Fundamental announcements drive prices and before we see such, Ethereum (ETH) prices are technically bearish. There are chances it will remain so until we see strong rejection of lower lows at BTC. As it stand, ETH is finding support at $450 and all we need is either a pullback retesting June 20 highs at $550 on the upper side or a dip below June 24 lows for sells validation.
From the News
Tron Mainnet Launch
Today marks the beginning of “Tron Independence” according to a live-stream from Tron Founder Justin Sun. It has been a complex process they say and with the operation nature of blockchain requiring consensus. The generation of the genesis block today marks the beginning of the creation of a new superior network with high throughput, free transaction and a better governance system leveraging on dPoS consensus.
With this mainnet launch, Tron is the second coin in the Top 10 to migrate from the “slow” Ethereum as they say to a faster, independent blockchain of their own creation after EOS. Would this have an effect on ETH valuation which they charge high gas fees are is slow? Time will tell.
What we know is that Vitalik and there developers are working hard behind the scenes to actualize Casper, Shards and Plasma. Once they shift to PoS and integrate shards, Ethereum will surely cement its position as a smart contract platform with unrivaled throughput better than EOS and Tron.
In the meantime though, there is a new ERC standard in the network. The ERC-1155 released by Enjin CTO and Co-founder, Witek Radomski. Without a doubt, it’s a welcomed addition and is particularly useful for video game tokenization.
According to the publishers, this new standard is for blockchain video game item tokenization. The ERC-1155 is different from other standards because these video game items would be bundled together not in individual contracts but under one contract. It also contains the least amount of data for distinction and token atomic swaps can be done in two simple steps.
Ethereum (ETH) Technical Analysis
Odds are, ETH prices are oscillating in one big trading range. A simple look in the weekly chart shows that at current spot price, ETH is near the bottoms of this $400 range whose lower limits lies at $400 and with highs at around $850, that’s April highs. So, before we make any trade conclusions, it’s clear that trading with the trend is priceless and as it is, bears are in charge. This therefore means we short at every highs regardless of these hints of higher highs in lower time frames.
Statistics show that ETH is up two percent in the last 24 hours but is still grappling with strong bears in the weekly and monthly charts. To quantify, it’s down nine percent in the last week alone and a whopping 25 percent in a month over month basis.
So, before we start buying, we need to see strong evidence and injection of buys in the daily chart and that means we search for sells in the meantime. I suggest selling on pull backs and every retest of resistance anywhere between $500 and $550 on the upper side provides a selling opportunity every time a sell candlestick prints. On the other side, aggressive traders can begin selling at current prices with stops at $500 and targets at $350 or April lows.
Disclaimer: Views and opinions expressed are those of the author. It’s an opinion piece and not investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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