Ethereum finds some support but will it last?

  • ETH/USD has found some support in the EU session
  • The 200.00 psychological level could be a formidable resistance
  • Not all bad news today as Moscow announces plans for an Ethereum based administrative system

Ethereum could be finding some support today after the rout in yesterday’s trade. On Wednesday afternoon the ETH/USD price made a new down wave to reach a low of 171.00 breaching the 200.00 psychological support level. Today there has been a small retracement as the price has come back to reach 185.57. 

 

It’s not all bad news for Ethereum, just today Moscow is seeking a contractor to build an Ethereum based system to host some of the city’s administrative services. The new proposed system would be used to regulate the transparency of insurance documents for homeowners amongst other things. Building the platform is expected to take around 60 days and has an estimated cost of around USD 86,000. 

 

Elsewhere in the gaming industry, Blockade Games has confirmed they have successfully connected Bitcoin and Ethereum networks. The company has been able to send Bitcoin Lightning transaction that triggered Ethereum smart contract. The whole project is set to be released in the near future with Blockade Games CTO Ben Heidorn revealing plans to add the Lightning network support to Neon District, a blockchain role-playing game, exciting stuff!.

 

Getting back to the charts then the 4-hour ETH/USD is looking somewhat supported today. The stochastic indicator has left the oversold zone to move higher while the candlesticks have produced a hammer candle (2 periods ago). Looking ahead to the US and Asia session the 200.00 resistance level is now key. If the crypto market is going to confirm a bullish phase it will have to break into the high consolidation range again. 

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