Ethereum was previously consolidating inside a symmetrical triangle pattern and has broken below support to signal that further declines are in the works. Price could be due for a quick pullback to support before heading further south.
The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is more likely to resume than to reverse. However, RSI is turning higher after recently hitting the oversold region, indicating that buyers could return from here. Stochastic is also starting to pull up and head north so price could follow suit while bulls are in control.
Ethereum might hit resistance at the broken triangle bottom around $90 that lines up with the 100 SMA dynamic inflection point. If so, more sellers could jump in at these level and push for a move below the swing low. A larger bounce could hit a ceiling at the triangle top close to the 200 SMA dynamic resistance.
The CFTC is reportedly looking closer into ethereum, issuing an RFI or request for input from the public to respond to its questions on the nature of this digital asset. In its press release, the regulator stated:
“The CFTC expects the comments and information received will benefit LabCFTC, the CFTC’s FinTech initiative, and help to inform the Commission’s understanding of these emerging technologies.”
The request lists around 25 questions on ethereum and its network, also asking about the differences and risks compared to bitcoin. It went on to state:
“The input from this request will advance the CFTC’s mission of ensuring the integrity of the derivatives markets as well as monitoring and reducing systemic risk by enhancing legal certainty in the markets. The RFI seeks to understand similarities and distinctions between certain virtual currencies, including here ether and bitcoin, as well as ether-specific opportunities, challenges, and risks.”
Ethereum Classic (CURRENCY:ETC) traded 0.1% lower against the U.S. dollar during the 1 day period ending at 18:00 PM E.T. on December 6th. Ethereum Classic has a total market cap of $415.22 million and $102.16 million worth of Ethereum Classic was traded on exchanges in the last day. During the last seven days, Ethereum Classic has traded 7% higher against the U.S. dollar. One Ethereum Classic coin can currently be bought for approximately $3.89 or 0.00117279 BTC on exchanges including C2CX, CoinTiger, Binance and Bibox.
Here’s how other cryptocurrencies have performed during the last day:
Ethereum Classic Profile
Ethereum Classic (CRYPTO:ETC) is a proof-of-work (PoW) coin that uses the Ethash hashing algorithm. It was first traded on July 23rd, 2016. Ethereum Classic’s total supply is 106,741,022 coins. The official website for Ethereum Classic is ethereumclassic.org. The Reddit community for Ethereum Classic is /r/EthereumClassic and the currency’s Github account can be viewed here. The official message board for Ethereum Classic is forum.ethereumclassic.org. Ethereum Classic’s official Twitter account is @eth_classic and its Facebook page is accessible here.
Buying and Selling Ethereum Classic
Ethereum Classic can be traded on these cryptocurrency exchanges: Bitbns, YoBit, BCEX, BitForex, RightBTC, Bibox, Indodax, Kucoin, CoinBene, Coinone, Stocks.Exchange, BigONE, CoinEgg, Crex24, Coinut, Bitsane, ZB.COM, CoinExchange, Upbit, CoinEx, Coinhub, LBank, Coinroom, Instant Bitex, BTC Markets, C2CX, Gatehub, Koineks, BtcTrade.im, Cryptomate, HBUS, Huobi, Cryptopia, OKEx, BTC-Alpha, Exmo, Gate.io, CPDAX, HitBTC, Bittrex, Coinbase Pro, Poloniex, Korbit, CoinTiger, LiteBit.eu, Coinsuper, Bit-Z, QBTC, OKCoin International, Exrates, ABCC, Coinnest, Bitfinex, Ovis, Kraken, FCoin, Binance, Bithumb, BTC Trade UA, EXX, ChaoEX, C-CEX and Liquid. It is usually not currently possible to purchase alternative cryptocurrencies such as Ethereum Classic directly using US dollars. Investors seeking to trade Ethereum Classic should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Coinbase, Changelly or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Ethereum Classic using one of the exchanges listed above.
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Two days ago, brand new code was released on GitHub that had a Constantinople activation time within it. The post reads that Geth, or ‘Go Ethereum,’ is a special release and a hard fork will take place on the Ethereum (ETH) mainnet at block 7,080,000. This new hard fork is expected to take place around January 16th, 2019.
#Ethereum Constantinople mainnet hard fork scheduled for block #7080000, estimated around the 16th of January, 2019!
— Péter Szilágyi (@peter_szilagyi) December 7, 2018
Ethereum’s co-founder, Vitalik Buterin, re-tweeted the tweet above on December 7th. Ethereum core devs agreed to finally launch the Constantinople hard fork on that day. Constantinople comprises separate Ethereum Improvement Proposals (EIPs). These separate proposals are geared towards softening the transition from proof-of-work (PoW) to proof-of-stake (PoS).
This change is long-awaited, and something Ethereum developers have been planning for years. PoS would fundamentally change Ethereum (ETH) by means of a host of new upgrades. PoW has been under strong criticism as it has been known to be far less energy-efficient than PoS.
Due to the fundamental change in the Ethereum blockchain, all nodes must either update with the entire system or carry on running as a separate blockchain. A trial run of the hard fork was run on Ropsten back in October, and a consensus issue was found. This is what caused the delay in the hard fork until late-January.
Back on December 10th, Buterin went on one of his famous multi-tweet Twitter rants. In this particular 15 tweet rant, he discussed non-financial applications of blockchains.
9. Blockchains of the future with proof of stake and sharding will be thousands of times more efficient, and so the efficiency sacrifices of putting things on a chain will become more and more acceptable.
— Vitalik Non-giver of Ether (@VitalikButerin) December 10, 2018
The Ethereum co-founder believes that PoS and sharding will make blockchains thousands of times more efficient.
On the same day of the Twitter rant, ZDNet released a report on the increase of hacks targeting Ethereum. Recently, hackers have begun scanning the network and are identifying mining rigs and Ethereum wallets with an exposed port 8545. By doing this, hackers can gain control of the mining rig or crypto wallet and direct funds elsewhere.
It seems hackers aren’t concerned with the dropping price of Ethereum (ETH).
Featured Image: Depositphotos/© TPOphoto
Wisdo, a Tel Aviv-Yafo, Israel-based startup creating an app addressing social network loneliness, raised $11m in seed funding.
Backers included Intel Capital, Google, Amazon, 23andMe, Oracle, Yahoo, and angels.
Founded by media and tech industry veterans Boaz Gaon and Ido Jonathan Engel, Wisdo provides an app designed to match individuals and groups around shared life experiences, rather than shared friends or interests. The app connects people by using their patented algorithm to pair users through their life experiences.
Users are asked which communities they would like to join ranging from depression and anxiety, to surviving sexual assault, to improving body image, to parenting or child adoption. Through its ‘timeline’ feature, users in each community lay out their shared life experiences into steps, or notable challenges they’ve faced during a pivotal life event.
Wisdo’s patented algorithm analyzes this to understand where people have been and where people are still struggling. Based on more than 13 million collected steps for more than 70 communities, Wisdo has developed a map for each life experience.
Upon choosing communities and meaningful experience steps, the app users have access to a group of people facing the same issues to provide a social support network built around shared experiences.
The app has 500,000 beta users.