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Latest news on Ethereum
The fact is that Ethereum is designed as a super computer all over the world. It can work alone as a crowdfunding and dApp construction platform where investors can enter through fiat-crypto ramps as a means of direct investment in promising products. At the same time, companies can build their systems on Ethereum thanks to the team's security and efforts to resolve scalability and further strengthen network security despite falling ETH prices.
But even in the midst of this bullish development as companies run to implement various blockchain-based solutions with nothing but the desire to exploit the hype around "blockchain" or "distributed Ledger Technology", Vitalik – in a recent interview with Quartz- sta is issuing a warning to appropriators saying that this misapplication would lead to "lost time".
To read: Blockchain Capital, Coinbase invests $ 12.75 million in the security token issue platform
He went on to say that not all companies are able to reap the benefits of blockchain and crypto because "it will still take a long time to be worked out before it makes sense on a large scale". Nonetheless, beneficiaries are projects involved in cross-border transfer or remittance companies and in transactional companies.
Read also: Blockstack CEO: Crypto Winter is here but the next wave will be massive
While doing so, Vitalik said he "does not understand deeply" because IBM and other companies are developing blockchain because he will miss the decentralization that is the hallmark of the blockchain.
Analysis of ETH / USD prices
Weekly chart
At a spot price, ETH / USD falls by +85% compared to the peaks of 2017 and unfortunately for ETH holders, ETH / USD is traded within a breakout model 39; bear and at the moment the funds are not visible. Previously, we had emphasized the need for buyers to maintain pressure and pass the week ending September 9 to $ 250 for bulls.
However, the fall in BTC prices seems to have triggered a wave of selling pressure that saw bears melt under the main support line at $ 160, confirming the early August losses by completing a classic breakout model. 39; bear.
Unless there is refusal of the lower lows and buyers build enough momentum to fend off further losses of less than $ 100, ETH could drop to $ 38 and even the undesirable $ 1 sign as the graph shows.
Daily chart
As seen from the chart, ETH / USD is falling and after falling to third after the 29% drop last week, bears are likely to tread the gas pedal.
Note that as mentioned above, ETH is traded within a bear breakout model and will be ideal if prices rebound to $ 160 before resuming the trend. This could happen in the future because bears are in charge, every high would be a sales opportunity.
But, if the selling pressure is too high and we see that prices fall below $ 100 or November 25th, then the odds that ETH would probably fall to $ 38 or lower.
All graphics courtesy of Trading View
Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.
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