Altcoin Today - 10/3/2018 2:29:20 AM - GMT (+0 )
While ETH is up eight percent in the last week, volatility is low in lower time frames. ETH prices are stable in the daily chart but there is a strong ceiling at $250 popping bull attempts. As prices lack bullish support, the Austrian government is using Ethereum for auctioning their government bonds. Joseph Lubin in the meantime is investing $6.5 million in DrumG.Latest Ethereum News
Joseph Lubin of ConsenSys is investing $6.5 million on a blockchain start-up, DrumG Technologies. It’s not about the money per say but about the quality of the project DrumG is working on. As the sole investor , Joseph is also the member of board and a decision maker. Wikipedia say ConsenSys is a “software foundry”, a workshop where dApps and services running on the Ethereum platform are born. There is a confirmation of this because on their homepage ConsenSys say they “harness the power of Ethereum”.
On the other hand, Drum G is a tech company that specializes in building and operating dApps for financial institutions under REGULATION. Because of their partnership, DrumG will build their apps on the Ethereum and R3’s Corda platform.
Joseph said he was “excited to play a significant role in driving towards the generation of true business value via the deployment of enterprise blockchain networks”. He lauds the experience of DrumG technologies keen on delivering fast and true business value.
DrumG is already working on Titanium Network of which Credit Suisse will become their first client. Titanium network will rely on Ethereum security to provide banks with trading and valuation operations. By Q1 2019, they plan on launching Post-Trade Reconciliation Network running on R3 Coda network.Ethereum Price Analysis
There is mild volatility in the weekly chart; ETH is up eight percent in the last week. Besides, prices are edging higher widening the gap between Ethereum and XRP market cap. At the time of press, ETH is $1.1 billion more valuable than XRP. XRP is up 22 percent in the same period.
Price wise, ETH is bearish thanks to the failure of buyers to build enough momentum to reverse week ending Sep 9 losses. All things constant, an effort versus result scenario mean ETH bears are in charge.
This is so because even after three weeks of “ETH resurgence”, prices are still trending below $250 and barely half way above that bearish engulfing bar. While Fibonacci retracement rules might support ETH bulls, the lack of market participation and strong buy momentum mean our last Ethereum price analysis is valid. We recommend taking a neutral position going forward. That’s until after there are surges above $250–$300 resistance zone or below Sep lows at $160. The latter trigger sellers aiming for $150 and later $75.
If we draw a simple Fibonacci retracement tool between Sep high low, then it’s clear that there is a 61.8 percent retracement from $160. Technically, this is deep and often reversals tend to print around this Fibonacci retracement levels. Further deflating ETH bulls is the failure of prices to breach the lower level of resistance at $250.
Instead of complementing the last three weeks higher highs, there is a consolidation, accumulation/distribution inside Sep 27 bar.
It’s a waiting game. Any dip below Sep 25 lows at $200, a psychological level, will be inviting for sellers aiming for $150. On the other hand, any break above $250 will usher in first lot of buyers ramping up on dips with first targets at $300 and later $400.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.