Even With Samsung, Ethereum (ETH) Bulls Must Nullify Q4 2018 Bears

Dalmas Ngetich

6 years ago

2 mins read

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Ethereum (ETH) steady above $150
After rumors of a public-private blockchain, Samsung investing in crypto projects

Samsung is investing in crypto projects. Through Samsung Ventures, the electronics giant channeled $2.9 million in Ledger before investing an undisclosed amount in ZenGo which managed to raise $4 million. Meanwhile, Ethereum (ETH) is recovering after retesting $150 support.

Ethereum Price Analysis

Fundamentals

Talks of Ethereum 2.0, Serenity and EIP 1234 apart, the involvement of Samsung is massive for Ethereum (ETH). As a reiteration, Samsung is experimenting and part of their trials may lead to the issuance of Samsung Coin.

If anything this is an endorsement of Ethereum as a reliable blockchain with solid plans of scaling and further developing the network to handle all the heavy lifting from an established electronics giant. Add that to Samsung Galaxy S10 Blockchain Store wallet supporting Ethereum (ETH) and ERC-20 tokens, and investors don’t need other signals for what the future holds.

Furthermore, Samsung Ventures invested $2.9 million in Ledger and channeled an undisclosed amount to ZenGo—raising $4 million from several investors including Elron and Benson Oak Ventures. While Ethereum 2.0 may take months before full implementation, the confidence of Joseph Lubin that ETH will explode 1000X in two years is a hint of what is in store for the world’s second largest cryptocurrency.

Candlestick Arrangement

After events of Apr-25, Ethereum (ETH) prices did drop back to $150 in a retest phase. Because of the deep, unexpected slide, ETH fall did cause an over-extension. By closing below the lower BB, there was a temporary undervaluation and correction from Apr-26 could spur another wave as buyers flow back, reversing losses.

As it is, Ethereum (ETH) is neutral but with bullish leanings all depending on the ability of buyers to resist losses below Apr-2 lows. Note that Apr-2 bull bar, in light of recent events, anchors our analysis. Besides, since prices broke above $150 triggering short-term buyers aiming for $170, it guides our near-term trajectory in short to medium term from an effort versus result point of view.

Therefore, while we are optimistic, it is all-important that buyers, first of all, close above $170 nullifying bears of Q4 2018 and later $190 confirming buyers of Apr-2 in a trend continuation towards $250. Before then, risk-averse traders should be on the sidelines until after our trade conditions are true.

Technical Indicators

The Apr-2 bull bar guides our trade plan while Apr-25 is our reference bar from an effort versus result point of view. For trend continuation then bears of Apr-25 must be canceled. Propelling ETH to new highs should be volumes exceeding 239k of Apr-25.

Chart courtesy of Trading View.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.