ETH bottoming pattern
Coin of the day is Ethereum.
Main competitor of the Bitcoin. Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed. Ethereum provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.
Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014. The system went live on 30 July 2015, with 11.9 million coins "premined" for the crowdsale. This accounts for approximately 13 percent of the total circulating supply.
In 2016, as a result of the collapse of The DAO project, Ethereum was split into two separate blockchains – the new separate version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC).
The value of the Ethereum currency grew over 13,000 percent in 2017.
A large number of Ethereum based projects emerges now (OniseGo, Qtum, Ox...) which increases the capitalization and acceptance for the whole technology.
Also, recently the market was hit by the news that Bitmain (the biggest manufacturer of mining machines) announced that they will release an ASIC for mining Ethereum, which contradicts the main philosophy of ETH community. Nonetheless, the news rather added noise around the Ethereum, than somehow strongly influenced the price.
From the technical view ETHBTC drawing a bottom pattern after the two-month downtrend. The price broke above the Bearish Trend Lines, and denoted the uptrend tendency with upward momentum supported by jump in volumes. 0.05 - 0.055 zone will serve as a support, the breakthrough above the 0.06 level will lead the price to the 100-days EMA and 0.07 resistance level.
Main competitor of the Bitcoin. Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed. Ethereum provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.
Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014. The system went live on 30 July 2015, with 11.9 million coins "premined" for the crowdsale. This accounts for approximately 13 percent of the total circulating supply.
In 2016, as a result of the collapse of The DAO project, Ethereum was split into two separate blockchains – the new separate version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC).
The value of the Ethereum currency grew over 13,000 percent in 2017.
A large number of Ethereum based projects emerges now (OniseGo, Qtum, Ox...) which increases the capitalization and acceptance for the whole technology.
Also, recently the market was hit by the news that Bitmain (the biggest manufacturer of mining machines) announced that they will release an ASIC for mining Ethereum, which contradicts the main philosophy of ETH community. Nonetheless, the news rather added noise around the Ethereum, than somehow strongly influenced the price.
From the technical view ETHBTC drawing a bottom pattern after the two-month downtrend. The price broke above the Bearish Trend Lines, and denoted the uptrend tendency with upward momentum supported by jump in volumes. 0.05 - 0.055 zone will serve as a support, the breakthrough above the 0.06 level will lead the price to the 100-days EMA and 0.07 resistance level.
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