Ethereum (ETH) Respond After Elon Musk Tweet, ProgPOW Has the Funding


Ethereum Price Analysis
 Fundamentals
 Ethereum (ETH) is superior and an upgrade of Bitcoin. Its native currency in ETH can operate within an ecosystem, powering smart contracting as a settlement coin.
 Besides, considering the infinite number of possibilities that the platform opens up for visionaries, it is understandable that the community reacts the way it did to a single one word tweet by Elon Musk, the brains behind Tesla and Space X.


Although there is nothing to conclude because Elon is yet to reply they may have taken their conversation offline, interest from such a leader is possible.
In other positive news, an Ethereum developer, Hudson Jameson, did confirm the raising of $50k as funding for auditing ProgPOW.
 “The ProgPOW audit is going to be funded. Everyone has confirmed their funding.




 It should be started this week or next week hopefully.
 There’s just some logistics to work out, meaning people have to sign some paperwork and the funds have to be sent.” He said the funding would help in the audit of ProgPOW, a code change that seeks to improve the efficiency of Ethereum GPU miners.
 By improving efficiency, ProgPOW will narrow the gap caused by ASIC miners ensuring complete decentralization.
 Least Authority, a Berlin-based company, will audit the code.

Candlestick Arrangement




Price wise and Ethereum (ETH) like Bitcoin and Ripple (XRP) is bouncing off minor support as they snap to the primary trend. Although bears may have the upper hand because of bulls’ inability to close above $170 in a bull breakout pattern satisfactorily, the asset’s fundamental would likely spur demand, lifting prices.
 Presently, there is a correction of Apr-25 losses.



 In a consolidation, prices are ranging inside Apr-25 bear bar. Technically, unless otherwise there is a surge above $180 and $190, sellers are in control from an effort versus result point of view.
 Even so, immediate support lies at $145 or around Apr-2 lows.
 If bears flow back reversing Apr-2 losses with high volumes, then ETH may slide to $125 or lower in days ahead.
 That will confirm sellers of Q4 2018 and stir the next wave that may see ETH retest $100.
 On the flip side, a sharp spike blasting ETH above $190 will signal buyers of Apr-2 in a trend continuation phase towards $250.
Technical Indicators
 In the short term, Apr-25 bar anchors our trade plan.
 It has high volumes 160k, therefore any break above $190 or $145 must be with equally high volumes confirming or nullifying our ETH/USD trade plan.
Read the full topic at
https://www.newsbtc.com/2019/04/30/ethereum-eth-respond-after-elon-musk-tweet-progpow-has-the-funding/

Follow me on

Comments

Post a Comment

Popular posts from this blog

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

Image
 The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF. Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments.    Notably, in the past week, several of these firms have made crucial updates to their applications, hinting at the evolving nature of their proposals. Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF The digital asset market has been closely monitoring the situation, speculating on the impact that an approval of a Spot Bitcoin ETF would have. Such an approval would be a groundbreaking event, marking the first of it...
Read more

What’s Causing the Current Bitcoin Crash and How Low Can it Go

Image
 Bitcoin’s price has been very bullish over the last couple of months. However, it is finally showing subtle signs of correction today. Therefore, it is worth analyzing the charts for potential support levels. Technical Analysis Bitcoin Price Analysis: The Daily Chart  On the daily chart, the price has been blowing past resistance levels one by one. Yet, today’s action has been very bearish, as the daily candle looks very bearish.   The price has dropped around 10% today before rebounding from the $40K support level. In case this level holds, it could initiate a rebound, and the market might rally toward the next significant resistance level, which is located at the $48K mark. On the other hand, a bearish breakout could result in a drop to the $38K and potentially the $31K zone.   BTC Price on The 4-Hour Chart The 4-hour chart demonstrates today’s decline much more clearly. The price has created a double top pattern around the $44,500 mark and proceeded to plunge to...
Read more

BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks

Image
 A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly. A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency.   As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest balance sheets in the world – to act as APs to BlackRock's ETF. (Whether they want to is another matter.) The cash APs use in this process can then be exchanged into bitcoin by an intermediary and warehoused ...
Read more