- Microsoft has expressed interest in blockchain technology and announced plans to use it to combat piracy.
- According to the data tracking website Watch the Burn, around 52,600 ETH has been burned in just 12 days.
- Forex trading market participants should look for a buy-stop above the $3,320 level.
The day before, the ETH/USD pair ended the day at $3146.57, with a high of $3334.21 and a low of $3134.38. Despite several promising developments in the Ethereum ecosystem, ETH/USD fell on Monday and ended the day in the negative. Ethereum price prediction continued to be bearish as the 50 EMA extended resistance at the 3,280 level.
Check out our guide to trade ETH/USD with forex robots.
Microsoft Expresses Interest in Blockchain Technology
Microsoft, a well-known software provider, has expressed interest in blockchain technology and announced plans to use it to combat piracy. According to research undertaken by Microsoft, a blockchain-based incentive system might be used to bolster anti-piracy initiatives in partnership with Alibaba and Carnegie Mellon University.
The proposed reward scheme for anti-piracy initiatives, dubbed Argus, will be completely transparent. It will be built on the Ethereum blockchain and provide a trustless incentive system for securing information collected from the open, anonymous community of piracy reporters.
This happened after several major technology companies expressed worry about securing their intellectual property and stated their desire to make various efforts to combat digital piracy. Although this news should boost ETH/USD values, the second-largest cryptocurrency was still under pressure.
The London Hard Fork Upgrade Underpins ETH/USD
On the other hand, it was stated that since August 5, when the London hard fork upgrade went live, around $170 million worth of Ethereum has been burned. According to the data tracking website Watch the Burn, around 52,600 ETH has been burned in just 12 days, demonstrating that EIP-1559 successfully devalued the ETH token to drive prices higher.
The recent London hard fork upgrade to the Ethereum network has enhanced the network’s capacity by around 9%, according to another analysis using Etherscan’s historical average daily gas consumed chart. Furthermore, according to recent reports out of Dallas, a sibling duo has been mining Ethereum and earning thousands of dollars every month.
According to the survey, Ishaan and Anaya Thakur used their laptops to make money, while most children used them to play video games. The Ethereum mining enterprise, which they established in their garage, brings in $32,000 each month for the brother and sister.
Ethereum Price Prediction – Daily Technical Levels
Support Resistance
3075.89 3275.72
3005.22 3404.88
2876.06 3475.55
Pivot Point: 3205.05
Ethereum Price Prediction – Daily Technical Analysis: Upward Trendline to Support at 3,112
The Ethereum price prediction is neutral as the pair is consolidating below an immediate resistance level of 3,280 level. It’s now testing the double top resistance level of $3,280.
The next resistance level for ETH/USD is $3,280, and an upward breach of this level might push the bullish trend towards $3,440. The ETH/USD has closed a Shooting Star candle on the 4-hour timeframe, which an upward trend has followed. This usually results in a bearish market reversal. As a result, either there will be a bullish movement continue or a negative reversal. However, the breakout of 3,280 levels will be determining further trends in ETH/USD.
The 50-day exponential moving average (red line) remains at 3,240, a barrier for the ETH/USD pair. On the other hand, the Stochastic RSI, the most important indicator, is heading north into a purchase zone. As a result, the prospects of a bullish trend continuation over the weekend remain high.
On the other hand, the support stays at 3,160 and 3,096 on the bearish side. Whereas, the resistance is looming at 3,280 and 3,440 on the bullish side. The Forex trading market participants should look for a buy-stop above the $3,320 level. The initial target remains at $3,360 and $3,440. Alternatively, traders can place a buy limit at the $3,110 level. All the best.
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