Ethereum: USD/ETH (ETH=) Mining Rigs Are Helping to Battle the Coronavirus

Ethereum: USD/ETH (ETH=)  Mining Rigs Are Helping to Battle the Coronavirus

Ethereum: USD/ETH (ETH=) Mining Rigs Are Helping to Battle the Coronavirus

Several cryptocurrency mining projects – particularly those devoted to extracting new Ethereum tokens – have been pulled away from their mining duties and been made to turn their attention towards coronavirus research.

Ethereum Mining Rigs Are Helping to Battle the Coronavirus

The coronavirus was recently declared a global pandemic by the World Health Organization (WHO). As many as 245,000 people have been infected with the virus at the time of writing, while more than 11,000 deaths across the globe have been recorded.

Recently, world leaders such as President Donald Trump in the United States have declared a national emergency, while the governors of both California and New York have issued “stay at home” orders, asking that residents stay within their domiciles and limit their outdoor activities with others to stop the virus’ spread.

At this time, it seems like people need all the help they can get, and research regarding how to combat the virus is at an all-time high, but how, exactly, can crypto mining rigs help to get this done?

It’s not so much that they help with the research aspect, but what they do have is high computational power – enough so that the computers and devices conducting or holding present research can stay operational and functional during these stressing times, and it’s here where the mining rigs can serve great purpose.

Among the major companies working to better understand the problems and symptoms associated with the growing respiratory virus is Stanford University’s Folding @home, which helps to develop therapeutic drugs. As recently as last month, the company was devoting much of its time, energy and resources towards establishing drugs and products designed to combat HIV, but now, it has shifted focus to work on coronavirus research.

One of the main things that Folding @home does is sort through protein structures of products approved by the Food and Drug Administration (FDA). Proteins, depending on how they’re built, can lessen a disease or even fully treat it, and the venture is looking to see which proteins are available that could potentially bring the virus to its knees.

In a statement, the company explains:

Proteins have lots of moving parts, so we really want to see the protein in action. The structures we can’t see experimentally may be the key to discovering a new therapeutic.

Right now, Folding @home and several other drug-related companies are getting their power from sources such as Core Weave, which is one of the largest Ethereum mining projects in the rural United States. At press time, Core Weave is dedicating mountains of computational power to these companies to assist in their time spend performing appropriate research.

It’s Time to Fight Back!

The mining venture stated:

Core Weave is proud to support this effort with over 6,000 of our high-end GPUs.

Technical Indicators

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 178.94.

The projected upper bound is: 169.99.

The projected lower bound is: 76.23.

The projected closing price is: 123.11.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.

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 47.4865. This is not an overbought or oversold reading. The last signal was a buy 8 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 35.54. 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 3 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 -39. This is not a topping or bottoming area. The last signal was a buy 5 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 0 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed down -11.280 at 124.270. Volume was 78% above average (neutral) and Bollinger Bands were 150% wider than normal.

Open     High      Low     Close     Volume___
135.550 137.650 121.690 124.270 410,536
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 125.53 210.30 176.83
Volatility: 189 166 103
Volume: 414,369 347,918 138,781

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 29.7% 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 22 periods.

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