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Ethereum {ETH} rebounds beyond $190; Open-Source projects on the network receive grants from ConsenSys


According to the candlestick chart linked to the ETH/USD pair on tradingview [based on data obtained from the Bitstamp Exchange], buyers are back in action and may help $ETH soar towards $200 by the end of this week. The daily RSI [for 14 periods] is at 56.81, which signifies that Ether has been progressing in the neutral zone. From 8th October onwards, the peaks tied to the Awesome Oscillator all possessed the green shade, pointing towards the prevalence of bullish pressure.

Post-7th October, the MACD line started heading north of the signal line, causing the histogram to switch sides and turn green. Support lies near the $161.24 level, while resistance may be felt close to the $211.6 mark. The Ichimoku Cloud is still crimson, indicating that the sellers are yet to fade away completely. The next attained target for $ETH would be $210.

Ethereum is ranked at #2 ahead of XRP and Bitcoin Cash in the market. The trading volume recorded stands at approximately $9.385 billion, whereas the supply has 108,085,542 ETH coins in play as of this very moment. The total market cap of Ethereum amounts to $20.84 billion for now. The price surged at a rate of 5.81% in the course of the past 24-hours; leading to $ETH reaching all the way up to $192.81 where it currently holds.

ConsenSys has decided to award $175000 in the form of grants to 7 key open-source software ventures on Ethereum. These names include Tellor [which deals with oracles], Alice [focuses on DApp creation] and 5 more. This programme was originally rolled-out back in February this year.

After a careful discussion, certain projects are chosen depending on the respective team’s potential to succeed, the technology used, and so on.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.