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Cryptocurrency (Coins)

Ethereum (ETH): Ether Coin Price, News & Blockchain Predictions

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About Ethereum (ETH)

Bitcoin enabled secure peer-to-peer exchange of value on the internet through its use of blockchain and revolutionary consensus protocol. It essentially executes codes to make transactions between two parties under certain conditions. In that sense, it's a contract.

These contracts can be used to do a whole lot more than just exchange value between two individuals. Self-executing smart contracts can be coded to perform various functions when a given set of conditions are met.

Vitalik Buterin, a programmer who was involved with Bitcoin saw this opportunity and lobbied to integrate a scripting language into Bitcoin for developing self-executing applications on the bitcoin blockchain. However, his entreaties were rebuffed.

Undeterred, in 2013 he went out on a limb to outline a proposal for the development of a new blockchain based on bitcoin with built-in Turing-complete programming language which would support decentralized applications (Dapps).

Ethereum Virtual Machine

Ethereum consists of a decentralized cloud computer, Ethereum Virtual Machine (EVM), which allows anyone to write self-executing smart contract and Dapps where they can create their own set of rules and functions.

EVM is the runtime environment for Ethereum smart contracts and Dapps. Every node on the Ethereum network runs an implementation of EVM, executing the same set of contracts.

Ether

Ethereum's native cryptocurrency token is called Ether. Ether is the ‘fuel' for executing contracts and operating Dapps. On Ethereum, these transaction costs paid by clients to the machines on the platform to execute requested operations are calculated based on an internal unit called ‘gas' required by each action. The amount of gas is calculated and paid in Ether.

60 million Ether was purchased in a crowdfunding campaign in 2014. 12 million of which allotted to the development fund and the non-profit Ethereum Foundation in Switzerland. Issuance of Ether is capped at 18 million per year which may change in future.

Consensus

Ethereum's consensus protocol works in the same way as Bitcoin. Instead of SHA-256, Ethereum uses a PoW algorithm called Ethash. Ethash is ASIC-resistant to eliminate centralization risks.

While Bitcoin blocks are generated every 10 minutes, Ethereum blocks are generated roughly every 15 seconds. Difficulty is adjusted to retain a block generation period of 10 to 19 seconds. The miner of a block is rewarded 3 Ethers.

Ethereum has been exploring a transition from PoW to a PoS (proof-of-stake) consensus protocol known as Casper which we shall explore in due course when the transition happens.

Smart Contract

Conceived in 1994 by Nick Szabo, smart contract is a set of codes programmed to be self-executing under a given set of stipulations. In Ethereum, these smart contracts are currently written in Solidity, compiled down to EVM bytecode and deployed on the Ethereum blockchain for execution.

Although blockchain's immutability ensures autonomous self-execution of contracts, their transparency and public accessibility means that any bugs or security vulnerabilities are also visible to everyone and failure to address them at once can prove disastrous.

This was illustrated in 2016 when security vulnerabilities were spotted in a set of smart contracts, The DAO (Decentralized Autonomous Organization), which were developed on the platform and raised 11.5 million Ether via crowdsale. Before the fixes could be applied, The DAO fell victim to an attack which exploited many of the vulnerabilities and appropriated 3.6 million Ether.

Smart contracts can be programmed to perform an action based on feedback from an ‘oracle'. An oracle is a trusted third-party capable of providing information required for fulfilment of a contractual condition.

Decentralized applications

Decentralized applications (Dapps) are applications which are a lot like the ones we use on our mobiles, tablets, laptops and personal computers except that they are stored and executed on the blockchain and are not controlled by any single entity.

Think of Facebook, Twitter, Uber etc. So many different apps on the web and all centralized. Ethereum provides app developers a single platform for building such apps and issuing their own tokens without having to go through the hassle of building an all new blockchain.

Dapp developers on Ethereum hold an Initial Coin Offering (ICO) to distribute their tokens. ICO is a crowdfunding event to raise funds for their project where investors can purchase a value token using cryptocurrencies such as Bitcoin and Ethereum. Ethereum is the leading platform for ICO projects which have raised more than 2.5 billion in 2017.

DAO

Decentralized Autonomous Organization (DAO) is a self-governing democratic organization on the blockchain without a C-suite. Apart from democratizing governance of an organization, DAOs can also address the challenges of coordinating and motivating large groups of people to carry out tasks in conventional, hierarchical organizations.

Various rules of governance for an organization are encoded in smart contracts allowing all operations to be performed autonomously. A DAO abides by a specific programmatic set of rules. Token holders will have the right to vote on proposals for changes to these rules through a democratic voting process.

The value proposition of a DAO is to emulate many of the functions of corporate business entities without the bureaucracies and red-tape of traditional organizations. It's an entirely new paradigm in corporate management. Aragon, Colony and District0x are some current DAO projects.

  • ethereum
  • Ethereum
    (ETH)
  • Price
    $322.42
  • Market Cap
    34,389,049,961.00
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Ripple (XRP)

Ripple Price Analysis: XRP/USD Primed For Further Gains

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Ripple Price Analysis XRP Chart

Ripple price surged higher recently above $0.4400 and $0.4600. XRP to USD is currently correcting lower, but the $0.4255 level is likely to act as a strong support and buy zone.

Key Takeaways: XRP/USD

  • Ripple price traded to a new monthly high at $0.4625 and recently corrected lower against the US Dollar.
  • XRP/USD is testing the $0.4320 support and a major bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price is also correcting lower from well above $9,400 and Ethereum price is currently below $270.00.

Ripple Price Analysis

Earlier this week, bitcoin price extended gains above $9,300 and $9,400. It helped ripple and its price recently started a strong rise above the $0.4200, $0.4320 and $0.4400 resistance levels. XRP even broke the $0.4500 level and traded to a new monthly high.

Looking at the 2-hours chart, ripple price even traded above the $0.4600 level and settled well above the 50 simple moving average (2-hours, purple). A high was formed at $0.4625 and recently, the price started a sharp downside correction.

Ripple Price Analysis XRP Chart

There was a break below the $0.4520 support and the 50% Fib retracement level of the recent wave from $0.4254 to $0.4625. Moreover, the price broke the $0.4400 support level.

It is currently testing the $0.4320 support and a major bullish trend line on the 2-hours chart. The 76.4% Fib retracement level of the recent wave from $0.4254 to $0.4625 is also acting as a support.

If there is a downside break, the price could test the main support near the $0.4255 level. As long as ripple price is above $0.4255, it is likely to bounce back in the near term.

An initial resistance is near the $0.4400 level, above which ripple is likely to continue higher towards the $0.4480 and $0.4500 levels. If the bulls regain strength, XRP price could even retest the $0.4625 swing high.

Overall, ripple price is trading with a strong bullish bias above $0.4255 and $0.4150. Therefore, there are high chances of a fresh increase above the $0.4400 and $0.4480 resistance levels in the coming sessions.

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Bitcoin (BTC)

Bitcoin Price Analysis: BTC Surging, Next Stop Could Be $9,750

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Bitcoin Price Analysis BTC Price

In the past few days, there were strong gains in bitcoin price above $9,000. BTC to USD is surging and it seems like it could even trade towards the $9,750 or $9,800 level in the near term.

Key Takeaways: BTC/USD

  • Bitcoin price is surging higher and is positioned nicely above the $9,000 level against the US Dollar.
  • BTC/USD broke a crucial barrier near $9,200 and a contracting triangle resistance on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash also gaining traction and moving higher.

Bitcoin Price Analysis

After setting above the $8,500 resistance, bitcoin price started a strong upward move. BTC surpassed many hurdles near the $8,850 and $9,000 levels to continue higher in the past few sessions.

Looking at the 2-hours chart, bitcoin even settled above the $9,100 level and the 50 simple moving average (2-hours, purple). The bulls gained traction and the price recently traded to a new 2019 high at $9,403.

Bitcoin Price Analysis BTC Price

It corrected lower from $9,403 and declined below the $9,200 and $9,100 levels. However, the price found support near $8,825 and it remained well above the 50 simple moving average (2-hours, purple).

Recently, it climbed back above $9,100 and broke a crucial barrier near $9,200 plus a contracting triangle resistance on the same chart. It is now trading above the 76.4% Fib retracement level of the recent correction from $9,403 to $8,826.

An immediate resistance is near the last swing high at $9,400, above which the price could accelerate towards the $9,500 and $9,550 levels.

The main resistance above $9,500 is near the $9,750 level. The 1.618 Fib extension level of the recent correction from $9,403 to $8,826 is near the $9,750 level. Above $9,750, the bulls are likely to target the key $10K level.

On the downside, an initial support for bitcoin price is near the $9,200 level. If there is a fresh downside correction, BTC to USD might retest the $9,000 pivot level. If there are more losses, the downside extension could lead the price towards the $8,800 or $8,750 level. Overall, BTC price is likely to accelerate towards $9,750 or $10K.

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Ethereum (ETH)

Ethereum Price Analysis: ETH Approaching Significant Support Area

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Ethereum Price Analysis ETH Chart

There was another rejection noted near $265.00 in Ethereum vs the US Dollar. ETH/USD is currently declining and approaching towards a couple of important supports near $254.00 and $250.00.

Key Takeaways: ETH/USD

  • Ethereum price formed a short term top near the $264.4 level and declined against the US Dollar.
  • ETH/USD is currently approaching the $254.00 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price remains in an uptrend and it could accelerate gains above the $8,300 level.

Ethereum Price Analysis

Recently, bitcoin price gained momentum and broke the $8,100 and $8,200 resistance levels. However, Ethereum price failed to gain traction and formed a short term top near the $264.4 level.

Looking at the 2-hours chart, Ethereum price started a downside correction from the $264.41 high and declined below the $260.00 level. There was a break below the 23.6% Fib retracement level of the last rally from the $236.89 to $264.41.

Ethereum Price Analysis ETH Chart

Besides, there was a break below the $258.00 level, but the price found support near $255.00. Moreover, the price is approaching the $254.00 support and a bullish trend line on the 2-hours chart.

Below the trend line, the main support is near the $250.20 level and the 50 simple moving average (2-hours, purple). The 50% Fib retracement level of the last rally from the $236.89 to $264.41 is also near the $250.65 level to act as a support.

If there is a downside break below the $250.00 support, the price could extend losses and decline towards the $243.50 zone. The 76.4% Fib retracement level of the last rally from the $236.89 to $264.41 is also near $243.40.

Conversely, if the trend line support holds, the price is likely to start a fresh increase in the coming sessions. An initial resistance is near $260.00 and a connecting bearish trend line. A break above the $260.00 barrier might start a strong rally in Ethereum price above the $265.00 level.

Overall, ETH price is trading with a positive bias as long as it is above $250.00, and it could rise again above $260.00 and $265.00.

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