Ether is going down, losing about 1.5% on Thursday, August 30, while trading at $ 284.47. The crypto previously broke $ 298.30 and $ 294.00, which led to a bullish upturn, says Dmitriy Gurkovskiy, Chief Analyst of RoboForex.
The market tried to buy Ether, but last night it was clear that the bears were winning. The crypto went first to support for $ 290, and today it's even under $ 285, while buyers can not do anything about it.
Traders are watching what Ether is going to do while trading at $ 283- $ 284. If the bears manage to push it further down, the new support will only be $ 280. In the short run, Ether could stay between $ 280 and $ 283 if there were no reason to buy the crypt.
This, the major support is now at $ 280, with a resistance of $ 295. The MACD is slightly increasing on D1, but it is still in the negatives and does not emit any clear signal. Meanwhile, the Stochastic is positive, but it is falling, which makes the purchase signal weaker than before
When it comes to fundamentals, an interesting news comes from Canada, where the National Research Council (NRC) has launched a new app based on Ethereum. The app is very useful for searching and storing information, including information on concessions.
The idea is to show how a blockchain-based app works. If it goes well, other structures and governmental authorities will also use it. One of the main advantages for any institution that initiates an information storage application is the reduced risk of any external attacks. This could become the number one reason for using blockchain in the future.
While Ether is coming down heavily lately, its mining is still very profitable, says Brian Venturo, founder of Atlantic Crypto. It costs around $ 152 to extract an Ether coin, which is almost twice as cheap as its price on the market. Venturo calculations are based on the costs of electricity in the United States and in other countries' homes; in the meantime, the cost of kWh can vary greatly from state to state and, moreover, from country to country. So, in some cases, electricity is so cheap that the cost of mining 1 Ether does not exceed $ 50 and the miners are happy to move to those countries and regions.
Also some interesting news on Ethereum will come soon. Thus, on August 31, developers meet to discuss cryptographic inflation and the amount of premiums per block. Coin holders wanted the direction to lower the reward from 3 to 1 ETH.
Disclaimer: Any provision contained herein is based on the particular opinion of the authors. This analysis should not be treated as a trading advice. RoboForex can not be held responsible for the results of trading resulting from the trading recommendations and reviews contained in this document.