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Ethereum News

The Main Factors Behind Ethereum’s 66% Weekly Growth

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Ethereum is in the latest crypto news as one of the top performing altcoins that surged by 66% in only one week, going from $83 to $138. Throughout the past week, Ethereum has seen a record high number of shorts on many cryptocurrency trading platforms such as BitMEX and Bitfinex.

On top of this, Ethereum surged amidst a strong corrective rally that was triggered by oversold conditions where short contracts were squeezed out triggering the price of the asset to recover. Even though ETH has increased by 66% in one week, it is still down 91% from it’s all time high of $1,448.

In any traditional market, a 20% drop from an all-time high is considered a bear market. However, according to analysts, Ethereum is not only vulnerable to large drops but also a better asset to short because of its high volatility and recent rally.

As one analyst named Hsaka suggested:

“Quite a substantial difference between the ETH and BTC structure. If you were betting on correlation remaining the same, and both reverting to structural equilibrium, $ETH seems to be the better play for shorts, and BTC for longs.”

The popular trader known as “The Crypto Dog” also explained the current situation for Bitcoin which seems to be linked with Ethereum’s movement. As he said:

“$4,000 – $4,500 is major resistance and we could stall out soon. It’s also possible this could go higher, but I do not think it goes much higher than $5,400, certainly not higher than $6,300.”

Right now, Joseph Lubin who is the co-founder of Ethereum seems confident about a potential rally, calling out a bottom. As he said:

“I am calling the crypto bottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.”

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Ethereum News

Polish Bank Uses The Public Ethereum Blockchain For Documentation

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A bank based in Warsaw named Alior Bank has decided to step up and use the public Ethereum blockchain. The Polish bank will use the public blockchain to authenticate its client's documents, as a new report by Forbes posted in the latest cryptocurrency news shared on June 17. The report also notes that with the Ethereum blockchain, the Polish bank will serve clients in a better way. For example, when a client at Alior receives their document, they can now verify its authenticity by following a website link to its spot on the public blockchain. In other words, customers can verify that the document in question was in fact issued - in the exact wording provided - when the bank claims. The blockchain technology lead at the Polish Bank Alior, Piotr Adamczyk, explained:
“We know exactly in which block of Ethereum the document with a given hash is published. If we know the block number, we also know the timestamp [...] We know that the document was published some time ago and hasn’t been changed in that time [if the hash stored on the blockchain is identical to the hash calculated from the document], so we can prove it hasn’t been replaced on our servers.”
Meanwhile, the best cryptocurrency news sites show that Alior has reportedly developed the blockchain solution in response to the changing regulations in Poland, where the Office of Competition and Consumer Protection in 2017 ruled that website pages do not constitute a "durable medium" necessary for issuing the customer documents. Then, the Polish bank came up with a blockchain solution that provides online documentation through a suitably durable medium. The management at Alior also said that it is the first bank to use a public (as opposed to a private) blockchain for its customer service. The blockchain strategy lead, Tomasz Sienicki, was also featured in the altcoin news for stating:
“We want people to verify that we did everything right and we don’t conceal anything. If we say the documents are actually verified and authentic, everybody can check it and confirm [...] That’s not possible using a private blockchain.”
All of this proves that the Ethereum blockchain is still in demand as one of the most popular solutions out there. On another note, it proves that the Polish bank Alior is keeping up to date with new technologies and knows how to implement them.  
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Ethereum News

Google Cloud Services Now Support Ethereum Smart Contracts

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Google Cloud Services now support Ethereum smart contracts and the company is even expending resources to learn how the smart contract platform works. In today’s coming altcoin news we read more about how the people can integrate with the Google services and the smart contracts platform. None of the major tech companies want to miss out on the blockchain race but Google has been really quiet on the issue. The company makes billions by selling ads for its dominant search engine but it did mention that they had to learn how the Ethereum blockchain might work in the cloud environment. Google aims to enable its clients to operate on the ethereum blockchain and expand its services even more. The company is also looking at hybrid cloud-blockchain solutions with the help of Ethereum. Companies like Microsoft and Google are already providing blockchain services for the tech companies so the goal is to maintain clients in the ever-changing landscape. Most of the companies choose Google and Amazon depending on their needs since they both made efforts to integrate blockchain services but it seems like Microsoft is leading the way. Google integrated Chainlink and described:
 “Participants in prediction marketplaces allocate capital to speculate on future events in general. One area of intense interest is which smart contract platform will predominate because, being networks ecosystems, their value will follow a power law (i.e. winner-take-all) distribution. There are many differing opinions about which platform will succeed, as well as how success can be quantified.”
The reports in the latest cryptocurrency news explain how smart contracts can be helpful for these tech giants and how Google’s services can be used in these tech giants. Google Cloud Services will apply hybrid applications will be built on the cloud infrastructure using the blockchain technology. While Google has yet to follow the path of Telegram and Facebook and announce some broader blockchain integration, they do however understand the importance of helping companies who need the blockchain. The mainstream service providers that offer blockchain services is the best way to mass crypto adoption. When the smaller companies find out that they have easy access to blockchain services, they are most likely to consider the technology and integrate some form of the decentralized ledger technology.
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Ethereum News

Ethereum’s ETH 2.0 Serenity Upgrade Will Launch By January 2020

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Ethereum’s ETH 2.0 Serenity upgrade will most likely launch by January 2020 according to the reports by the public blockchain developers who claim to be working hard on the project. We read more about the project in today’s altcoin news. The final launch date will reportedly be set on January 3rd, 2020. It is still not definite but the Ethereum Foundation researcher Justin Drake stated a couple of days ago during the 19th Ethereum’s ETH 2.0 implementers call that the new date was a reasonable target and could end up being selected for the activation of the Beacon Chain of Serenity ‘’Phase Zero.’’ The first phase will finish the Ethereum shift from proof-of-work (PoW) consensus to the proof-of-stake (PoS) consensus via validators. The Beacon Chain and once it is activated upon the genesis block will facilitate the proof-of-stake block validation via the Casper tech and will represent the foundation for later layering. Drake previously stated that the code specification of Phase Zero getting frozen later this month could lead the Ethereum community to conduct ‘’a deposit contract ceremony’’ during the year’s Devcon5 conference in Osaka, Japan this October. According to the latest cryptocurrency, Drake noted:
 “So the idea here is try and launch the deposit contract ahead of the target genesis [block], so that we allow time for validators to make deposits. And then one idea here is to basically do a deposit contract ceremony at Devcon. One of the reasons to have this very public ceremony is so that we can all agree on the exact address of the deposit contract and avoid scam deposit contracts.”
The Ethereum foundation researcher also explained how activating Ethereum’s ETH 2.0 genesis block on January 3rd could avoid the holiday months during the winter and could be perfect timing with the 11th anniversary of the Bitcoin genesis block network. Previously this month, the tech giant Microsoft released VeriSol which is an open-source smart contract verification tool for Ethereum to the Microsoft Azure computing platform’s cloud. Ethereum also saw its daily gas usage record getting broken by the end of May. Moreover, ETH 2.0 testnets are starting to materialize as well which gives the builders the opportunity to get familiarized with the Ethereum future.
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Ethereum News

Ethereum Will Skyrocket By 70% Against BTC: Analyst Prediction

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Ethereum Will Skyrocket
One pseudonymous cryptocurrency technical analyst with an alias "Rampage" recently predicted that Ethereum will skyrocket and will put Bitcoin in the shadows, rising by more than 70% against the most dominant cryptocurrency. The coming altcoin news show the tweet in which the analyst attached an image showing the price action of the two markets - overlaid in a single chart. As he predicted, Ethereum will move higher against Bitcoin and will closely follow the price action of its USD counterpart. https://twitter.com/Thrillmex/status/1130791859968782337 Even though the analyst who made the altcoin news is quite anonymous, his chart is definitely spot-on when it comes to the current technicals. He believes that Ethereum will skyrocket based on a compelling technical analysis - and a forecast that supports his prediction. What's also interesting is the fact that the same analyst has been featured on many best cryptocurrency news sites on May 24, when he emphasized how Ethereum converted the former resistance of 0.03 into support. In many books, this was seemingly bullish price action as it showed rejection of lower prices. The tweet below shows is a detailed illustration of that. https://twitter.com/Thrillmex/status/1131882711738703872 If we go into another perspective and see if Ethereum will skyrocket in the long run, a timeframe ETH analysis points to an ultra bullish take on a longer time frame. 'Rampage' also posted a chart where targets are specified - where the first target is 0.040873 and the second is set at 0.053449. Right now, ETH is trading at 0.030858 and a USD price of $264.30. If this analysis turns out to be accurate, more long positions in the market can boost the Ethereum holdings against Bitcoin - by more than 70% in the long run. https://twitter.com/Thrillmex/status/1131880904643817472 It has now been three weeks since this prediction was made - and ETH has yet to make a move. Still, bulls think that Ethereum will skyrocket in the next 24 to 48 hours - where the key level is set at the resistance between 0.031 and 0.032. A look in the latest cryptocurrency news shows that Bitcoin (BTC) managed to ignite a bullish run and trigger many altcoins to rise. The bulls are now in the perfect position to break out of the pattern and build significant momentum. All of which supports this analyst's forecast on Ethereum and its price targets.
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