Ethereum rallied recently above the $235 resistance region against the US Dollar. ETH is currently correcting gains, but the $230 support might act as a strong buy zone.
- Ethereum is trading in a positive zone above the $230 and $232 levels.
- The price rallied above the $240 level and it is currently correcting gains from $244.
- There was a break below a connecting bullish trend line with support near $240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to find a strong buying interest near the $232 and $230 levels in the near term.
Ethereum Price Turns Green
In the past few hours, there was a strong bullish price action in Ethereum against the US Dollar. ETH price gained traction and rallied above the $230 and $235 resistance levels.
The upward move was such that the price even spiked above the $240 level and it settled above the 100 hourly simple moving average. A new weekly high is formed near $244 and the price is currently correcting lower.
There was a break below the $240 level, plus the 23.6% Fib retracement level of the recent rally from the $223 swing low to $244 high. Moreover, there was a break below a connecting bullish trend line with support near $240 on the hourly chart of ETH/USD.
Ethereum price trades below $230. Source: TradingView.com
Ether price is currently declining towards the $235 support level. The first major support is near the $232 level or the 50% Fib retracement level of the recent rally from the $223 swing low to $244 high.
On the upside, the price is likely to face selling interest near the $240 level. A successful break above the $240 and $244 resistance levels could open the doors for a strong rise towards the main $250 barrier in the coming sessions.
Bearish Break in ETH?
On the downside, the $232 region is likely to act as a strong buy zone. The next key support is seen near the $230 level (a significant breakout zone).
If there is a downside break and close below the $230 level, Ethereum is likely to move back into a bearish zone in the near term.
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $232
Major Resistance Level – $240
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Risk disclaimer: 76.4% of retail CFD accounts lose money.
Arca, an institutional asset manager, has received the US Securities and Exchange Commission’s (SEC) approval for the launch of a blockchain transferred fund.
Announced on Monday, the fund called Arca US Treasury Fund is an SEC-registered closed-end in nature and is already open to investors. Its digital securities as ArCoin can be traded on the top of Ethereum blockchain.
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“Our announcement today is a ground-breaking and transformative step toward the unification of traditional finance with digital asset investing as this new category of regulated, digital investment products is made available to investors,” Rayne Steinberg, chief executive officer of Arca, said.
The fund is investing 80 percent of its portfolio assets in interest-bearing, short-duration, US treasury bonds and notes.
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The first registered investment fund based on blockchain
The fund manager also highlights that it is the first fund with a representation with cryptographic tokens approved under the Investment Company Act of 1940. This is the result of the effort of 20 months since when Arca was pushing some variation of the fund for approval.
Being a registered fund, it will offer daily net-asset-value reporting, bankruptcy protections, periodic audited financial statements, and assets held in a statutory trust overseen by an independent board of trustees.
The development of ArCoin was carried out by the Arca Labs. Built on the Ethereum blockchain, ArCoin follows ERC-1404 standard. The protocol might also helped Arca to gain approval as, unlike ERC-20, ERC-1404 restricts where holders can send a token to a collection of whitelisted addresses.
“The digital assets ecosystem is a rapidly growing and evolving industry. We are establishing Arca Labs at the forefront of this industry to innovate digital investment products that provide regulatory oversight and transparency, along with daily valuation, that investors look for in their traditional core investment holdings,” Jerald David, president of Arca Capital Management, added.
Ethereum co-founder, Vitalik Buterin, recently appeared on the Hashing It Out podcast to discuss the latest developments with Ethereum.
Hosts Corey Petty and Dean Eigenmann quizzed Buterin on his regrets over Ethereum’s initial launch, and how ETH2.0 will gear towards addressing those concerns.
With that, Buterin acknowledged that, when designing Ethereum, many mistakes were made. With the benefit of hindsight, he admits that the Ethereum architecture isn’t as efficient as it could be.
One example he gave related to the use of hexary trees, instead of binary trees, to store contract data.
Guillaume Ballet noted that hexary trees hamper scalability, as this method requires constant recalculation of the hash root.
As well as that, during his explanation, Buterin also expressed regret on how the gas system was setup.
“we really didn’t do a good job in setting those in the beginning.”
It recently emerged that a $130 Ethereum transaction incurred gas fees of $2.6 million. Some theorize that this was an intention game of the gas system as a result of money laundering. But whether or not this is true, it still highlights flaws within Ethereum’s gas system.
While ETH 2.0 intends to address such concerns, as a live blockchain, legacy architecture must be taken into account to deliver Buterin’s vision for the future.
“we definately did underestimate how much time it would take to finish a lot of the things that we didn’t start back in 2015, with proof of stake and sharding probably being two of the biggest things.”
Ethereum 2.0 is Overdue
Delays to the rollout of ETH 2.0 have left the community none the wiser as to when it will launch.
Initially, core developers reportedly scheduled ETH 2.0 to rollout in January 2020. But that date came and went.
More recently, Buterin backtracked on a July launch, claiming that he had misheard a question posed at the Consensus: Distributed conference.
Meanwhile, The Shelley mainnet of Cardano is gearing up for launch at the end of this month.
Cardano’s Progress is Starting to Turn Heads
Cardano is a third-generation proof of stake blockchain that reportedly offers 1 million transactions per second via Hydra Sharding.
The start of July saw the price of ADA pump, leading to a new year-to-date high. The move was enough to send it from 10th place to 8th on the CoinMarketCap rankings.
ADA daily chart. (Source: tradingview.com)
While Ethereum boosts the largest community of developers, as well as an advantage in terms of existing dApps on the platform, Cardano is working to level things out.
IOHK recently announced a $20 million development fund for entities wishing to build on the Cardano network.
With that, the momentum gained this past couple of weeks has the crypto community looking at Cardano as a serious contender once more.
Although the term “Ethereum killer” is often bandied about, leading to a loss in its meaning, when it comes to Cardano’s achievements of late, there can be no doubt that Buterin is feeling the heat.
Team Red Miner is a performance optimized cryptocurrency miner for AMD GPUs with support for a number of algorithms with the latest version 0.7.4 focusing on extending Ethash support for 4GB AMD GPUs for as much as possible number of upcoming epochs. Previous version 0.7.3 stopped working at Epoch 351 which Ethereum Classic (ETC) has now crossed, so anyone running 4GB AMD GPUs on ETC or Nicehash should update to this updated version as soon as possible. With Team Red Miner 0.7.4 Ethash support on 4GB GPUs should be available up to Epoch 380-383 wit ETC reaching them about a month ahead of ETH later this year. An alternative option for 4GB AMD GPUs mining Ethash is PhoenixMiner 5.0b that has also addressed the same issue recently. Apart from addressing issues with Ethash support the new version also brings some extra improvement in KAWPOW performance with results varying depending on the kind of AMD GPU you have available as well as some other general improvements and fixes that you can read about below. Team Red Miner is already the best option for KAWPOW mining on AMD GPUs in our opinion performance wise, but extra hashrate boost is always more than welcome.
Changes in Team Red Miner 0.7.4:
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– Implemented split Ethash DAG buffers for 8GB GPUs to support DAGs over 4GB
– Kawpow optimizations (Navi +2.25%, Vega +1.25%, Polaris +0.25%)
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– Windows TDR detection/handling/warning.
– Monitor detection on Windows/Linux with intensity adjustment.
– Fix for Ethash pool hashrate reporting stopping after network outage.
The miner is available for both Windows and Linux operating systems, a closed source software with 2.5% to 3% development fee built-in for all algos except Ethash and KAWPOW, for KAWPOW it is 2% and for Ethash on Polaris GPUs the dev fee is 0.75% and on all other GPUs is 1%.
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Ethereum is struggling to clear the $230 resistance level against the US Dollar. ETH price is showing positive signs and it seems like a close above the 100 SMA (H4) could trigger a fresh rally.
- ETH price is slowly moving higher towards the $230 resistance against the US Dollar.
- A close above the 100 simple moving average (4-hours) could spark a strong upward move.
- There was a break above an important bearish trend line with resistance near $225 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair could dip a few points, but it is likely to make another attempt to clear the $230 resistance.
Ethereum Price Testing 100 SMA (H4)
After a strong rejection near $250, Ethereum started a major decline below the $238 support against the US Dollar. ETH price traded below the $230 support level and settled well below the 100 simple moving average (4-hours).
The decline was such that the price even spiked below $220. A low was formed near $216 before the price started an upside correction. There was a break above the $220 level, plus the 23.6% Fib retracement level of the downward move from the $250 swing high to $215 low.
The upward move was capped by the $232 resistance. It represents the 50% Fib retracement level of the downward move from the $250 swing high to $215 low. The price is currently trading above the $225 support, but it is struggling to gain momentum above the 100 simple moving average (4-hours).
Ethereum price testing $230. Source: TradingView.com
Recently, there was a break above an important bearish trend line with resistance near $225 on the 4-hours chart of ETH/USD. This is a positive sign, but the bulls still need to push the price above the 100 SMA and $230.
If there is a successful close above $230 and $232, the price could start a strong increase in the coming sessions. The next target for the bulls could be $250.
Fresh Decline in ETH?
If Ethereum fails to continue higher above the $230 and $232 resistance levels, there are chances of a fresh decline. An initial support is near the $222 level.
A daily close below the $222 support zone could start a steady decrease. The next support is near $215, below which the bears might aim a test of $200.
4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $222
Major Resistance Level – $232
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Risk disclaimer: 76.4% of retail CFD accounts lose money.
ETH Price Prediction – July 2
Ethereum (ETH) is down with a 1.8% price decline over the past 24 hours of trading as the cryptocurrency rolls over and drops beneath $230.
Resistance levels: $245, $247, $249
Support levels: $205, $203, $201
ETHUSD – Daily Chart
Since the beginning of this month, ETH/USD has not been able to climb much higher from the $233 level as the market started to roll over and fall within the channel. ETH/USD remains below the 9-day and 21-day moving averages but it can rise higher and break above the last month’s high at around $253 if the bulls put more effort.
However, if the sellers continue to add downward pressure to the coin, initial support is expected at $205. Beneath this, support can be found at $203, and $201. On the other hand, if the bulls can defend the $226 level and allow ETH to rebound, an initial resistance is located above the moving averages at $235. Above this, additional resistance is expected at $245, $247, and $249.
Meanwhile, the technical indicator RSI (14) is seen falling below 50-level which shows that the previous bullish momentum is starting to fade. If the technical indicator manages to remain above the 50-level then the bulls stand a chance to allow Ethereum to rebound at $226. However, if it penetrates beneath, the cryptocurrency may continue a downward spiral.
Against Bitcoin, the daily chart reveals that the bears are making effort to step back into the market and the coin is making an attempt to show some negative signs that could make higher lows if the price moves below the 9-day and 21-day moving averages. On the downside, the nearest level of support lies at 0.0240 BTC and below this, critical support lies at 0.0237 BTC.
ETHBTC – Daily Chart
Moreover, when looking from the upside, the nearest resistance level is 0.0250 BTC and above this, further resistance lies at 0.0260 BTC and above. The technical indicator stochastic RSI is moving above the 30-level which indicates that bullish signals may come into play.