Ethereum (ETH) Technical Analysis: Ethereum (ETH) Drops 4% Week Over Week

Regardless of this flat price action, chances are we might see a short term price recovery only if buyers drive prices above Aug 17 highs of $330 or there about. In the meantime though, Ethereum (ETH) is down two percent in the last day as the community receives with great expectation IE’s Bakkt and their effort to make crypto mainstream.

From the News

Earlier this month, International Exchange, the company which owns The New York Stock Exchange announced that they will be forming a new company Bakkt with the sole purpose of creating the lacking regulatory framework that facilitates fast price discovery as well as creating the infrastructure required for making trading, storing and spending of several high liquid cryptocurrencies as simple as possible.

It’s often the adoption part that is challenging when a new product is trying to break into the mainstream but once it does, it’s usually a new cycle of value creation that benefit the first investors. Bakkt consists of several traditional market leaders as Microsoft, Alan Howard, Galaxy Digital and several blockchain centric venture Capital firms and as they plan to launch on November this year, the group is receiving overwhelming support from the crypto community with some comparing their effort to those of early drivers of internet adoption as ICANN.

In a bid to quash rumors that has been in the crypto world, Vitalik took to twitter explaining the genesis and objectives of Casper Labs, how the network plans to deal with long range attacks and how Friendly Finality Gadget (FFG) had better inbuilt designs that complies with other blockchains that adds finality guarantees.

Technical Analysis

Weekly Chart

Price wise, bears are in charge and after shedding four percent in the last week, it appears as if Ethereum sellers are syncing well with that break below pattern of week ending Aug 12.

Notice that that bearish engulfing candlestick anchors our current price projection and as per our previous Ethereum (ETH) trade plans, sellers are in charge and despite recent attempts of higher highs, it will be a tall order for buyers to muster enough momentum and print prices above $400.

In any case, last week’s bear candlestick confirms the break out pattern and as long as prices are not trading below last week’s highs at $330, we suggest taking shorts on every high in lower time frames.

Daily Chart

Though we had a convincing three bar reversal pattern by close of Aug 17 that bull reversal pattern is yet to be confirmed and in real sense prices are oscillating within Aug 17 bullish engulfing high lows.

Technically, we shall retain a bearish projection a long as prices are trading below $400 and as it stands, today close shall define our short term trade trajectory.

If today’s candlestick close as a bear, then we shall take shorts from tomorrow with stops at $300 and first targets at $200.

However, should bulls drive prices higher then we recommend taking small size longs with stops at $280 and first targets at $400.

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.

AltcoinToday.com

Source: Newsbtc

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China Updates Crypto Ranking – Bitcoin Makes Top 10

China Updates Crypto Ranking – Bitcoin Makes Top 10

Finance

China has updated its crypto ranking, adding two projects to the previous month’s list. Bitcoin has significantly improved, making the top 10 list for the first time. Crypto projects are ranked in three categories: technology, application, and innovation.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

33 Crypto Projects Ranked

China’s Center for Information Industry Development (CCID), under the country’s Ministry of Industry and Information Technology, officially released its fourth crypto project ranking on Friday. The new list consists of 33 crypto projects, two more than the previous list.

China Updates Crypto Ranking – Bitcoin Makes Top 10The center began ranking 28 crypto projects in May. The following month it added 2 more projects: EOS and Nebulas. Last month one more was added: Gxchain. This month two more public chains were added: NULS and Tezos.

For the first time since the CCID began ranking crypto projects, Bitcoin made the top 10 list, jumping from the 16th place in the previous month to the 10th place this month. Meanwhile, EOS remains top of the list, followed by Ethereum.

China Updates Crypto Ranking – Bitcoin Makes Top 10

The CCID explained that its assessment “mainly examines the basic technology, application and innovation of public chains,” adding:

The current model is basically the same as the previous one, and only some data accounting methods have been revised. In terms of the composite index, the three public chains with the highest increase in scores compared to the previous period were EOS, Nano and Komodo, and the three public chains that have risen the fastest in ranking were Komodo, Nano and Bitcoin.

Bitcoin’s Lead and New Additions

The CCID elaborated that “in terms of innovation sub-indicators, Bitcoin’s recent code update is very active,” earning the project a score of 40.3 for this category – the highest on the list.

The overall ranking puts EOS at the top of the list, Bitcoin the 10th spot, Stratis the 13th spot, Bitcoin Cash 29th, and Hcash 30th. However, the center noted:

Compared with the previous ranking, the top five most improved [in terms of] innovation are EOS, Bitcoin, Bitcoin Cash, Hcash and Stratis.

The two new additions, NULS and Tezos, debuted in the 21st and 28th places, respectively. The former “is a blockchain infrastructure for customized services,” consisting of “microkernels and functional modules,” the center described. It occupies the 21st place overall “due to the short time its mainnet has been online, [and] many functions are still under development.” Similarly, the center ranks Tezos 28th even though “Tezos also has outstanding features in technological innovation,” the CCID detailed.

What do you think of the CCID’s new ranking? Let us know in the comments section below.


Images courtesy of Shutterstock and the CCID.


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