Ether prepares to start a price correction according to the recent rally and the technical patterns that can be seen across the charts so let’s find out more in today’s Ethereum news.
Ether prepares for a bullish impulse after it saw a price surge over 40 percent since the beginning of the year and this cryptocurrency went from trading at a low of $126.40 to a high of $179 on January 18. Right after the peak, ETH retracted to about 10 percent and has been contained in a narrow trading range ever since. The low levels of volatility that were seen since then, suggest that a major price movement is coming soon.
Based on the TD indicators, the next major price movement could be to the downside since this technical index recently showed a selling signal of ETH’s 3-day and 1-day chart in the form of a green nine candlestick. A bearish signal forecasts that it will pull back to the one to four candlesticks at the start of the new downward countdown. A red two candlestick trading below the preceding candle could be perceived as a confirmation of the bearish formation. In the meantime, a head and shoulders pattern seems to be developing on the ETH 4-hour chart and this technical formation shows a momentum reversal to the bearish side. Moving below the $165 level could start a sharp decline and this downtrend will have to be confirmed by a large spike in the sell orders.
The bearish pattern projects a ten percent plunge that could take the price of Ether to $147. This target level is determined by measuring the distance between the head and the neckline thus adding it to the breakout point. The Fibonacci retracement indicators also prevail hitting a bearish target and the certain levels of support that Ether will have to break first.
Finishing below the 23.6% Fibonacci retracement level, could be followed by a move down to the 38.2% Fibonacci retracement level sitting at $15 so if ETH is able to break through the significant level of support and a move to the 50% Fibonacci retracement level will become much apparent. A sudden increase in the demand for Ethereum could jeopardize the bearish outlook and if this crypto moves above the high of $179, Ether could advance to $191.
Antminer E3 Stops ETC Mining While ETH Has 1 Month Left
‘’E3 is related to eth algorithm, and DDR capacity is up to the upper limit, so E3 will not be able to continue mining (...) the meaning is E3 only can mine to January 2020, then will not mine again.’’2Miners calculated that Ethereum (ETH) mining will be terminated in about five weeks as it is a few epochs later than the older version. Among the first speakers within the crypto community that discussed the story was the author of Ethereum’s mining algorithm Kristy-Leigh Minehan who considered that this could lead to the launch of more capable miners. Bitmain is more focused on Bitcoin mining solutions and Mrs. Minehan suggested waiting for the release of the main competitors Canaan and Innoscilion. As per the previous reports, The hashrate is one of the metrics that can assess how healthy a network is. The higher the hashrate, the more secure a network will become and it also becomes much expensive to mine the cryptocurrency. Ethereum Classic saw its hashrate explode previously during a sign of growing strength so the ETC network is arguable now more secure than ever before.
Ethereum Core Developers Move Forward With ProgPOW Update
“I have not seen any evidence that there is an ideological or people willing to step up and actually have a network split. If I’m wrong I’ll resign as hardfork coordinator.’’Ethereum split once before with the ‘’DAO’’ which was the first attempt to a so called decentralized autonomous organization where more than 3.6 million ETH was exploited. Core developers decided to refund the affected users and the dissenters later formed Ethereum Classic in response. At least two projects were opposed to ProgPOW including SpanChain and the Gnosis projects. The executives of the projects were invited to voice their concerns about the next core developer meeting but this will likely won’t change the decision of the team: “There will be plenty of time for open dissent that won’t really change the decision, necessarily, because we’ve already gone back and forth and approved it twice.” ASIC resistance was a core consideration for Ethereum and the first version of the whitepaper explained how the distribution process of Ethereum will be performed through easily-accessible computer hardware which was more favorable for the community and the decentralization of the token. The leading mining hardware firm Bitmain developed an Ethereum ASIC in 2018 and in 2019 Canaan released an ASIC that was 5 times more efficient than comparable consumer hardware.
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Enjin Goes Live On The Ethereum Mainnet: Report
“Simple, great user experience is one of the core product design philosophies at Enjin, and we made damn sure that the Web Panel is minimal, straightforward, and clean.’’The process of creating a new blockchain project is not so complex and it can be done in four steps. The process doesn’t require any coding knowledge but while the Enjin platform web panel enables the codeless creation and management of the blockchain assets, the developers will have to employ Enjin platform API and SDKs when the time will come to integrate those assets with games and apps. The platform API is graphQL based while the Platform SDKs include Java, NODEJS, Godot and Unity. According to the company, the Enjin platform will be powered by Enjin Coin and will serve as the ultimate minting resource and used to back the value of the issued blockchain assets. While the Enjin platform is a relatively new platform, the company was present in the crypto space for more than 10 years. Enjin’s huge ecosystem is preferred among gamers and with partnerships with major companies such as Unity, Samsung, and PC Gamer, the platform has a strong presence in the gaming industry. When it comes to future plans, the company said to be working on a new way to distribute blockchain assets via QR codes.
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