ETH Market Analysis: Prices Stable Below $230 With Microsoft Leveraging The Ethereum Network
Today’s Ethereum (ETH) News
Change, irrespective of how disruptive and unsettling as it is, is often inevitable. The same applies for finance, and literally every other industry.
The emergence of blockchain and machine learning has been disruptive for centralized behemoths. Forced to adapt, the advantage has been skewed to the end user. With blockchain comes privacy, efficiency and well, control, like no other time in history.
Because of blockchain, there is Ethereum, the first platform to incorporate smart contracts. Thanks to its EVM, innumerable opportunities were opened and ETH investors stand to benefit. Towards their mission, the team is working overtime to ensure that their quest of addressing scalability, a bog that is slowing down public chains, is resolved on time.
In October, for example, hard fork Istanbul will be activated. Even so, there were concerns that the developers’ mission of activating an enhancement, EIP-2025, creating a fund for coders would derail ETH’s inflation. Presently, the debate around it has subsided. Officially, there are two main EIPs that would be implemented. Once done, the fixes of Constantinople would be complete and the team can now focus on preparing for the first tests of Beacon Chain scheduled for January 2019.
Meanwhile, latest news is that Microsoft will leverage the Ethereum network to incentive developers contributing for their machine learning models. In a blog post, Microsoft is keen on stepping up their machine learning and Artificial Intelligence programs. In the post, Justin Harris, the Senior Software Development Engineer said:
“The Decentralized & Collaborative AI on Blockchain framework is about sharing models, making valuable resources more accessible to all, and—just as importantly—creating large public datasets that can be used to train models inside and outside the blockchain environment.”
ETH/USD Price Analysis
1 ETH/USD =$1,936.5421 change ~ -7.78%
At the time of press, ETH is relatively stable, adding 2.3 percent in the last day. Even so, it is worth noting that prices are largely consolidating and capped at $230. Technically bullish, ETH is presently in a correction, falling from June 2019 peaks of $365.
Unless otherwise prices soar past $230, a key resistance line of July 2019, then bears may end up pressing lower. In that likelihood, the first bear target stands at $190. If there is strong liquidation then prices could as well tumble to $100, or even 2018 lows of $70.
Although unlikely, $100 is a possibility if there is a breach of $190. Founding this view is the failure of sellers to break above the high of this trade plan’s anchor bar of July 16. Therefore, from an effort versus result point of view, bears have the upper hand despite the firm being on an uptrend.
Because of the ranging prices, risk averse traders can wait for a comprehensive break above $230 before loading the dips while aiming at $365 or even $400. Meanwhile, aggressive traders can sell the retracement with targets at $190. As a safety net, stop limit would be just above $230.
Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your due diligence.