ETH/USD stays above $200 as the Ethereum Foundation wants to create mining hardware for ethereum 2.0

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  • ETH/USD gains 4% since this time on Sunday, but the momentum is fading away.
  • The Ethereum Foundation partners with Filecoin.

ETH/USD managed to break above $200 handle to trade at $208 at the time of writing. The coin touched $218 high on Sunday, but the gains proved to be unsustainable. Ethereum’s market value is registered at $21.4B; an average daily trading volume is $1.7B.

The Ethereum Foundation teams with Filecoin

The Ethereum Foundation is seeking partnership with blockchain data storage network Filecoin in order to build mining hardware for ETH, according to the announcement made at the annual gathering of developers in Prague at the end of the previous week.

Ethereum Foundation researcher Justin Drake shared the prototype designs for ASICs (stands for application-specific integrated circuits) that will support a new Ethereum technology known as “beacon chain.”

This technology will become a part of the next generation Ethereum network – ethereum 2.0 – based on proof-of-take consensus protocol.

The Ethereum Foundation and Filecoin will evenly split the costs for the research and development under the project; however, their expenses may be reduced if other teams join the initiative.

Ethereum’s technical picture

ETH/USD is back above $200 handle but the upside momentum is fading away. The Relative Strength Index reverted from the overbought territory and stays flat, while Momentum remains elevated. The coin is supported by $207.73 (SMA200, 4-hour) and psychological $200. Once this area is cleared, the recovery will be finished and sell-off may continue towards $190.00.

The upside is capped by Sunday’s high at $218. A sustainable movement higher will open up the way towards $230 congestion zone.

ETH/USD, 4-hour chart

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