ETHUSD (Ethereum) – Week 30 – Bullish momentum

Ethereum's youthful inventor puts forth a vision for the blockchain's non-financial uses at EthCC in Paris, including ridding social media of bots and fake news. Ethereum’s Buterin said, “has always been about taking these ideas of decentralization and trust minimization, experimenting with building and implementing, using many different kinds of mechanisms to areas that go far beyond just finance.” Buterin shifted his focus away from DeFi and toward Ethereum's possible utility in decentralizing social media, citing a tweet from Stani Kulechov, the creator and CEO of Aave, an open-source DeFi protocol, recommending that Aave create "Twitter on Ethereum." Buterin said that building out the Ethereum social media ecosystem is something he personally cares about as there is a “widespread belief that existing social media platforms suck, and we need better ones.”

Technically, Ethereum retested the support area 4 days ago. After that, the price rebounded with a sharp move to the upside. Now we are giving a higher probability for a consolidation in this area that would prepare the next move to the upside. When the price reaches the small resistance we have to study the structure to see the direction of the next move.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.