Ethereum Price Dip Scales; Trades Around Key Support at $170

Ethereum, one of the major and the leading altcoins is hitting bottom by currently trading the key support at $170. While Bitcoin has also weakened a …
  • ETH/USD dip as low as $170 after eyeing a bottom at $165.
  • Ethereum now does not seem to be a haven for investors of cryptocurrency.
  • The bearish zone strengthens.

Ethereum, one of the major and the leading altcoins is hitting bottom by currently trading the key support at $170. While Bitcoin has also weakened a bit but still consolidates above $10,000. As per the market position of the coin, the investors were looking for a gainful week of the market boom. However, Ethereum remained almost flat throughout the whole trading week.

The current trading price area has no rooted support from any moving averages and is also encircled by solid selling pressure.

Ethereum Price Chart by TradingView:

ETH Price ETH Price
ETH Price Chart by TradingView

Tracing the 15 mins movement of the coin over the past 24 hours, we see that ETH to USD was trading around $174.11 in the initial hours of the day. To everyone’s surprise, the Ethereum price gained the momentum to trade at $178.39, to fall again at $165.14. The ETH price tested the support levels at $170 and $165 and plunged by 7.42% around the same hour of the day.

Today, Ethereum is trading almost flat with a few instances above $170 and the current trading rests at $169.98 (data feed from Coinbase), at the time of writing (10:28 UTC).

ETH Technical Indicators:

The current trading price is notably lower by 2.74%, 1.75%, and 27.89% from 10-day EMA, 10-day SMA, and 100-day SMA.

The MACD indicator now appears flat after rising from the negative axis. The current trends show a strong bearish crossover, as the signal overpowers the MACD line.

The RSI of the coin remains around 50 with moderate volatility.

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Ethereum Classic Labs collaborates with iZbreaker to launch decentralized application

Ethereum Classic’s development and accelerator organization, Ethereum Classic Labs took to Twitter to reveal their latest partnership.

Ethereum Classic’s development and accelerator organization, Ethereum Classic Labs took to Twitter to reveal their latest partnership. The organization is all set to collaborate with an invite-only community, iZbreaker in order to launch a decentralized application. The tweet read,

#EthereumClassicLabs Partners with iZbreaker to Build and Launch its New Platform on #EthereumClassic. #iZbreaker addresses the current gap in #SocialMedia for user-guided, relevant interactions that feel like real-life engagements.$ETC

— Ethereum Classic Labs (@etclabs) August 28, 2019

iZbreaker is said to use developmental resources of ETC Labs along with its technical and marketing expertise on a new decentralized application.

The announcement was also confirmed by a blog post, in which the CEO and founder of iZbreaker, Count Erik Wachtmeister, suggested that the partnership will accelerate substantial connections all around the world, especially between globally influential people that include, artists, industry influencers, actors politicians and various others. He further said,

“After extensive due diligence, it is clear that ETC Labs and building on Ethereum Classic’s public blockchain is ideal to unleash the power of iZbreaker, achieving our goal of delivering a secure, user-guided discovery experience.”

Ethereum Classic Labs’ CEO, Terry Culver said that iZbreaker’s “unique approach” to build the community while retaining aspects like data sovereignty, integrity and security captured their attention. He also added,

“We were excited about the iZbreaker project and team from the beginning and thought it was an ideal fit for Ethereum Classic’s security, low transaction fees, and stability.”

iZbreaker shelters various features in its platform like the “use of proximity discovery, current modes, respective freemium access to a Lounge, and the invitation-only access to the Club.”

Furthermore, the platform will have to abide by Ethereum Classic’s smart contract, ERC-20.

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Ethereum: a big failure? Some might believe so

In reply to Mow’s tweet Vitalik Buterin, the creator of Ethereum said that Ethereum is as “almost full” as bitcoin’s network implying that the platform is not …

According to a Bloomberg report, Ethereum’s network utilization reached 90%. The platform has failed to address the scalability issues leading many to think that this might be it for the Ethereum. Blockstream, Chief Strategic Officer, Samson Mow, supported Bloomberg’s report by saying that Ethereum is a technological dead end and the more it is used faster it will end.

Stablecoin Tether is the primary reason for the network’s almost “full capacity,” and many believe that it may lead to higher transaction fees on the blockchain. And this could potentially cause developers and users to move to other chains.

In reply to Mow’s tweet Vitalik Buterin, the creator of Ethereum said that Ethereum is as “almost full” as bitcoin’s network implying that the platform is not unique to scalability issues as major blockchain networks have also failed to address the same.

Ethereum is a technological dead end. The more it’s used, the faster it dies. Fortunately, USDt is also available on the #LiquidNetwork which is more scalable and later will allow Lightning Networks to be created for assets like Tether. 🌊⚡️

— Samson Mow (@Excellion) August 27, 2019

Ethereum 2.0 the last chance

Many developers and users believe that the newer version of the blockchain can solve the current scalability issues, but talks of the Etherum2.0 has been going on for years, and no one knows when it will be implemented. In the recent Hard Fork Istanbul, the blockchain core developers announced some changes that include updating of Six Codes on the network. However, the changes will be available to users from early next year.

If Ethereum fails to take correct technical measures, consequences could be drastic for the network as most developers and users will leave the platform.

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Don’t Worry, Overstock’s New CEO Is Already ‘Drunk on Bitcoin’s Kool-Aid’

Related: Patrick Byrne, Cryptocurrency Champion, Resigns as Overstock CEO. These projects will continue, said Jonathan Johnson, who was named …

Digital retail platform’s new CEO is not planning any major changes to the company’s blockchain efforts after the departure of its founder.

Patrick Byrne, the now-former CEO of Overstock, made headlines Thursday after announcing his resignation as both the head of his company and a member of its board. He wrote in a letter to shareholders that he did not want to “disrupt possible strategic discussions” by remaining in his positions following his admission that he had a three-year relationship with Russian spy Maria Butina (at, according to Byrne, the FBI’s behest).

Over the past several years, Byrne has championed blockchain tools and projects, overseeing the growth of Medici Ventures, Overstock’s blockchain-focused subsidiary, and tZERO, the security token trading platform.

Related:Patrick Byrne, Cryptocurrency Champion, Resigns as Overstock CEO

These projects will continue, said Jonathan Johnson, who was named interim CEO upon Byrne’s resignation.

“The fact that I am stepping into the CEO role means more of the same and more of the same focus for our blockchain business,” he said.

He told CoinDesk that he’s “all in” on Overstock’s blockchain efforts, noting that he had been running the day-to-day operations at Medici over the past three years and has even accepted his bonus in bitcoin in the past.

Johnson will retain his previous position as president of Medici concurrently with his new duties as interim Overstock CEO.

Related:tZERO to Open Security Token Market to Retail Traders Next Week

“I wasn’t just doing it for a paycheck, I’m doing it because I’m a full-on believer,” he said, adding:

“Not only have I drunk the Kool-Aid, I’m drunk on the Kool-Aid.”

As such, he does not expect much of Overstock, Medici or tZERO’s operations to change with his assuming command of the company.

“This isn’t an example of the board [of directors] saying, ‘We need a new CEO because the vision’s wrong,’” he said.

Specifically, Medici Ventures will continue to grow its portfolio, albeit more slowly than it has over the past three years.

Johnson said during Overstock’s Q2 earnings call earlier this month that the company would be less aggressive about growing its keiretsu (a Japanese term for a group of interlocking businesses), a statement he echoed Friday.

“We’re not stopping building out the keiretsu,” he said, adding that the company intends in particular to “flesh out the identity column.”

However, he noted, “In the last three years we’ve gone from four to 18 [portfolio companies],” and this rate would slow.

Moving forward

While Johnson does not have any specific plans at this stage for where to take Overstock, he expressed support for the various blockchain projects and hinted that the digital retail platform may begin accepting additional cryptocurrencies as payment methods (Overstock has accepted bitcoin since 2014).

“I would love to see Overstock accepting ravencoin, I just think that would be great. My view is any kind of widely accepted cryptocurrency, Overstock should be accepting,” Johnson said.

He did not speak to when Overstock may begin accepting other cryptocurrencies, noting he was “less than 24 hours into this.”

As for Overstock’s blockchain-focused subsidiaries, Johnson said they too will continue.

“I’m fully behind what we’re doing at tZERO, I’m chairman of the board,” he said.

Since its launch, tZERO has seen a limited amount of trading volume. The company opened the platform to non-accredited investors on Aug. 12, which likewise has not yet resulted in any massive growth.

Asked about what sort of timeline he was looking at before reassessing tZERO, Johnson said:

“I think the question is, once tZERO has five or 10 quality tokens trading on the exchange, ‘What has that done to the overall liquidity on the exchange?’ I think it’s about bringing in quality tokens not [putting it on a timeline].”

He also pointed to Voatz and Bitt as examples of two other portfolio companies Medici will continue to support.

“Someday in the not too distant future everyone’s voting on mobile phones on a blockchain app and we’ll wonder ‘How did we do it the old way?’”he said of Voatz in particular.

Overstock will hold an investor call on Aug. 26 at 8:30 a.m. EDT, where Johnson will seek to reassure shareholders.

“[The crypto community] should not see it as a seismic tremor, they should just see it as a passing of the baton,” he said.

Johnathan Johnson image via Nasdaq

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Homeis Raises $12M Series A To Provide Support System For Immigrants

Homeis had previously raised a $4 million seed round in late 2017, which was also led by Spark Capital & Canaan. Down the line, the company aims …

Homeis, a digital platform for immigrant communities, has raised a $12 million Series A round led by Canaan Partners and Spark Capital.

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Founded in 2017, the New York company says that more than 400,000 immigrants have used Homeis’ app since its launch. Currently, the platform serves Israeli, French, and Indian communities in select cities across the U.S. The company plans to use the money in part to expand the communities it serves, with the goal of adding Hispanic and Latino communities in the U.S. later this year, and expanding to Europe in 2020.

Israeli immigrant Ran Harnevo co-founded Homeis, which aims to essentially serve as a support system for immigrants, and do things like help them find new friends, jobs and recommendations for local services, providers and events via its “communities.”

Users are asked to provide their country of origin and current locale. All content is created and vetted by the community itself, based on its shared culture, the company said.

“Our focus is on building the most effective and authentic resource for foreign-born communities around the globe. So for now, Homeis is focused on growth as the highest priority,” Harnevo, who serves as the company’s CEO, wrote via email. “However, immigrants have a lot of specific needs that we believe the platform can support down the road such as wiring money back home, finding better insurance, visa and legal guidance, and many other services.”

Harnevo related an experience of two women within the Indian Homeis community in New York who managed to reconnect through the Homeis app in New York City after 22 years of not seeing each other.

Harnevo founded Homeis after founding 5min Media, an online syndication platform that sold to AOL for $65 million in 2010. He then served as global president of AOL’s video division before starting Homeis.

Homeis CEO and Founder Ran Harnevo

The company’s other backers include Abstract VC, The Chernin Group, Samsung Next, Reddit co-founder Alexis Ohanian, AOL’s former CEO Tim Armstrong, Taboola CEO Adam Singolda, and others. Homeis had previously raised a $4 million seed round in late 2017, which was also led by Spark Capital & Canaan.

Down the line, the company aims to “be heavily integrated with fintech and digital services” for immigrants.

“Our vision as a company is to build a diversified business model that is not relying on advertising, which will be integrated as well,” Harnevo said. “Immigrants are facing a lot of challenges that we know from firsthand experience. Marrying them with the best service providers who understand their special needs will be the core of our monetization strategy.”

Illustration: Li-Anne Dias

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