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Ethereum (ETH) lost 15% from last week and is now down 81% from its record level in January. The market capitalization stands at 27.9 billion US dollars, with trade of 1 billion US dollars in the last 24 hours.
The number of transactions per day has fluctuated between 60,000 and 700,000 in recent weeks. Pending transactions have decreased from 80,000 to around 50,000 at the same time. The recent tariff increases have been linked to "mining trade", a new tariff model that has become popular in Chinese trade. The model reimburses 100% of the platform transaction fees through the platform native token. This encouraged users to create fake transactions to collect commissions and earn more tokens.
The value of the 30-day Kalichkin network for daily chain transactions (NVT) The ratio has been declining since June 13, after exceeding a maximum of two years. The inflection points in NVT can be leading indicators for an inversion of the value of an asset. A clear downtrend in NVT suggests that a currency is undervalued based on its economic activity and utility, which should be seen as a bullish price indicator.
Daily active addresses and only active addresses were both used to discuss the fundamental value of the network based on Metcalfe's law. The unique ETH addresses, which now exceed 40 million, continue to grow rapidly. Although addresses can never be deleted, this metric indicates an increasing use of the ETH blockchain. Many of these addresses have been created post-ICO mania and continue to be created with the arrival of increasingly decentralized applications (dApp). Reflecting on this growth, ETH job offers on LinkedIn currently exceed 500, compared to 1,000 publications in July.
According to coinschedule.com, there were 725 Initial Coins (ICO) up to now in 2018, which collected a total of 18 billion US dollars . The total for 2017 was only US $ 3.88 billion, with only US $ 95 million collected in 2016. ICO sales have plummeted since EOS and TaTaTu completed their ICOs in June, after collecting a total of US $ 5.575 billion
The next step in crowdfunding will probably be the security token (STO) offers that meet stringent regulatory guidelines. Most ICOs attempt to declare themselves as "utility tokens" in order to limit regulatory compliance. The US president of the SEC, Jay Clayton, has already said: "I believe every ICO I've seen is a security", although most are not registered as such. Most of the pre-sales tokens are considered securities under the Howey Test of the United States where there is a money investment, the investment is in a joint venture and the buyers get they are waiting to profit from the efforts of others.
According to dappradar.com, the first dApps for last week's volume continue to be dominated by decentralized exchanges and gaming apps. IDEX had both the highest number of users in the last 24 hours and the highest volume of ETH in the last week. Bancor regained popularity after a security breach causing the loss of ~ 25,000 ETHs and 3.2 million BNTs in July. Augur's forecast market is approaching seventh place last week with a relatively low number of active users.
The best collector's crypts dApp are MLBCrypto Baseball and CryptoKitties. The dApp baseball is officially licensed by the MLB and has auctioned the Non-Fungible Token (NFT) of baseball players. CryptoKitties have become very popular after the virality reached in December, but dApp continues to release new genes in nature. CryptoKitties auctions have raised over 46,000 ETHs since launch, with an average cost of US $ 61 for Kitty.
According to dappcapitulation.com, most large dApps and ICOs continue to hold large amounts of ETH despite the wild fluctuations of the ETH price. The most notable exception is EOS, which sold 100% of its ETH treasury in stages, the last of which sold on 2 July.
Hash and difficulty rates have been published throughout the month of August, while mining profitability is keeping record lows. The network node count is currently 15,708, half of which reside in the United States and many of these are managed by Infura. The extraction of ETH Proof of Work (PoW) will eventually become completely impossible through the transition of Casper Proof of Stake (PoS). This change will also come with a significant reduction in inflation, to around 500,000 ETHs per year or 0.22 ETH per block.
Casper is unlikely to be implemented until 2019-2020. A Community survey, with weighted votes for the balance of the portfolio, unanimously supported the declining issue at 1 ETH per block until Casper is implemented (EIP 858). The ETH inflation rate is currently around 7.3% and ETH miners are paid $ 2.5 billion a year despite reducing the reward for the block after the Metropolis fork in October 2017. [19659002] 
ETH exchange The volume traded in the last 24 hours was mainly driven by Tether (USDT), Bitcoin (BTC) and US Dollar (USD) pairs. Most of the exchanges took place on OKEX, Binance, Huobi and Bitfinex. In Asia, Korean Won (KRW) and Yuan (CNY) couples hold a slight premium while the Yen (JPY) pair is in line with the average price of the Bere Ethereum Liquid Index. Together, all three regions show a relatively low interest in their fiat pairs, combined with about 5% of the total volume traded.
Exchange over the counter (OTC) LocalEthereum facilitated 1,520ETH in transaction volume in the last week, second over. In comparison, LocalBitcoin traded 7,922 Btc last week, according to coin.dance. Traditional OTC counters often require a minimum order of between US $ 100,000 and US $ 250,000, while these peer-to-peer markets have no minimum order size.
Technical Analysis [19659016] The ETH has experienced signs of capitulation due to its rapid decline in high-volume prices. Ichimoku Cloud, divergences, Pitchforks, exponential moving averages (EMA) and Graphic Patterns can be used to determine entry points and goals, as well as the strength or weakness within the macro trend. Further basic information on the technical analyzes discussed below is available here.
Open and short-term interests remain long-lasting on Bitfinex. Shorts have been decreasing since July with a steadily growing interest. The long interest is approaching a historical high, along with a relative local fund price, which could indicate a bullish exhaustion and a further downward pressure, similar to a long squeeze. On the contrary, Bitcoin's open interest is currently strongly short short close to a local bottom price, suggesting a potential short compression.
Moving to the Ichimoku cloud, four metrics are used to determine if there is a trend; the current price in relation to the Cloud, the color of the Cloud (red for bearish, green for bullish), the Tenkan (T) and Kijun (K) cross and the Lagging Span. The best voice always occurs when most signals go from bearish to bullish or vice versa.
The status of the current cloud metrics in the daily time frame with single settings (10/30/60/30) for faster signals are bearish; the price is below the Cloud, the Cloud is bearish, the cross TK is down and the Lagging Span is below the Cloud and in the price. A traditional long entry will not trigger until the price is higher than the Cloud. The price fell more than 30% from the bearish cross TK under the Cloud on July 30th. A relief boost to the Kijun at $ 370 is likely if the price does not reach lower lows
The state of the current Cloud metrics in the time frame daily with double settings (20/60/120/30) for more precise signals are also bearish; the price is below the Cloud, the Cloud is bearish, the cross TK is down and the Lagging Span is below the Cloud and in the price. Again, a traditional long entry will not trigger until the price will be higher than the Cloud. The price continued to decline without a rebound in the bearish Kijun, using these settings, which indicate that the daily cloud settings are optimal for current market conditions.
There is a bullish divergence RSI active from the low of April to the present. The price did a lower minimum without making a lower minimum in the RSI, suggesting that the bearish momentum is falling. If the lows are respected, a price shift towards the Kumo plan is possible at $ 541.
On the four-hour table, the price remains tied to a bearish pitchfork with anchor points in May and July. Based on the rate of change in trends, it is unlikely that the lower levels of the lower diagonal support of the pitchfork will be sustained. The 50EMA and 200EMA have been horribly traversed since the end of May. Both EMAs should act as resistance if the price moves north. A breach above the Pitchfork or a 50 / 200EMA bullish cross should be considered long entry signals
On the ETH / BTC pair, the price was largely limited by different diagonal support and resistance zones. The price broke the edge of the lower support area, completing a double-bar chart model reversed to bear and eve. The model produces an extension of 1.68 fib of 0.0174 which corresponds to the support area of the volume profile. [1965902] 
Conclusion
The increase in prices of Ethereum in 2017 was strongly influenced by the increase of numerous Ico which led to a new method of crowdsourcing. Because ICOs have coined ERC tokens and generally sold them for ETH, most have retained their ETH and continue to do so. Every ICO that continues to hold large amounts of ETH represents a potential for further price capitulation. The price of ETH may remain stale from a fundamental point of view until the use of dApp or Security token offer gains popularity
Technicians suggest that the trend of # 39; bear macro is intact with a rise more likely than the lower lows. The long / short Bitfinex ratio supports a potential long compression, which would result in lower lows. A counter-trend rally at $ 370 will probably soon be sold by both the long active and new short sellers. The sustained decline in the ETH / BTC ratio suggests that while the BTC declined, the ETH declined at a hurried pace.
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