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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ongoing Ethereum (ETH) Correction Gives Buyers a Chance to Accumulate

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

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  • Ethereum (ETH) drops 3.7 percent
  • SEC flexibility shall boost innovation

The motive of Blockchain.com’s acquisition of a blockchain startup is to merge knowledge, work towards improving security, and solving interoperability issues. However, that was not enough to move this market. Ethereum (ETH) is down 3.7 percent in the last 24 hours.

Ethereum Price Analysis

Fundamentals

The crypto markets may be shaky, but that’s just about it. Fundamentals and other on-chain developments are bullish. Of the many projects whose tokens are depreciating as analysts root for their recovery, Ethereum (ETH) is among them. The platform promotes the original intrinsic values of blockchain, namely decentralization and transparency.

Although it may not score big on scalability, creators are hard at work to overcome this huge stumbling block. That may explain the high number of developers and dApps launching on the platform.

Meanwhile, what creators have on the project’s road map is an assurance that the network is committed to being a preferred launching pad where projects can securely launch their dApps or even crowdfund. After all, the U.S. Securities and Exchange Commission (SEC) is flexible, executing their mandate while not trying to snuff innovation.

Perhaps in line with this development, Blockchain.com acquired Slock, a German startup and among the first developers of Ethereum. The goal of this merger is to work towards bolstering security and solve existing interoperability issues.

Candlestick Arrangement

Ethereum ETH

At the time of writing, Ethereum (ETH) is down 3.7 percent. Even though under pressure, ETH is nonetheless oscillating within a $60 trade range. Despite liquidation pressure, ETH bulls are in control.

As a result, there is an opportunity for aggressive traders to pick up entries in smaller time frames. However, this condition is valid if ETH trades above $230. The level is immediate support, flashing with the 50 percent Fibonacci retracement level of May trade range.

Other than this, notice that ETH is below the middle Bollinger Band (BB). The flexible support was reliable, and this breach is significant for bears. Should bulls fail to recover and prices close below this mark, then the three-bar bear reversal pattern of May 30th will be valid.

In that case, prices could fall to $230, providing an opportunity for aggressive traders to enter at a discount. Any close below $230 will invalidate this bullish outlook as ETH correct back to $190 zone in a typical retest.

Technical Indicator

From above May 30th, the candlestick is a reference. It has high trading volumes of 410k against 192k average. For trend continuation, any rally above $300 ought to be with high participation exceeding 410k. Conversely, any meltdown below $230 with high trading volume nullifies this trade plan.

Chart courtesy of Trading View. 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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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