- Ethereum (ETH) bearish below $190
- Samsung experimentation is a sign of confidence on the platform
Start-ups, desirous of exploring blockchain, no longer need to start from scratch thanks to Ethereum. Samsung is the latest. Two months after announcing the support of Ethereum (ETH) in their S10 Galaxy phones, sources reveal that the electronics giant may soon launch their blockchain and perhaps issue their token.
Ethereum Price Analysis
With Ethereum there is no need for start-ups to start from scratch. That’s regardless of whether they plan to compete with the king as a parallel platform where other start-ups can launch dApps. Projects like EOS, Tron and even Binance all have a founding at Ethereum, cementing the platform’s richness and diversity.
Although Tron, Binance, and EOS went on to launch their blockchain, burning their ERC-20 tokens, the fact is many developers planning on launching their dApps prefer a time-tested, decentralized network that plans to incorporate features allowing it to scale without sacrificing depth, organizational assets, and openness.
Constantinople was a success, and towards Serenity, Samsung is sensing opportunity announcing plans of launching their token. According to internal sources, the South Korean Electronics giant, via its Wireless Division, is currently experimenting and building a mainnet based on Ethereum. While talking to CoinDesk, the source said:
“Currently, we are thinking of private blockchain, though it is unsubstantiated. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains.”
To the charts and Ethereum (ETH), despite all the fundamentals, is yet to recover above $170 satisfactorily. At the time of press, ETH is pretty stable, dropping 1.4 percent in the last week.
Even though risk-off traders can buy on dips as long as prices are above $150, the fact that losses of Apr-11 bear bar are visible may spur another wave of liquidation forcing prices below Apr-15 lows. From our last ETH/USD trade plan, if that happens then odds are ETH may slip back to $150, $135 and later $100 as sellers of Q4 2018 flow back, crashing bulls’ ambitions.
Therefore, even if traders are upbeat thanks to fundamental factors, there must be a sharp upturn that propels prices above $190 in a bullish breakout pattern invalidating bears of Q4 2018. That will allow conservative traders to initiate longs with targets at $250 or higher. Before then, aggressive traders should ramp up albeit with tight stops at $150.
Average volumes stand at 183k. Apr-11 bear bar with 336k is our reference. Because prices are still ranging within its high low, any move above $190 confirming buyers of Apr-2 must be with high volumes above 336k.
Chart courtesy of Trading View