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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Samsung News Bodes Well For Ethereum (ETH), Even Amid Price Crumble

Dalmas Ngetich
Dalmas Ngetich
6 years ago
2 mins read
sleepwalking, technical analysis ethereum

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  • Ethereum (ETH) fall 11.7 percent
  • Samsung could introduce crypto and blockchain functionality in their budget phones

In correction of mid-this week’s rapid expansion, Ethereum (ETH) is down 11.7 percent even as reports suggest that Samsung will roll out cryptocurrency and blockchain functionality in their budget phones.

Ethereum Price Analysis

Fundamentals

Like all liquid assets, Ethereum (ETH) is nose diving. At the time of press, the second most valuable asset is down, falling 11.7 percent to $235. But, after days of impressive gains, surging 55 percent mid this week, a cool off was inevitable. There were hints from price action and today’s slide is therefore not a surprise but a confirmation. As a result, aggressive traders can take this opportunity to ramp up in lower time frames once buy signals print. It’s easy to see why.

Fundamentals are positive. Fresh reports indicate that Samsung may introduce cryptocurrency and blockchain functionality in their budget Galaxy phones. The inclusion of crypto wallets in these low-cost smartphones is a massive boost for Ethereum and other ERC-20 projects supported by Samsung’s Blockchain KeyStore.

Meanwhile, Fred Wilson, a partner at Union Square Ventures, has confirmed that 60 percent of CoinBase’s trading volumes come from institutions. He goes on to say that only a handful of token and crypto funds are “all-in” and it will take time before traditional institutions become active:

“When people read in the Wall Street Journal that institutions are coming to crypto, they think Goldman is coming, but in reality, maybe 100 token funds in the US and 100 in Asia are all in so far.”

Candlestick Arrangement

Ethereum ETH

From price action, Ethereum (ETH) is down 11.7 percent, but the trend is up, and buyers are in control. Already, what we have in the daily chart is a classic double-bar bear reversal pattern. All that is needed is confirmation. Considering today’s sharp losses, sellers may step up tomorrow.

However, the fall is natural because of Ethereum (ETH) overvaluation. Before today, five consecutive bars closed above the upper BB, pointing to an over-extension and a likely fall as participants search for equilibrium.

Because of that, odds are, ETH prices will slide to $190 in a retest before buyers flow back, propelling prices above $275 towards $300, $400 and later $450.

Technical Indicator

Our reference bar is May-16. It has a high participation level—822k against 356k. Therefore, in a correction, any bear bar must record lower volumes below 822k for our effort versus result analysis bull trend to be valid.

Chart courtesy of Trading View. Feature Image Courtesy of Shutterstock.

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Dalmas Ngetich
Dalmas Ngetich

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.

Read more

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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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