technical analysis ethereum

A $3.7 Billion Behemoth Considering Ethereum, ETH Prices Responding

Avatar Dalmas Ngetich 2 weeks ago
  • Ethereum (ETH) up 5.9 percent
  • Ubisoft considering building and creating a decentralized market place on Ethereum

In a direct boost for Ethereum, Ubisoft is considering building on the platform. That follows Bitwage decision to support ETH. Reflecting on this development, ETH is up 5.9 percent in 24 hours.

Ethereum Price Analysis

Fundamentals

Building is a mark of progress, and Ethereum is pretty good at that. Evolving after launching five years ago, the team is resolute in their roadmap. After Homestead, Ethereum is on track, and within the next three years or so, Vitalik’s creation would be running full throttle.

Once Serenity is activated, the network would be scalable, secure with staking features. Backed by widespread adoption and developers fortifying the platform, patching any vulnerability, Bitwage is confident of Ether (ETH), the native currency of Ethereum, and will offer support.

Serving more than 30,000 employees, Bitwage is a payments startup that helps companies pay their workers using cryptocurrencies. Through Bitwage, individuals can receive their portion of salaries in cryptocurrencies via a “faster, cheaper international invoices with direct bank and wallet deposits.”

According to CEO Jonathan Chester, Bitwage aims to close a “financial loop.” Currently, they process more than $2.5 million in monthly volumes by providing two unique services in direct deposit and team wages as part of their payroll services.

Meanwhile, reports have it that Ubisoft, a gaming development company, is developing game features-and possibly a decentralized marketplace, in Ethereum. As per Le Chos:

“The idea is to give a digital existence on the blockchain to the “items” (accessories) available in video games; content that publishers monetize. Ubisoft is considering working on the blockchain Ethereum, which allows operating this kind of operation.”

Candlestick Arrangement

Ethereum ETH

Up 5.9 percent in 24 hours with a market cap of $26,897 million, ETH bulls are steadfast. Although there is a tinge of weakness as prices consolidate above $230, the odds of more upsides are high.

To that end, there is a window for risk-off, aggressive traders to buy the dips in smaller time frames. The trade plan will apply as long as prices are trading above $230, confirming buyers of May.

Despite shrinking participation days after the correction of late May spilling over to the first week of June, rejection of lower prices on June 10th is massive. Trading volumes may be low.

However, this could build the base for rallies above $290 and $300. Once that prints, ETH could rally to $400, breaking free from this momentum sapping consolidation.

Technical Indicator

Anchoring this plan is May 30th candlestick. Extensive with high trading volumes, it marks the May 2019 peak of $290. Therefore, unless otherwise there is a rally above $290 (or a drop below $230) with an uptick in participation, eclipsing 410k, bears could take over.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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