By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
The ETH is rising on Tue, Feb 19, trading at around $147.19.
The ascending trend broke out the resistance and reached 76%, now the coin may bounce back to $137.20 in the short term, and then target the major high at $160.44.
On H1, the Stochastic formed a black cross in the overbought territory, which signals a possible pullback with the targets at 23.60% ($141.20), 38.20% ($136.30), and 50% ($132.30) Fibo. In case the high at $149.28 gets broken out, the price is likely to hit the resistance at $157.
This time, the ETH price went up due to fundamentals. Streamr presented Monoplasma, a scalability technology that in fact is able to solve the major crypto problem, making Ether quicker and more effective.
Steamr may be applied to DAPPS, including for distribution. Henri Pihkala, Steamr CEO, sent dummy tokens to 200,000 Ethereum addresses in order to demonstrate the technology. Working with it is like taking the TV signal: you can get money with a transaction, but can’t send it back. With such a ‘one-to-many’ technology, the users will be able to re-distribute the values through a large dynamic set of Ethereum addresses.
Monoplasma, however, will not only be used for money distribution, its initial purpose being dividend distribution and bet fees.
Monoplasma has a double protection system enabled against hacker attacks, which is a good idea, as tokens get very often hacked. ETH made new yearly highs thanks to the news on Monoplasma release.
Meanwhile, on Feb 27, the Constantinople hard fork is finally due to take place, which should also support the token.
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.