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  • ETH/USD is under pressure, moving towards a critical $200.
  • Enterprise Ethereum Alliance  and Hyperledger consortiums are now partners.

Ethereum, the second largest coin by market value, broke below the key support of $220 and touched $215.80 during Asian hours amid bearish sentiments dominating the cryptocurrency market.   ETH/USD is trading at $218 by press time, down 4.5% on day-on-day basis. Ethereum’s current market value is $22.4B, while the average daily trading volume is registered at $1.6B, in line with mid-term average figures.  

What’s going on

Two major blockchain consortiums –  Enterprise Ethereum Alliance (EEA) and Hyperledger,- announces strategic partnership focused on promoting and fostering blockchain mass adoption for commercial operation. Both companies received mutual membership in the partner’s  consortiums.

Following the deal, EEA and  Hyperledger will be able to cooperate on dozens of tasks. Thus,  Ethereum Alliance experts responsible for specifications and standards development can provide the guidelines and design documents to  Hyperledger software engineers for SW roll-out and beta-testing.

“This is a time of great opportunity,” and that, “Collaborating through mutual associate membership provides more opportunities for both organizations to work more closely together,” EEA executive director, Ron Resnick commented.

Ethereum’s technical picture

From the intraday perspective, ETH/USD is capped by $223.73 resistance created by SMA200, 1-hour. It is closely followed by $230 area with a confluence of SMA50 and SMA100, 1-hour on approach. Once this hurdle is cleared, the bulls will take prices towards $235.40   handle (50.0% Fibo retracement and October 1 high).

On the downside, the first support is created by $215.80 (Asian low). If it is broken, the downside momentum will gain traction and take the price to critical $200, where new buying interest is likely to appear.

ETH/USD, 1-hour chart