Ethereum: USD/ETH (ETH=) co-founder Joseph Lubin has proposed a new milestone for the community of developers

Ethereum:  USD/ETH (ETH=) co-founder Joseph Lubin has proposed a new milestone for the community of developers

Ethereum: USD/ETH (ETH=) co-founder Joseph Lubin has proposed a new milestone for the community of developers

The co-founder of Ethereum, Joseph Lubin has proposed a new milestone for the community of Ethereum developers amidst the ongoing Ethereum 2.0 controversy. At the fifth Ethereum annual developer meetup Devcon, which is currently taking place at Japan Osaka, Lubin revealed his “one million developers” mission which he hopes developers can achieve on or before the sixth Devcon meetup.

Noting that there are more than 30 million developers worldwide, Lubin believes that the current number of active Ethereum developers which is an estimated number of 200,000 could go higher by 600,000 before the end of 2020.

However, the possibility of this is largely being questioned by Twitter users who believe that the mission could face limitations due to the fact that Ethereum dApps in comparison to its competitors have very little real use cases. 

In fact, Dapps.com recently released its statistics on the performance of Dapps for the third quarter of 2019 and Ethereum Dapps seemed to have underperformed compared to the second quarter of the year.

On the other hand, decentralized financial applications (DeFi) on the Ethereum network contributed 88% (132,000 users) in the third quarter of 2019 making a whopping total of 525 million in growth in Q3.

Meanwhile, Ethereum developers worldwide have been on their toes as they strive to bring the Ethereum 2.0 project to life. The upgrade which intends to solve most issues facing the Ethereum network such as mining, security, scalability, and proof of stake has received a lot of criticism from the entire cryptocurrency community, especially after the founders revealed that “Ethereum was never built for scalability”.

Most recently, Peter Todd, a former Bitcoin developer took to twitter to echo the thoughts of other critics who believe that Ethereum’s problems of scalability were ignored as the founders advertised it as scalable until recently.

While the roadmap on how Ethereum 2.0, the new version of the network’s Blockchain will solve the problems of scalability is still being debated, Vitalik Buterin has assured that there are many proposals currently being considered and the goal of Ethereum 2.0 will eventually come to actualization.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 215.97.

The projected lower bound is: 167.17.

The projected closing price is: 191.57.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 87.1035. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 19 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 55.88. 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 sell 21 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 156.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 13 period(s) ago.

MACD

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 down -0.790 at 191.580. Volume was 81% below average (consolidating) and Bollinger Bands were 25% narrower than normal.

Open     High      Low     Close     Volume___
192.380 193.900 187.190 191.580 12,948
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 180.86 183.23 210.39
Volatility: 61 84 89
Volume: 66,794 73,392 66,143

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.

Summary

FOREX ETH= is currently 8.9% 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 volume flowing into and out of ETH= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on ETH= and have had this outlook for the last 14 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH