Ethereum (ETH) Respond After Elon Musk Tweet, ProgPOW Has the Funding

Dalmas Ngetich

1 year ago

2 mins read

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Ethereum (ETH) add 2.8 percent
ProgPOW funding secure, Berlin’s Least Authority to audit

Ethereum Price Analysis

Fundamentals

Ethereum (ETH) is superior and an upgrade of Bitcoin. Its native currency in ETH can operate within an ecosystem, powering smart contracting as a settlement coin. Besides, considering the infinite number of possibilities that the platform opens up for visionaries, it is understandable that the community reacts the way it did to a single one-word tweet by Elon Musk, the brains behind Tesla and Space X.

Ethereum

— Elon Musk (@elonmusk) April 30, 2019

Although there is nothing to conclude because Elon is yet to reply—they may have taken their conversation offline, interest from such a leader is possible.

https://twitter.com/VitalikButerin/status/1123039562186596359

In other positive news, an Ethereum developer, Hudson Jameson, did confirm the raising of $50k as funding for auditing ProgPOW.

“The ProgPOW audit is going to be funded. Everyone has confirmed their funding. It should be started this week or next week hopefully. There’s just some logistics to work out, meaning people have to sign some paperwork and the funds have to be sent.”

He said the funding would help in the audit of ProgPOW, a code change that seeks to improve the efficiency of Ethereum GPU miners. By improving efficiency, ProgPOW will narrow the gap caused by ASIC miners ensuring complete decentralization. Least Authority, a Berlin-based company, will audit the code.

Candlestick Arrangement

Price wise and Ethereum (ETH) like Bitcoin and Ripple (XRP) is bouncing off minor support as they snap to the primary trend. Although bears may have the upper hand because of bulls’ inability to close above $170 in a bull breakout pattern satisfactorily, the asset’s fundamental would likely spur demand, lifting prices.

Presently, there is a correction of Apr-25 losses. In a consolidation, prices are ranging inside Apr-25 bear bar. Technically, unless otherwise there is a surge above $180 and $190, sellers are in control from an effort versus result point of view.

Even so, immediate support lies at $145 or around Apr-2 lows. If bears flow back reversing Apr-2 losses with high volumes, then ETH may slide to $125 or lower in days ahead. That will confirm sellers of Q4 2018 and stir the next wave that may see ETH retest $100. On the flip side, a sharp spike blasting ETH above $190 will signal buyers of Apr-2 in a trend continuation phase towards $250.

Technical Indicators

In the short-term, Apr-25 bar anchors our trade plan. It has high volumes—160k, therefore any break above $190 or $145 must be with equally high volumes confirming or nullifying our ETH/USD trade plan.

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.