íàçâàíèå

Samsung News Bodes Well For Ethereum (ETH), Even Amid Price Crumble

Ethereum (ETH) fall 11.7 percent
Samsung could introduce crypto and blockchain functionality in their budget phones

In correction of mid-this weeks rapid expansion, Ethereum (ETH) is down 11.7 percent even as reports suggest that Samsung will roll out cryptocurrency and blockchain functionality in their budget phones.

Ethereum Price Analysis

Fundamentals

Like all liquid assets, Ethereum (ETH) is nose diving. At the time of press, the second most valuable asset is down, falling 11.7 percent to $235. But, after days of impressive gains, surging 55 percent mid this week, a cool off was inevitable. There were hints from price action and todays slide is therefore not a surprise but a confirmation. As a result, aggressive traders can take this opportunity to ramp up in lower time frames once buy signals print. Its easy to see why.

Fundamentals are positive. Fresh reports indicate that Samsung may introduce cryptocurrency and blockchain functionality in their budget Galaxy phones. The inclusion of crypto wallets in these low-cost smartphones is a massive boost for Ethereum and other ERC-20 projects supported by Samsungs Blockchain KeyStore.

Meanwhile, Fred Wilson, a partner at Union Square Ventures, has confirmed that 60 percent of CoinBases trading volumes come from institutions. He goes on to say that only a handful of token and crypto funds are all-in and it will take time before traditional institutions become active:

When people read in the Wall Street Journal that institutions are coming to crypto, they think Goldman is coming, but in reality, maybe 100 token funds in the US and 100 in Asia are all in so far.

Candlestick Arrangement

From price action, Ethereum (ETH) is down 11.7 percent, but the trend is up, and buyers are in control. Already, what we have in the daily chart is a classic double-bar bear reversal pattern. All that is needed is confirmation. Considering todays sharp losses, sellers may step up tomorrow.

However, the fall is natural because of Ethereum (ETH) overvaluation. Before today, five consecutive bars closed above the upper BB, pointing to an over-extension and a likely fall as participants search for equilibrium.

Because of that, odds are, ETH prices will slide to $190 in a retest before buyers flow back, propelling prices above $275 towards $300, $400 and later $450.

Technical Indicator

Our reference bar is May-16. It has a high participation level822k against 356k. Therefore, in a correction, any bear bar must record lower volumes below 822k for our effort versus result analysis bull trend to be valid.

Chart courtesy of Trading View. Feature Image Courtesy of Shutterstock.

The post Samsung News Bodes Well For Ethereum (ETH), Even Amid Price Crumble appeared first on NewsBTC.

17.05.2019 / 11:40 52
Samsung, JP Morgan—Microsoft are Ethereum (ETH) Primers, Next $250? Samsung, JP Morgan—Microsoft are
Ethereum (ETH) up 21.7 percent The platform is way ahead of competitors and could replace Bitcoin as a store of value Mike Novogratz is an experience
Even With Samsung, Ethereum (ETH) Bulls Must Nullify Q4 2018 Bears Even With Samsung, Ethereum (ETH) Bulls
Ethereum (ETH) steady above $150 After rumors of a public-private blockchain, Samsung investing in crypto projects Samsung is investing in crypto
Samsung Trials Plus Ethereum 2.0 Another Reason To Be ETH Bullish Samsung Trials Plus Ethereum 2.0
Ethereum (ETH) bearish below $190 Samsung experimentation is a sign of confidence on the platform Start-ups, desirous of exploring blockchain, no
Enjin (ENJ) Price Recovers Following Galaxy S10 Rally Enjin (ENJ) Price Recovers Following
The surprise cryptocurrency gainer Enjin (ENJ) has managed to recover from its price fall earlier in the week, after having a strong rally on news of
After Samsung, Opera Offers an Ethereum Wallet as ETH Prices Add 12.6% After Samsung, Opera Offers an Ethereum
Latest Ethereum News In the last few weeks, it has been all about positivity for ETH and Ethereum as an ecosystem. On one hand we have a fully
Samsung Files UK Trademark for Smartphone Crypto Wallet Samsung Files UK Trademark for
Electronics manufacturer Samsung has filed a trademark that suggests it may be considering integrating a cryptocurrency wallet into its smartphones.
Comments (0)
Add a comment
Comment on