Ethereum Price Analysis: The Future is Private but Will ETH Bulls Wade off Sellers?
Today’s Ethereum (ETH) News
Here is the irony of blockchain. It seemed like the ideal blockchain ought to be transparent yet private at the same time. The blend of hot and cold while being completely decentralized and scalable is what the community is calling for. It’s upon programmers to implement that.
While building is communal and global primed with a never-say no attitude, the task is no doubt arduous if not a hard nut to crack. Regulators are against privacy now that public blockchains are global and well, hard to regulate given fragmentation of what is legal and illegal in different jurisdiction.
Nonetheless, what we presently have is an open source code, free for everyone including JP Morgan and Chase. The banking behemoth sees an opportunity and in their latest announcement, they plan to introduce privacy features through the Zether Protocol via an extension that will also work in their Quorum enterprise grade blockchain.
Private, yes, but nonetheless clients are scrambling to load on the platform thanks to the bank’s experience and well, the DLT wave that is sweeping and permeating to all sectors.
Not surprising, Zether will make use of ZK-Proofs, a version that Vitalik had made, pitching that the option is a way of scaling Ethereum on-chain without opting for layer-two solutions as Raiden.
Oli Harris, JPM’s head of Quorum and crypto-assets strategy said:
“In the basic Zether, the account balances and the transfer accounts are concealed but the participants’ identities are not. So, we have solved that. In our implementation, we provide a proof protocol for the anonymous extension in which the sender may hide herself and the transactions recipients in a larger group of parties.”
Ethereum (ETH) Live Price
1 ETH/USD =$1,585.6419 change ~ -1.59%
ETH/USD Price Analysis
At the time of writing, Ethereum (ETH) is down 1.9 percent from yesterday’s close but still oscillating from around last week’s close. Because of that bears appear to be in temporarily in control and could press lower assuming today end up as bearish.
Note that what we have in the daily chart is a three-bar bear reversal pattern off May 16th highs. Therefore, it is straight forward that if today end up closing as bearish, odds are prices could melt-down towards the Middle BB in a correction.
Ideally, we expect support at the base of this $70 consolidation at $230. The level flash with the 61.8 percent Fibonacci retracement level based on May trade range. Further draw-down could see ETH retest $190, wiping out May 2019 gains in a retest. The correction to $230 and $190 is a real possibility and often prints out in a classic bull breakout pattern as we have right now.
Conversely, gains above $300 accompanied by high trading volumes exceeding 822k of May 16th will surely cement buyers’ position in a trend continuation phase that could form the foundation for a spring towards $400. In the meantime, it will be best if traders adopt a neutral stance and if bears take charge, odds are a correction reflecting May 17th dips is imminent.
All of Today's Ethereum (ETH) Price Analysis, Chart Forecasts and Industry News
All Charts Courtesy of Trading View—CoinBase
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.