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Strong Technical Pattern Shows ETH Is Gearing For Another Surge

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There has been a downside correction in the ETH news recently, when the cryptocurrency went from $180 to lows below $170 and $166 support levels. However, in today’s analysis, we are seeing a strong technical pattern which shows that Ethereum is gearing for another major surge.

The close below $170 and the 100 hourly simple moving average did a lot of bad things for the cryptocurrency and resulted in a major pullback which was similar to the one seen in Bitcoin. Finally, we could see a spike below the $162 support but the $160 area acted as a strong buy zone.

A swing low is formed now near $160 and the price of Ripple is currently recovering. Ethereum climbed above the 23.6% Fib retracement level recently going from the $179 high to the $160 low. The strong technical pattern is now with resistance near the $170 area and we can see a key bearish trend line forming with resistance near $170 on the hourly chart of ETH/USD.

So, what does all of this mean?

Well, if we see a successful close above the $170 resistance area, we will likely see a new fresh increase towards the $178 and $180 resistance levels. Any further gains could obviously lead the price towards the $200 area. On the downside, the strong technical pattern fails to account for the possible shoulder move to the $162 area. If there is a bearish close soon, the price of ETH is likely to invalidate the highlighted inverse head and shoulders pattern.

The next key support levels are near the $160 and $158 levels. If Ethereum fails to stay above $158, there is a risk of a larger decline in the near term – just like most of the coins in the altcoin news. A situation like that would bring ETH towards the $150 and $148 levels.

With a price of $167 and 1% gains on the day, ETH looks nice and is definitely one of the altcoins to watch out for in the next period. If its cards play well just like Bitcoin’s, we may see a total crypto market cap of more than $250 billion very soon.

Right now, the technical indicators look as following:

  • Hourly MACD – The MACD for ETH/USD is still trying to gain momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is right now above the 50 level, holding a positive angle.
  • Major Support Level – $160
  • Major Resistance Level – $170

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Ethereum Classic News

Antminer E3 Stops ETC Mining While ETH Has 1 Month Left

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Antminer E3 mining rigs reported a sixfold hash-rate drop and immediately contacted their producer, Bitmain. What does this mean for Ethereum classic mining, we are about to read further in the Ethereum classic news below. The altcoin mining pool 2Miners reported to Bitmain but the company made no official comment. The 2Miners altcoin mining firm started receiving unusual requests from the Antminer E3 mining rigs users of Ethereum Classic and according to requests, the hashrate declined by a factor of 6-7. The company launched an investigation as well. From the start of the investigation, the miners were sure that this problem was caused by an increase in the volume of the DAG file. The Directed Acyclic Graph file or DAG file is generated and it is used to start a dagger hashimoto algorithm to find block solutions in the mining process. The volume of the file is increased with every mining epoch which lasts about 30,000 blocks or 5 days for Ethereum Classic and Ethereum. The growth of the DAG files limits the usage GPUs for mining in 2017-2018. 2Miners reached Bitmain support and received a response which stated:
‘’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.
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Ethereum News

Ethereum Core Developers Move Forward With ProgPOW Update

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Ethereum core developers are going forward with ProgPOW which is an update for making Ether mining more ASIC resistant so the hardfork is scheduled for July this year. Let’s read more about it in the following Ethereum news today. The Ethereum core developers came to a conclusion that they have to implement ProgPOW and the hardfork is scheduled to happen three weeks after the EIP 1962 which is another update that will add more cryptographic functions to Ethereum. The update is scheduled to go live sometime this summer. This is actually a third time that the core developers have agreed to implement ProgPOW so the core developers seem to be keen on improvement despite the fact that there have been a few developers at unease with a chance of splitting the community. The developers believe that the hardfork for ProgPOW is contentious and some have even raised concerns that the exchanges that run on Ethereum with both the new and old mining algorithm will create a new fork on Ethereum to maximize the fees on the platforms which will lead to a split in the community.
 “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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Ethereum News

Market For ETH/BTC Went Off A Cliff In 2019, Could Reverse Now

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The biggest altcoin of all, Ethereum, did not see a positive 2019. The second largest cryptocurrency by market cap registered a negative performance in 2019 which was contrasted by Bitcoin and its yearly gains of over 90%. In the crypto news today, we can see that the market for ETH/BTC is improving and while it fell off a cliff in 2019 with the price of one ETH as low as 0.016, the situation is now changing. Over the past few weeks, Ethereum has shot higher against the US dollar and against BTC. It was buoyed by the sentiment that there is an impending altseason and the simple fact that the asset was oversold in 2019. A recent analysis by a prominent market commentator named Loma (LomahCrypto) shows that the market for ETH/BTC could be on the verge of going near-vertical. The trader posted the below chart to back his point and showed that the trading pair has begun consolidating above the key horizontal support around 0.026 Bitcoin. https://twitter.com/LomahCrypto/status/1230764062008471552 In fact, the pair remained above the key infection point for around 10 days now, boding well for the bullish narrative that is building. The consolidation, as Loma depicted, is a likely sign that ETH will rally 15% against Bitcoin (BTC) in a near vertical fashion in the coming few weeks. He believes that the ETH news will show increases and that the pair will move vertically. But there are more fundamental reasons to believe that the market for ETH/BTC will improve and outperform the tried and true market leader from this point. The proximity of the blockchain's 2.0 (Serenity) upgrade will certainly change how Ethereum works in a way that many say will be for the better. Ethereum 2.0 will see the amount of ETH issued per block to be cut dramatically. This means that the relatively high inflation rate of the asset will be dropped dramatically. The decreased selling pressure from miners along with the adoption enabled by the technical improvements in Serenity will help and push Ethereum higher in the long run. And while there is the growth of DeFi and the Ethereum 2.0 project that are well for bulls, there are concerns regarding on-chain finance which may act as a bearish case in the market for ETH/BTC moving forward.
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Ethereum News

Enjin Goes Live On The Ethereum Mainnet: Report

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Enjin goes live on the Ethereum network today and the platform will enable the developers to integrate cryptocurrencies in crypto apps and games without having to write blockchain codes as we are reading further in the upcoming Ethereum news. Game and app developers will now be able to integrate cryptocurrencies into their own products without having to write complex blockchain codes as Enjin goes live today. The company behind the project announced the launch of the game development platform and the mainnet has gone live on Ethereum thus allowing anybody to mint their own utility tokens. The Enjin platform will allow the app developers and game engineers to use the decentralized inventory once they start building their products according to the company’s blog post. The platform makes it easier to integrate both of the blockchain-based gaming and the non-gaming assets into the games and apps as per the company, saying that they also aim to simplify the process of managing economic gameplay mechanisms. Enjin also supports the ERC1155 Ethereum token standard which allows the developers to integrate the fungible and non-fungible tokens into a smart contract and they also stated that more than 2,500 projects have been created on the platform testent and later adopted the same ERC1155 standard. The company explained:
 “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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