The news on Ethereum remains bullish and only recently the Austrian government has used the platform to auction their titles. On the other hand, ETH prices are on the downside, failing to close above $ 250 despite three weeks of higher highs. Because of the way the chandeliers are arranged, we maintain a neutral bearish attitude until our commercial conditions are met.
Latest news on Ethereum
Here is a unique property of Ethereum as a platform: it allows normal and daily users to appreciate the power of blockchain technology.
As an intelligent bargaining platform, the value of Ethereum depends on the use because the currency is not a cryptocurrency to say. The native currency on the platform, the ETH can thrive on its own ecosystem. This is why many market analysts and influences such as Jeremy Rubin, CTO of the Stellar platform, believe that the full potential of Ethereum has yet to be explored. Although it is negative on price due to this independence, Ethereum is an influential platform especially for dApp developers and start-ups who are trying to raise money through the first coin deals or crowdfunding.
Recently, it was announced that the Austrian government will use the Ethereum blockchain to auction $ 1.35 billion of government bonds. A bank, Oedrerrichische Kontrollbank (OeKB) will oversee the auction on behalf of the government. This takes place months after the Austrian government has established the FinTech Advisory Council at the Ministry of Finance which allows the Austrians to take full advantage of technological developments.
Austria is not the only country that looks at Blockchain. Malta, affectionately described as a "Blockchain Island" is at the forefront of the adoption of blockchain and cryptocurrency. Apart from Switzerland, Russia, Singapore and the United Arab Emirates, which in one way or another are incorporating this nascent technology to offer better service.
Price analysis of Ethereum (ETH)
ETH Weekly chart
Despite the obvious upward resistance, ETH prices have increased by eight percent in the last week. Following the strong pressure from the bulls and two weeks of back-to-back gains full of peaks in market participation, ETH is towing the general market sentiment. From the arrangement of the candles, we have our reserve for the bulls. Note that even after three weeks and a strong increase in volume by the end of September 23, buyers have not generated enough momentum to cancel the week ended with losses of September 9 or $ 250, the lower limit of our resistance zone.
Because of this, there are high odds that bears are still in charge and with each higher maximum, there is a sell-off of sellers that suppresses prices. Apart from that, from the point of view of the effort with respect to the result, the sellers have control because even after three weeks of higher highs, the buyers did not reverse the losses from a single downtrend bar that fell from $ 250.
ETH daily chart
This is the fifth day of horizontal consolidation in the daily chart. At this time, not only prices below the first buy trigger at $ 250, but are trending within the bull on 27 September. This lack of volatility attests to the neutral and bearish position and our previous analysis of Ethereum prices, we recommend the patience to know that there is an obscuring and salable effect of the engulfing bear bar of September 5 that buyers still have to shake off.
So, in the days ahead, aggressive traders can take advantage of current sentiment and buy at spot rates, but with stops close to $ 200 or the lows of September 27th. Remember, any close below $ 165 or September lows will automatically trigger the next selling pressure surge of $ 75.
With a more optimistic approach, earnings above the upper limit of our $ 300 or September 25 resistance zone will be inviting for bulls aiming for $ 400.
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.