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In an attempt to demonstrate the excellent properties of the Optimistic Virtual Machine, a Layer 2 scaling solution for Ethereum, to its traders, the Synthetix team have launched a new demo of Synthetix.Exchange on OVM.The Optimism team launched the OVM alpha earlier in February 2020 and just like the Bitcoin Lightning network, OVM functions as a Layer 2 scaling solution. However the latter uses Optimistic Rollup technology to create highly scalable side chains that can significantly extend the capabilities of the Ethereum main chain.
Things are moving fast, then, as the OVM is now getting ;battle testing; courtesy of top decentralized finance project Synthetix. The meld sets the stage for more DeFi projects following suit with their own efficiency minded embraces in the months ahead.For context, ORUs can bring about extremely scalable sidechains that can extend the capabilities of Ethereum ''s mainnet massively. Accordingly, Optimisim ''s OVM has been an early hit because its a layer two, ORU compatible virtual machine that can run inside of the "world computer, " the Ethereum Virtual Machine (EVM).
The market bulls are enjoying a three consecutive week run to the upside. However, weekly resistance remains tough at $190.
Ethereum hit $190.00 on April 18 only to retreat to $181.80 by press time. The second largest digital asset hit the low at $176.55 on Sunday and has been range bound with bullish bias ever since. However, the recovery is limited for now. ETH USD has gained 1% since the beginning of Monday and stayed unchanged on a day to day basis. Ethereum #39;s market value is registered at $20.3 billion, while an average daily trading volume settled at $18.8 billion.On the daily chart, ETH USD slipped below SMA100 at $184.50, however, it is still moving within a bullish trend from March 13 low. A critical support is created by the upside looking trend line (currently at $166.00), though ETH bears will have to pass $172.00 (daily SMA200) before they set their eyes on the trend line. Once it is broken, the sell off may be extended towards daily SMA50 at $159.60 and psychological $150.00.
Recent Grayscale data shows a surge in institutional investment in Ethereum and Bitcoin. Grayscale ''s Q1 2020 report highlighted the increasing interest in Ethereum and the massive amounts of money that the company has received from investors. It is noteworthy that there has been a record quarterly inflow into the Grayscale Ethereum Trust during this period.Spencer Noon, the head of crypto investments at DTC Capital, said that Ethereum has reached a turning point with high net worth investors.
Ethereum (ETH), the second most valuable digital asset by market capitalization, has seen a wave of buying over the past 24 hours and past seven days, leaving bitcoin (BTC) in the dust behind it.As of press time on Tuesday (11:55 UTC), ethereum was up by more than 13% over the past 24 hours, trading at a price of USD 174 per token. Bitcoin, meanwhile was up almost 5% to a price of USD 7,431 per coin during the same time period.
Bitcoin bulls are unwavering in their fight for recovery after a devastating drop that saw the cryptocurrency market, the stock market, oil and the futures markets around the world bleed profusely. In addition to that, this week started in shambles on Monday, ousting the calm and consolidation experienced in the cryptocurrency space over the weekend.In the last 24 hours, the total market capitalization has grown slightly from $143 billion to $148 billion according to the data by CoinMarketCap. In the same period, the reported trading volume has surged from $117 billion to $150 billion. This means that interest has started growing across the market as digital assets find stability.
Following the thunderous plunge to $90 last week, Ethereum price has been consolidating within a triangle pattern. Recovery has been capped under a descending trendline while $150 remains a critical (decision pivot) point to the second largest cryptocurrency. The rejection from $150 has also highlighted other support areas at $110 and $100.At the time of writing, ETH USD is trading at $118. A positive relative change hints that buyers are slightly in control. At the same time, Ethereum price has grown 1.64% from its opening value ($116) on Wednesday.
Ethereum is slowly recovering and trading towards the $120 resistance against the US Dollar. ETH price could climb higher sharply if there is a clear break above $120 and $124.After settling above the $100 level, Ethereum started a steady increase against the US Dollar. ETH price broke the $110 and $112 resistance levels to start a decent recovery.
Ethereum price inability to sustain gains above $120 is putting it a risk of freefalling to $100. The path of least resistance remains downwards although all the top three cryptocurrencies are showing signs of stability. Attempts to break above the seller congestion zone at $120 fizzled out at $118.44 (intraday high). ETH USD has explored levels slightly under $115 support forming an intraday low at $114.38.The prevailing trend remains strongly bearish but the low volatility means that fast movements downwards are unlikely in the current session. The 1 hour chart shows Ether trading between a resistance and support moving average. Whereby the 100 SMA is capping gains at $120 while the 50 SMA is in line to offer support at $114.93.
You have successfully joined our subscriber list.At the beginning of 2019 around $1.92 million of ETH was locked into DeFi, by the end of the year, this had risen to almost $3 million in Ethereum.
Trading conditions are tight within a pennant pattern via the daily chart view. The narrowing has been observed for going on six sessions.
Ethereum (ETH) and the aggregated cryptocurrency market has incurred some notable upwards momentum today, snapping the multi day downtrend that the market had previously been caught within.Today s ETH rally marks a bounce at a key support level that analysts were watching, leading some previously bearish analysts to flip neutral, while bull biased analysts grow incredibly optimistic.
Weekly support should be noted around $22010, failure to hold should force steep selling. The price would be vulnerable to a 2020 reversal.
Ethereum, despite what you may think, did not see a positive 2019. The second largest cryptocurrency by market capitalization registered a slightly negative performance in 2019, which was starkly contrasted by Bitcoin s yearly gain of over 90%.This meant that the market for ETH BTC fell off a cliff, with the price of one Ether falling as low as 0.016 BTC the lowest the pair had been in years and around 90% below the all time high well above 0.1 BTC.