It seems like the crypto sphere is buzzing today. The Ethereum price gains momentum, which is apparently triggered by the Bitcoin bull run and 2019 high as seen in the latest cryptocurrency news. What’s interesting is that Ethereum (ETH) was struggling over the past couple of days but immediately found support near the $164 and $165 level while smashing the $170 price target.
There is a clear breakout pattern that is forming on the hourly charts as ETH is preparing to break the $172 level and potentially climb to $176 in the daily highs. Currently, the Ethereum price gains momentum but is facing a strong resistance near the $172 level. There is also an obvious breakout pattern that is forming with resistance set at $172 – from its $180 high to the $164 low which are both acting as resistance marks near the current levels.
Therefore, as the Ethereum price gains momentum, a successful break would open the gates for more gains in the near term. Furthermore, the coming altcoin news show that the next key resistance is near $176 above which the price will possibly test the $180 level and surge to new 2019 highs.
Seeing the strong Ethereum momentum right now, we can see that the bulls are coming back to their territory. As the charts indicate, the Ethereum price seems to be gaining pace above the $170 level. Still, the bulls need to take care of the $172 resistance level as the Ethereum price gains momentum – pushing towards the $180 level really soon. The chances of a $180 high are very possible if the bulls remain in action over the next couple of sessions.
The technical indicators for the current Ethereum momentum are as following:
- Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone, with a positive bias.
- Hourly RSI – The RSI for ETH/USD climbed back above the 50 level and it is currently near the 60 level.
- Major Support Level – $168
- Major Resistance Level – $172
A lot of analysts are featured in the altcoin news for their predictions as the Ethereum price gains momentum. What’s certain is that there has been a major influx of money on the market and Ethereum’s $6.54 billion trading volume is a solid and very positive indicator considering new gains in the near term.
Ethereum Network Development: The $30 Million Investment In Detail
"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.
Cryptopia Hackers Are Moving The Funds In At Least Four Wallets
“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.
Ethereum Price Analysis: ETH Is Weak But Could Start Upswing Soon
Ethereum Possession: 376 People Own 33% Of All ETH
“These preliminary findings are consistent with the literature on stock market prices and volatility,” the report on Ethereum possession concluded. “Academics have found that large anomalous fluctuations in traded volumes of particular stocks, notably the S&P 500, tend to impact volatility and not price levels.”
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