirm the stance, the reading line is traveling above the signal and moving gradually upwards.
In the one-day chart. it can be observed that the token has been devalued multiple times since July. The first downtrend is extending from $466 to $210 whereas the second one is ranging from $209 all the way down to $93. Here, the long-term support is set at $183, after which, the coin breached multiple supports and continues to do so.
The Bollinger Bands have contracted from its previous stance of high volatility. The bands are following a tunnel-pattern, still giving a fair amount of space for the market to fluctuate.
The RSI has been running in the oversold zone for almost a month now. A trend reversal is expected anytime. However, the indicator is bearish on Ether at present.
The Klinger Oscillator is bullish on the cryptocurrency as the reading line made a positive crossover by the signal. It is headed upwards in favor of the bull rule.
In the technical analysis, the majority of indicators are bullish on Ethereum and indicative of a trend reversal as ETH continues to swim in red. A certain degree of volatility is expected in the market as suggested by the Bollinger Bands.
Winklevoss Twins launch new app; say they are “at home” with the crypto-winter
Even though the cryptocurrency market has been brutal and tough, the well-known Winklevoss twins think otherwise with their new application which allows users to buy Bitcoin [BTC] and other virtual currencies.
Earlier today, Cameron Winklevoss published a blog in which he talks about the new app which is up and running on Google Play and App Store. The app allows purchase of Gemini’s five cryptocurrencies. The app also includes Know-Your-Customer [KYC] with facial scanning and other biometric proofs in order to comply with the AML laws and avoid money laundering.
Tyler and Cameron Winklevoss are very bullish on the future of Bitcoin and instead of HODLing and waiting for a bull run, they said that they were working on making the ecosystem better. They also added that they had recently employed new Park Avenue offices.
The mobile comes as a new way to face the crypto-verse after getting their ETFs rejected by the U.S. Securities and Exchange Commission [SEC] multiple times.
The twins said that they were right at home with the crypto-winter and Cameron added that “We can weather this downturn”.
Apart from the mobile app, the twins have also launched an investment fund in the mobile app that consists of multiple cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], Zcash [ZEC], and Bitcoin Cash [BCH].
All of the above-mentioned cryptocurrencies are added to their listings only after a thorough approval from the New York Department of Financial Services [NYDFS].
“For many years when we were building Gemini, price wasn’t a thing. Bitcoin was a $200 coin. Then, last year is actually an anomaly, and almost, you could argue, a distraction.”
Unlike Coinbase’s or Kraken’s mobile apps, Gemini has been targeting institutional investors by building financial infrastructures.
The decision by the twins comes in the bear market that has sliced off a large chunk of the market cap from most of the cryptocurrencies.
Bitcoin, the largest cryptocurrencies has witnessed a collapse of 82% since its all-time high and the market cap of all the cryptocurrencies which was $200 billion short of reaching $1 trillion dollar mark. However, the brutal bear market of 2018 has caused the overall market cap to slide down to a mere $107.84 billion.
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