ETHUSD (Ethereum) – Week 26 – Waiting for the trendline breakout
Ethereum, like Bitcoin, currently uses an energy-intensive process called “mining” to create and distribute new cryptocurrency. Ethereum's core developers have been working on changing the network's consensus protocol from proof of work (PoW) to proof of stake (PoS), which requires significantly less electricity to maintain while also allowing for transactions at a much larger scale. When the current PoW chain "merges" into the PoS chain and kicks off Ethereum 2.0 in earnest, which could be before the end of the year, according to Ethereum core developer Tim Beiko, mining is effectively turned off.
The Bank of Israel is allegedly testing a digital version of its fiat money, the shekel, using Ethereum technology. Instead of Ripple's proprietary version of the XRP ledger, the central bank is utilizing Ethereum. According to Bloomberg, the central bank released a research in May concluding that a digital shekel payment system might benefit the economy by streamlining payment operations while ensuring security to both parties involved in a transaction.
Technically, Ethereum reached once again the support level. If the price action has a rebound to the upside and breaks the red trendline and the small resistance marked on the chart then we give a high probability for the move to continue much higher. If the price stays for a long time consolidating on support, it will probably make another leg down.
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.
The Bank of Israel is allegedly testing a digital version of its fiat money, the shekel, using Ethereum technology. Instead of Ripple's proprietary version of the XRP ledger, the central bank is utilizing Ethereum. According to Bloomberg, the central bank released a research in May concluding that a digital shekel payment system might benefit the economy by streamlining payment operations while ensuring security to both parties involved in a transaction.
Technically, Ethereum reached once again the support level. If the price action has a rebound to the upside and breaks the red trendline and the small resistance marked on the chart then we give a high probability for the move to continue much higher. If the price stays for a long time consolidating on support, it will probably make another leg down.
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.
