Ethereum (ETH)’s Next Big Move Is Just Around The Corner

                              

Ethereum (ETH) is finally close to its next big move that we have been waiting to come to fruition for weeks.

The symmetrical triangle on the 4H chart will now either see a sharp breakout to the upside or to the downside. Considering that the cryptocurrency market is still due for another downtrend and the condition of the Stochastic RSI and RSI for ETH/USD on the 4H chart, I’m inclined to believe that we are very likely to break to the downside. The price remains below the 38.2% fib retracement level despite numerous attempts to break out. As long as that is the case, I have no reason to be bullish on Ethereum (ETH) or any other cryptocurrencies. 

Many traders are waiting for a trend reversal at this point but I think it might turn out of be very risky as we do not know where the floor is. If the price starts to decline from here, I would not be surprised to see it crash below even $155 during the next downtrend. I am open to the possibility of the price breaking the symmetrical triangle to the upside but I would consider that to be a fake out and an opportunity to add to short positions. In any case, I would be very surprised to see the price closing above the 61.8% fib retracement level on the daily time frame. In my opinion, we are close to seeing the current move coming to fruition with the price completing a big move to the downside. This next move is what is very likely to turn the sentiment bearish once again and I think that would be a point to expect a short term trend reversal.

The daily chart for Ethereum dominance (ETH.D) is an even better indicator of what is likely to follow in the near future. If the rising wedge breaks to the downside as I expect it to, then we have a very high probability of the altcoin market experiencing some serious pain. RSI on the daily chart for Ethereum dominance points to a similar outcome. We are now very close to seeing a breakout in ETH/USD but if we link this chart with the ETH/USD chart, we get the complete picture and that is the strong probability of the beginning of a new downtrend from here. 

Ethereum (ETH) and other cryptocurrencies are long way from breaking out of the current bear market just yet. In my opinion, we are in the second half of the ongoing bear market and there is no reason to be bullish on Ethereum (ETH) or other altcoins as long as the market has not made the inevitable moves to the downside. Everyone is looking to buy the dip but most of you who have been around since 2014 or before would know that this is now what it feels like when the market bottoms. No one wants to buy the dip thinking it is the end and that is when the next cycle actually begins.

Article Produced By
Jefe Caan

I work as the key Trading Analyst for Crypto Daily and provide the team with regular analyses and updates regarding the technical performance of all cryptocurrencies on the market. I am responsible for the production of articles and posts for Crypto Daily’s own technical analysis section and spend my time monitoring and commenting on the varied moves the markets make on a daily basis.

https://cryptodaily.co.uk/2019/10/ethereum-next-big-move-is-just-around-the-corner

David https://markethive.com/david-ogden

David https://markethive.com/david-ogden

World’s Largest Furniture Retailer Uses Programmable Cash on Ethereum to Settle Invoice

Retail giant IKEA has settled an invoice with a local retailer using an Ethereum-based token.

Supply chain payments platform Tradeshift transferred a digital version of the Icelandic króna that was created on Ethereum by fintech company Monerium. Ethereum, an open source, public blockchain, allows developers to create a number of financial tools to power the digital economy while stripping away middlemen. Through the use of smart contracts, which are executed once agreed upon terms are met on both sides of a deal, trust is established without the need for third-party intermediaries. Smart contracts effectively reduce burdensome paperwork and eliminate redundant verification procedures.

Stefán Árnason, chief financial officer of IKEA Iceland, says the platform, which connects the money and payments flow to the invoicing to the actual inventory, squashing “double dip financing fraud”, will alter business relationships. “A programmable financial supply chain, where trading partners can connect information flows to money flows through smart contracts, will transform how suppliers and customers interact.”

Gert Sylvest, co-founder of Tradeshift, says “smart invoices” allow merchants to represent future cash flow down to each dollar on the invoice. Payments can be programmed to settle on the actual due date, raising the bar on other services such as short-term credit to small and large companies that can be delivered automatically.

The Ethereum-based e-money differs from cryptocurrencies in that it represents fiat currency.

Says Sveinn Valfells, co-founder and CEO of Monerium, “Unlike cryptocurrency which is volatile, e-money is a proven digital alternative to cash, regulated and redeemable on demand. Using programmable e-money in smart contracts heralds a new category of payments.” The e-money movement is in line with IKEA’s efforts to streamline and conserve. The retail giant, founded in 1943, is responding to a changing world and the impact of e-commerce giant Amazon by taking a number of steps to modernize its business practices, reduce emissions and simplify manual procedures.

Article Produced By
The Daily Hodl Staff

https://dailyhodl.com/2019/10/03/worlds-largest-furniture-retailer-uses-programmable-cash-on-ethereum-to-settle-invoice/

David https://markethive.com/david-ogden

Ethereum Foundation Unveils $2M Worth Funding for Development of Serenity (ETH2.0)

As reported, the very first stage of the transition from Ethereum network’s to Ethereum 2.0

is expected to take place on January 3, 2020. As we near the launch of Ethereum’s Beacon Chain, the open-source blockchain developer unveiled grants of over $2M. The grants are to be allocated to development teams worldwide aiming at furthering the Serenity (Eth2.0) project. According to a blog post from the company, it has partnered with Protocol Labs and ConsenSys for the allocation of the grants. The announcement says that significant awards will be granted to the leading client development teams, who, at the moment, have been currently tasked with creating long-standing multi-client Test Networks (Testnets) as the launch of Phase 0 draws near.

The said funds are going to be distributed among nine companies and researchers. Companies that have received funding for client development include Harmony ($189K for Harmony beacon chain development), Prysmatic Labs ($725K for Prysm client development), Status ($500K for Nimbus client development), Sigma Prime ($485K for Lighthouse client development), Chainsafe ($217.5K for Lodestar light-client and javascript development), Whiteblock ($184K for ETH2.0 testing), Status ($500K for Nimbus client development). Status has also received $150K for nim-libp2p development. The team is creating a native nim-language implementation of libp2p for use in Nimbus and other projects.

The Ether Foundation, alongside these awards, has also declared allocation of 5 ETH bounties (or 1,000 units of DAI, USD-pegged decentralized stablecoin) for any technical recommendations that will enhance the functionalities of ETH 2.0 before the chain is launched. A series of bounties have also been offered for the Legendre pseudo-random function, which is expected to be a part of the forthcoming proof of custody scheme in Phase 1 of ETH 2.0. The winners of the StarkWare hash (SFH) challenge will also be rewarded. The challenge aims at evaluating the security of currently proposed SFH functions. It is proposed at four security levels: low-security, medium-security, target-security, and high-security in multiple scenarios.

Cryptocurrency analyst Dmitry Khovratovich was awarded $10K to present a report regarding the security of some aspects of the first version of ETH 2.0. Also, Chainsafe received $217.5K for developing its Lodestar light client and javascript. A lot of other initiatives have also been undertaken by Ethereum Foundation towards the development of decentralized protocols and tools that empower developers to produce avant-garde decentralized applications (dapps) that would result in an internet that’s more globally accessible, freer and more trustworthy.

Article Produced By
Trevor Holman

https://www.cryptonewsz.com/ethereum-foundation-unveils-2m-worth-funding-for-development-of-serenity-eth2-0/39188/

David https://markethive.com/david-ogden

Ethereum Price Prediction and Analysis – ETH Continues Correcting Growth

Bitcoin keeps growing robustly, its dominance reaching 68.4%,

which is a two-year maximum. At the same time, the Ethereum is attempting a bullish trend. The general growth of digital assets in case the leading cryptocurrency manages to renew local maximums looks highly probable. The British financial regulator Financial Conduct Authority has declared that it is not going to regulate the BTC and ETH, as well as other cryptocurrencies. In the document signed the cryptocurrencies are regarded as exchange instruments. Such coins are decentralized and in most cases used exactly as exchange means. The FCA has specified that such digital assets are out of their jurisdiction. 

However, earlier the British regulator planned to ban selling such contracts as futures for the BTC to retail investor, which could put serious pressure on the cryptocurrency market in general. Some time earlier, a computer game developer Blockade Games, which is trying to realize the Bitcoin Lightning Network as the interface for the Ethereum contracts, declared that the future of digital money belongs to the BTC. The second cryptocurrency ETH is going t be used for less functional projects, such as games on the basis of blockchain.

The company representatives also noted that a lot of users of different games prefer keeping their money in the Bitcoin. Anyway, such situations when the developers use to networks for project creation will give mid-term support to the Ethereum as well. On H4, the Ethereum keeps forming an ascending channel, moderate but stable. This trend is the correction of the previous decline. The quotations are currently aiming at 38.2% ($239.45), upon reaching which the market may rise to 50.0% ($254.30) Fibo. As the main support, the current minimum of $190.41 should be regarded. A breakaway of this level may signal a continuation of the mid-term descending trend.

On H1, the previously stable ascending channel has been broken through at the resistance line. This signifies the growth of volatility at the moment, which promises an upcoming correction and growth in a longer perspective. Speaking about the correcting decline, the first goal may be at the support level of the previous channel around $224.50. Upon completion of the correction a new impulse of growth may be aimed not just at 38.2% ($239.45) Fibo, but even as high as $245.00.

Article Produced By
Guest

https://cryptomode.com/ethereum-price-prediction-and-analysis-eth-continues-correcting-growth/

David https://markethive.com/david-ogden