ETH/USD has recovered above $160.00 handle to trade at $166.80 by the time of writing. The second largest digital asset with the market value of $17.6 billion has gained over 3% since this time on Tuesday, however the further upside looks limited at this stage
What’s going on?
An auditing firm EY has created a software that will facilitate blockchain technologies adoption among its corporate customers, Coindesk reports. The Ethereum-based platform called Nightfall will be rolled out in May to promote such blockchain use cases as supply chains, food tracing, and transactions between branches of a company. EY intends to make it an open-source software, and put it n the public domain, with no license at all.
“We want to maximize adoption and community involvement, we want people to adopt it, and adapt it, and improve it. If we retain ownership, people may not invest that much time and energy in something they might not control. The cleanest way to make everybody use it is just to give it away with no strings attached,” EY’s global innovation leader for blockchain, Paul Brody, commented.
Ethereum’s technical picture
On the intraday level, ETH/USD recovery is capped by $169.00 handle with SMA100 (4-hour) located marginally below this area. Once it is cleared, the upside momentum might gain traction with the next aim at $170.00 and $174.40 (23.6% Fibo retracement).
On the downside, the first support area is created by $165.00 (SMA100, 4-hour). It is followed by psychological $160.00 and 50% Fibo retracement at $159.78.
ETH/USD, 4H chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
ETH/USD recovers from recent loss, focused on $170.00.
ETH/USD has recovered above $160.00 handle to trade […]
Popular stock market and crypto trading app Robinhood is going after legacy banks with the relaunch of a cash management… Read More
According to an OECD report on counterfeiting, the world trade in fake goods is worth upwards of S$624 billion a… Read More
Who would have known American football and cryptocurrency would go so well together? In a press release, The Miami Dolphins… Read More
Increasing amounts of capital are flowing into the crypto and blockchain start-up markets. By following the money, investors can uncover… Read More
David Koepsell is the co-founder and chief executive officer of Encrypgen, a software company creating next-generation blockchain solutions for genomic… Read More