Ethereum: USD/ETH (ETH=) Co-founder Proposes “Trustless” and “Serverless” BTC-ETH Swaps
Ethereum co-founder Vitalik Buterin says the absence of trustless and serverless swapping between Bitcoin (BTC) and Ethereum (ETH) is a source of embarrassment for the crypto industry at large.
Buterin Advocates Easy Swapping Between BTC and ETH
Tweeting on Tuesday (March 24, 2020), Buterin argued for the creation of a system that allows seamless swaps between BTC and ETH. An excerpt from the Ethereum co-creator’s tweet reads:
Such a system would require the emergence of truly trustless and serverless decentralized exchanges (DEX). Recently, DEX platforms have begun to see an uptick in transaction volumes. Earlier in March, BTCManager reported that DEX trading volume increased by 62 percent in February.
From a technical standpoint, the existence of a serverless architecture of crypto swaps appears tricky. Value exchange across different blockchains typically requires some form of relay which runs on servers.
Truly decentralized crypto swaps would mean that buy/sell orders are broadcast directly between both market participants via an inter-blockchain overlay. Also, the trading app used by each participant must be capable of compiling transaction order books locally.
Cross Blockchain Interoperability via DEX Bridges
Apart from serverless crypto swaps, Buterin is also advocating for the creation of DEX bridges that link Ethereum with other blockchain networks. For the Ethereum co-creator, such an infrastructure should also include trustless and serverless cross-chain DEX capabilities to enable crypto swaps.
The emergence of DEX bridges between Ethereum and other blockchain networks could also be beneficial for the burgeoning decentralized finance (DeFi) market. DeFi developers, investors, and other stakeholders may be able to easily swap tokens, thus ensuring seamless interactions with the plethora of decentralized applications (dApps) being built.
DEX bridges could also be a stepping stone in making dApps more user-friendly as app users may be able to import their preferences and other data across decentralized apps from different blockchain platforms. Such a scenario might simplify the emerging Web 3.0 ecosystem.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 176.86.
The projected upper bound is: 180.07.
The projected lower bound is: 87.74.
The projected closing price is: 133.90.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 65.2541. This is not an overbought or oversold reading. The last signal was a buy 12 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 40.36. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 7 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 85. This is not a topping or bottoming area. The last signal was a buy 9 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed up 0.080 at 135.330. Volume was 19% below average (neutral) and Bollinger Bands were 77% wider than normal.
Open High Low Close Volume___
135.300 138.940 133.680 135.330 197,889
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 130.08 205.65 176.04
Volatility: 149 165 104
Volume: 366,096 362,967 144,714
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX ETH= is currently 23.1% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of ETH= (mildly bearish). Our trend forecasting oscillators are currently bearish on ETH= and have had this outlook for the last 26 periods.