Continued from the previous article, let’s discuss what is needed to create a small scale exchange. In order to receive Ethereum from the…
1, Why am I attractive by this project?
Ethereum formed a head and shoulders pattern on its 1-hour time frame to signal that further losses are in the cards. Price looks ready to test the neckline around $650 and a break lower could confirm that a downtrend will take place.
The chart pattern spans $650 to $840 so the resulting selloff could be of the same height. However, the 100 SMA is still above the longer-term 200 SMA to suggest that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse.
RSI is pointing down to show that sellers have the upper hand. In addition, the gap between the moving averages has narrowed to signal a potential downward crossover and pickup in bearish momentum.
Ethereum has been due for a network upgrade called Casper, which moved network away from mining-related problems, as “excessive energy consumption, issues with equal access to mining hardware, mining pool centralization, and an emerging market of ASICs.”
According to developers:
“Through the use of Ether deposits, slashing conditions, and a modified fork choice, FFG allows the underlying PoW blockchain to be finalized. As network security is greatly shifted from PoW to PoS, PoW block rewards are reduced.”
In the latest Vitalik ButerinEdcon conference this month, Ethereum creator Vitalik Buterin shared more details. Hybrid Casper is set to launch in a few months and investors may be holding out for how this turns out.
Also, CME Group launched the CME CF Ether-Dollar Reference Rate and Real Time Index in partnership with Crypto Facilities, a digital asset exchange based in the UK.
According to CME:
“The products include a spot price index called the CME CF Ether Dollar Real Time Index, known as ETH_RTI_USD, and a reference rate called the CME CF Ether Dollar Reference Rate, known as ETH_RR_USD… ETH_RTI_USD is a real time index of the US dollar price of one Ether published once per second 24 hours a day 365 days per year. This index provides real time transparency to the US dollar price of Ether. ETH_RR_USD is a daily reference rate of the US dollar price of one Ether as of 4 p.m. London time…”
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