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Ethereum News

Ethereum Price Closer To $175: Is $182 The Next Milestone For ETH?

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There has been a strong rebound in the Ethereum price lately. As the coming altcoin news show, the price of ETH has managed to reach $175 but later corrected to its current levels at $171. Still, the momentum is big and the ETH/USD pair has tested the $170 resistance level, settling above the 100 hourly simple moving average, as data from CoinMarketCap shows.

Finally, the Ethereum price broke the $169 and $170 resistance levels and extended the rally towards the $175 level (from yesterday’s altcoin news analysis), testing the $174 level and currently consolidating its gains below that level.

The initial support is near $172 and the 23.6% Fibonacci retracement level of the recent wave from the $164 swing low to $174 high. On the downside, there are currently many supports near the $170 and $169 levels which were the previous resistances. Right now, the Ethereum price is changing hands with $172 and if it corrects and stabilizes below that margin, it is likely to find support near the $168 area.

The good news, as shared on many best cryptocurrency news sites and by a lot of experts, is that the initial resistance is near $175 – which means a lot for Ether buyers. In other words, the Ethereum price could be pushed above and there could be a strong move towards the $180 and $182 resistance levels. That way, if buyers remain in action, we are likely to see a chance of a run towards the $190 resistance area.

Looking at the latest cryptocurrency news and the chart, the Ethereum price is now trading nicely above the $168, $169 and $170 support levels. As long as there is no close coming in the $168 region, the price will remain in a positive zone. Below this level, the next support will be at $164 and the 100 hourly simple moving average.

Right now, the overall price action is positive and the recent break above $170 suggests that bears are clearly struggling and trying to push the Ethereum price lower.

  • The technical indicators are as following:
  • Hourly MACD – The MACD for ETH/USD is pushing higher and gaining a bullish momentum, with a lot of positive signs.
  • Hourly RSI – The RSI for ETH/USD surged above the 60 level and it is right now stabilizing near 75.
  • Major Support Level is at $168
  • Major Resistance Level is at $175
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Blockchain News

Beacon Chain Contracts: The New Way To Deploy ETH-Based dApps

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There has been a major redesign in the core infrastructure behind Ethereum 2.0, bringing beacon chain contracts as a new way to deploy dApps in the ecosystem. The altcoin news recently showed a new proposal directly submitted by the founder of Ethereum, Vitalik Buterin, which suggests a radical modification of the blockchain's role in a new iteration. The new proposal shows the iteration based on proof-of-stake consensus. As one co-lead at a non-profit organization called Prysmatic Labs named Raul Jordan stated:
“The idea here is that basically on the beacon chain, you’re going to be able to deploy these little worlds that summarize how a blockchain works, how a state transition works, [and] how a smart contract works."
This puts beacon chain contracts in the focus of the latest cryptocurrency news. According to Jordan (who is part of one of the leading teams building software that supports scalable and energy-efficient version of the second largest blockchain in the world), the proposed beacon chain design by Buterin “makes it a lot easier for application developers, people building on [ethereum],” and thus helps in leveraging the new network without having to re-learn the parameters of an entirely new blockchain platform. A lot of application developers praise the news for the beacon chain contracts because of the amazing features. However, many aspects are still highly subject to change and further research. However, Buterin's latest proposal suggest interesting new dynamics to simplify how decentralized applications (dApps) are deployed on the estimated $26 billion network. As many other altcoin news sites report, the beacon chain is a central blockchain that coordinates with hundreds of other Ethereum blockchains called "shards" in the envisioned Ethereum 2.0 network.
“Instead of having one giant machine run transactions one at a time…we can split it up across tons of machines across the world and run them in parallel,” Jordan explained.
Even though originally the beacon chain was to act strictly as the coordinator, Buterin has proposed that the beacon chain could serve an additional function - and store specialized smart contracts called beacon chain contracts. The titles were everywhere, reported by many best cryptocurrency news sites.
“These contracts are not analogous to regular smart contracts you would deploy for your application on ethereum 1.0,” writes Will Villanueva, a researcher for the Ethereum venture capital studio Consensys. “Those would live within the shard chains. In contrast, beacon chain contracts will represent execution environments or transaction frameworks as a whole.”
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Ethereum News

Ethereum Network Development: The $30 Million Investment In Detail

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The Ethereum Foundation is in the latest viral titles on many best cryptocurrency news sites for announcing a three-pronged approach to allocating the $30 million that it has designated for the Ethereum network development which is planned for 2020. As an official blog post shows, the breakdown for the three categories puts future projects at $19 million, current projects at $8 million and developer supports at $3 million. Much of this funding will go to Ethereum 2.0 projects which include client teams, research, communication and documentation, as well as layer two projects such as Plasma - the Ethereum network development plans show.
"Over the last 12 months the Ethereum community — a global collection of developers, entrepreneurs, researchers, and passionate users — has made tremendous progress. Every week, new applications built on Ethereum launch to mainnet, scalability solutions come online, and ETH 2.0 moves closer to key milestones. Ethereum remains the de-facto platform for decentralized applications, and is used every day to secure billions of dollars in digital assets," the post noted.
Speaking of, Plasma is the project that was first proposed by Vitalik Buterin and Joseph Poon in 2017 - as a scaling solution for the network employing autonomous smart contracts. The project is in the latest cryptocurrency news again as part of the Ethereum network development. It is described as a solution that would enable “the blockchain to be able to represent a significant amount of decentralized financial applications worldwide,“ according to the white paper The $30 million budget reserved for the ETH network and its development was first announced by the Ethereum Foudation at the ConsenSys' Ethereal Summit on May 10. The executive director Aya Miyaguchi was in the coming altcoin news then for stating that the foundation intends to bring academic involvement to Ethereum - which will attract the top-tier researchers and developers (and grants) to the academic teams and organizations. As we previously reported on our crypto news site, the "rerelease" of the community website for Ethereum Foundation was announced at the end of April. The Ethereum network development sits on top of this update, which purports to be a repository filled with community-created Ethereum content including documentation and tutorials for using Ethereum tools.
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Altcoin News

Cryptopia Hackers Are Moving The Funds In At Least Four Wallets

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Last week, we wrote that the hacked exchange Cryptopia officially goes into liquidation - something that was published by many best cryptocurrency news sites. However, it seems like the Cryptopia hackers are tracked and appear to have begun moving the stolen Ethereum into multiple wallets. As the reports show, the Cryptopia thieves cleared more than $16 million and started moving the stolen cryptocurrency into multiple wallets. In January, Cryptopia went offline before announcing that it had “suffered a security breach which resulted in significant losses.” Even though the company never disclosed the amount, analytics firms estimated that a hacker or a group of hackers made off with more than $16 million in Ethereum as well as other tokens. The Cryptopia hackers apparently made the exchange shut down - as it published on May 15 in a statement which was featured in the altcoin news - posting a message regarding its liquidation which said:
“Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders. […] Given the complexities involved we expect the investigation to take months rather than weeks.”
As the new analysis by CoinFirm notes, the hackers are moving the cash into separate wallets including the two CoinDesk which found that were directly connected to Huobi. “The Cryptopia hacker moved 30,790 ETH (~$7.67M) from the last red address to the yellow one which is a new address of the hacker as of May 20, 2019 at 01:43:57 AM +UTC. The yellow address still has got 29,770 ETH,” said CoinFirm’s Grant Blaisdell in a statement that went viral in the coming altcoin news. Two other addresses were also reported by many best cryptocurrency news sites - showing that they received a combined 1010 ETH while another 10 ETH landed in what appears to be a Huobi deposit address and a Huobi hot wallet. This means that the Cryptopia hackers are preparing to pull cash out through these exchanges. Even though there is no telling what is exactly happening to this Ether as it moves from one wallet to another, it is certain that the $16 million is not going to sit still for long.
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Ethereum News

Ethereum Price Analysis: ETH Is Weak But Could Start Upswing Soon

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In today's altcoin news, we are focusing on a deep Ethereum price analysis which shows how ETH climbed above $231 and traded towards $265 - as well as its current price levels. What you should know is that Ethereum rebounded from the $231 low in 2019 to a high of $264.99. As of recently, there was a break below a short term asecnding channel with support at $257 on the 30-minute chart. Right now, however, the Ethereum price remains well bid on the downside and trades around $249. As Bitcoin surged above $8,000, Ethereum retraced too and the ETH price climbed above the $238 and $246 resistance levels. The Ethereum price analysis shows that ETH even broke $260 and traded to a new weekly high at $264.99, which demonstrates a strong rebound from the $231.10 swing low. The latest cryptocurrency news show the Ethereum price correcting lower below the $260 level. Its 23.6% Fibonacci retracement level shows that there is some support but that the gains are quite independent. The ETH price is currently trading below the $255 level and the 25 simple moving average (30-min). Any further declines could push ETH towards the $231 swing low which still remains as a level, according to our Ethereum price analysis. When it comes to the current price action, it is definitely going from neutral to bearish but as we see ETH above $242, it is likely to bounce back above $260. In the coming altcoin news, analysts expect Ethereum to stabilize and potentially mimic another rally sparked by Bitcoin and its solid price performance. In the long run, the Ethereum price analysis shows that there is room for a lot of improvement. The second largest digital asset could open up to the $260 levels psychologically. On the upside, the coin needs to regain the $270 barrier which is crucial in its development towards the $300 margin. As many best cryptocurrency news sites have showed, the upside is likely to gain traction and the next focus is expected on the critical $300 margin. As we can see from this Ethereum price analysis, the second largest digital asset has a market value of $27 billion and an average daily trading volume of $11 billion, gaining 1.4% on the day since Sunday but still being down 2.5% since the beginning of Monday.
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