Sunday, April 26, 2020

Are Bill Gates And The ID2020 Coalition The Usage Of COVID-19 To Build Global Surveillance State?


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Microsoft founder invoice Gates is a prosperous man. He has put a few of that wealth toward charitable businesses and initiatives during the invoice and Melinda Gates groundwork. A major focal point of that foundation, and of Gates’ philanthropy in time-honored, is the discount of inequalities in fitness outcomes, with a spotlight on the setting up world. Via these organizations, he also cash analysis into technological solutions to public health problems within the poorest communities globally. Due to the fact 2015, he has been raising alarms about the world’s doubtlessly catastrophic lack of preparedness for a plague. 
partially because of his advocacy for vaccines, Gates has additionally been an incredible recipient of the anti-vaccine move’s vitriol for well over a decade. Years of manufactured animosity built by way of false claims from these anti-vaccine groups have, as the COVID-19 pandemic unfolded, combined with the dubious claims of doomsday soothsayers and cryptocurrency Youtubers to create a sprawling COVID-19 conspiracy thought founded on Gates.
The fundamental allegation against Gates goes like this: he is using the COVID-19 pandemic as a pretext to push a vaccine with a microchip able to tracking you along with the rest of the world inhabitants.

From a factual standpoint, Gates has under no circumstances proposed or funded research into the construction of a vaccine — for COVID-19 or for anything else — that contains the injection of a tool that may actively tune your location, computer screen the rest you're doing, or “control” you.
The invoice and Melinda Gates foundation did fund a pilot look at carried out through MIT and Rice tuition researchers into a possible vaccine-start machine that may impart an invisible mark detectable by using a smartphone. This look at become theoretical, the expertise described became passive, and the machine changed into incapable of any kind of tracking or monitoring. Nonetheless, lots of the credence lent to the false inspiration that Gates has designs to music you the use of vaccines comes from mixing the existence of that pilot analyze with yet another public fitness idea Gates is actively involved in gaining knowledge of known as a “digital identification.”
The primary premise behind a digital (or decentralized) id in the context of Gates’ work is essential: it might involve some kind of cloud-primarily based storage of scientific and/or own-identification files purchasable best with the consent of the owner but available any place on earth. Crucially, such an idea, whose primary scientific challenges are in the realm of encryption and blockchains, has nothing to do with the rest injected into the body. Despite this, conspiracy theorists falsely use Gates’ support for digital id initiatives as evidence of his intentions to construct a vaccine-enabled surveillance state.
What bill Gates Has actually observed About COVID-19
As a person who has funded typical analysis into vaccines and pandemics, Gates has made a couple of public statements on the current crisis. Ordinarily, these statements reflect Gates’ commitment to gaining knowledge of and constructing each cures and vaccines for COVID-19, and to stressing the want for a scalable formulation to directly determine individuals who have both recovered from COVID-19 or bought a vaccination in opposition t it as a means to restart the global economic climate. As an example, in an interview with Chris Anderson, who runs TED Talks, Gates indicated he believes some sort of “immunity certificates” could be instrumental in reopening the world economic system:
at last what we’ll must have is certificates of who’s a recovered person and who’s a vaccinated person, since you don’t want people relocating everywhere where you’ll have some countries that won’t have it under manage. Alas. You don’t want to absolutely block off the potential for those americans to go there and are available returned and circulate around. So at last there should be variety of this digital immunity proof to be able to help facilitate the global reopening up.
In a Reddit “ask me anything” (AMA) discussion from March 2020, Gates extra special his views on disorder surveillance within the united states:
The testing within the US is not geared up yet. In the following couple of weeks i hope the executive fixes this by using having a site that you would be able to go to to discover about domestic testing and kiosks. Issues are a little bit perplexed on this at the moment. In Seattle, the [University of Washington] is proposing hundreds of checks per day however no person is related to a national tracking equipment. Whenever there is a favorable look at various it can be viewed to keep in mind where the disorder is and even if we need to reinforce the social distancing.
Gates has praised the extra excessive sickness-surveillance measures taken via South Korea as a model for future pandemic preparedness. South Korea has had considerable success in limiting deaths from COVID-19 thanks in tremendous part to aggressive “contact tracing,” described in an April 2020 document via the Brookings Institute:
South Korea became helpful in tracing americans who might also have come into contact with those who proven wonderful for COVID-19. Essentially all South Korean residents have smartphones and use credit score playing cards, so when somebody exams effective, the govt can hint where they have got been, at what time, and what mode of transportation they used. With this data, the govt can trace the doubtlessly infected population, the use of CCTV pictures to identify talents contacts when essential. Those in shut contact with the infected are requested to get verified, whereas oblique contacts are ordered to self-quarantine for fourteen days. This is an exhausting procedure, but the South Korean govt has maintained the ability to hint and phone probably infected people.
 The thought that bill Gates desires to make use of a vaccine to music individuals in line with any of those statements or views is flawed for at least two causes. First, nothing he has advocated for above necessitates injecting a tracking machine into a physique. As a substitute these theoretical applied sciences would count on a combination of biometric identification, encryption, and cloud storage of records. 2nd, as shown by South Korea, the injection of monitoring contraptions by the use of vaccines would possible be a waste of time, given the incontrovertible fact that most of humanity is continually linked to a GPS enabled smartphone that doubtless is aware of greater about you than your parents.
Quantum Dot Tattoos in Vaccines
the sole little bit of facts used to suggest bill Gates’ interest in including anything that resembles a microchip in vaccines stems from his foundation’s funding of a study, published in Science Translational drugs in December 2019, that “developed dissolvable microneedles that bring patterns of near-infrared easy-emitting microparticles to the epidermis” that may, when exposed to certain frequencies of easy, “identify the immunization reputation of babies.” In a number of setting up countries, a scarcity of authentic immunization information can, the authors argued, affect the high-quality of care provided.
The study — which become now not performed on human subjects — didn't describe the injection of a “microchip” co-administered with a vaccine. Instead, it described the use of some thing called a quantum dot. These dots are basically molecule-sized particles engineered to have entertaining constructions that react to near-infrared light in a method that could theoretically be recognized by means of a tool akin to a smartphone. It's bodily inconceivable to implant a quantum dot sized equipment that could actively ping area or another facts to an unknown third birthday celebration.
additional, this form of analysis  — if it ever got here to fruition in the first place — is in its infancy, and could be years far from actual implementation anywhere, not to mention in a possible COVID-19 vaccine that scientists estimate can be purchasable doubtlessly within 18 months. Nonetheless, this analyze is critical to the conspiracy idea, as that narrative is stylish on conflating quantum dots with Gates’ work in digital identities. That’s why it is essential to consider the misrepresentations made from the Gates-funded neighborhood ID2020.
Digital Identities and ID2020
ID2020, or the Digital identification Alliance, is a 501c3 non-profit funded through a diverse latitude of foundations and corporate sponsors — together with Microsoft and the Gates-funded vaccine non-earnings GAVI — that provides delivers for useful analysis into the precise-world utility of digital identities:
The ID2020 Alliance provides funding and different styles of fabric guide for high-have an effect on and first-rate digital identity initiatives that are privateness-maintaining, user-centric, and designed for scale, impact, and replicability. Proposals are accredited on a rolling groundwork at a lot of levels of building. Any one or firm assembly the mandatory software and assessment criteria is welcome to post a idea.
a number of of the tasks funded by way of ID2020 were characterized by way of anti-vaccine activists as the usage of the bad and inclined as scientific guinea pigs involving the implantation of a device that infringes on their privacy. Backyard of the incontrovertible fact that none of those initiatives contain injecting subjects with the rest, the philosophical premise implied by means of such claims is additionally in direct opposition to what ID2020 seeks to achieve. Its aim, besides the fact that children lofty, is to advance a system during which the individual has comprehensive control over very own identification or fitness documentation. The conclusion product could be a equipment that makes it possible for this variety of suggestions to be available any place on this planet however most effective with your consent. The ID2020 manifesto makes this specific:
Over 1 billion americans international are unable to show their identification through any diagnosed capability. As such, they are without the protection of legislations, and are unable to access fundamental capabilities, take part as a citizen or voter, or transact within the modern economic climate. … We accept as true with that people need to have manage over their own digital identities, together with how own information is gathered, used, and shared. Every person may still be capable of assert their id throughout institutional and national borders, and throughout time. Privateness, portability, and persistence are crucial for digital identification to meaningfully empower and protect individuals.
One pilot challenge funded with the aid of ID2020 is MyPass, which is an effort to deliver digital identification to the homeless inhabitants of Austin, Texas. The challenge, still in its infancy, seeks to create a web, cloud-primarily based repository of identification and medical files. Early types of the pilot examine would probably use some mixture of a QR code card given to taking part people, but future work might contain biometrics like fingerprints or IRIS scans. Importantly, the participants within the study volunteered to be in it, can choose out at any time, and did not and should no longer have anything else injected into them. One more venture, at the moment energetic in Bangladesh and Tanzania, seeks to look at various the viability of tying newborn fingerprints to digital identities.
These initiatives are small pilot reviews with constrained relevance to the present COVID-19 pandemic, and none of them comprises injecting anything else into anyone, not to mention whatever that might contain the performance that would enable any sort of lively monitoring or surveillance. Nevertheless, conspiracy theorists have pushed the above statistics into an unfounded but paranoid narrative.
How Conspiracy Theorists Falsely Interpret Gates’ Work
As mentioned above, invoice Gates has been attracted to the use of vaccines to combat fitness inequalities for over a decade. Notwithstanding it has no relevance to the claims at subject for COVID-19, the fact that invoice Gates’ pastime in vaccines stems from a aim of “depopulating” the world is basically universally protected as part of that narrative as a method to imbue Gate’s moves with nefarious intent. That false conclusion stems from a grotesque misreading of Gates’ argument that communities with access to vaccination are likely to have lower beginning prices as a result of decreased childhood mortality means extra infants will live to tell the tale into adulthood.
As additionally mentioned above: Gates has been attracted to, and financially supportive of, the thought of digital identification as one more ability of cutting back fitness inequality globally. The narrative pushed with the aid of conspiracy theorists involves conflating the conception of a digital identification with the injection of a device. As an instance, appearing in an interview by using a ways-correct Christian conspiracy theorist Rick Wiles’ on his TruNews platform, a visitor asserted with out facts that each ideas were without delay linked:
What invoice Gates pointed out turned into ultimately we will have some digital certificates to reveal who has recovered, who has been confirmed … and we can have [a record of who] obtained [a COVID-19] via that digital certificate. Now that digital certificates could simply sound like some thing essential. Probably it’s a computer doc. That’s no longer exactly what’s going on here. ….  This mission has researchers at MIT and Rice school with funding from the bill and Melinda Gates foundation working to create that digital certificates system. It’s going to be a chip that in reality is implanted into people.
As in the past defined, the MIT/Rice look at became now not conducted by the ID2020 alliance, and ID2020-funded projects don't seem to be experimenting with injecting issues into people. Natural information, a supplement save and option fitness conspiracy blog, similarly conflated digital identity with quantum dot expertise to painting Gates as an agent of satan:
keep in mind that this all coincides with the ID2020 agenda, which aims to create a worldwide digital identification gadget for every adult on the earth. As we’ve mentioned in the past, ID2020 and vaccines are being used collectively to reap the biometric identities of all mankind, and focused on the goal of creating the world system of tracking and control that turned into foretold within the booklet of Revelation.
They’ve already begun to look at various ID2020 in Bangladesh, inserting digital IDs within the bodies of newborn toddlers together with their vaccinations. And invoice Gates is now speakme about how so-referred to as “quantum dot tattoos” are the next wave of biometrics identification, additionally to be inserted in people’s our bodies through vaccination.
Ignoring the indisputable fact that ID2020 is not a product capable of being “validated,” the Bangladesh venture herbal news references right here does not contain dead babies, nor does it contain the “insertion” of anything else into any individual. It’s an exercise in imaging baby fingerprints.
The final analysis
In sum, the competition that Gates is using COVID-19 as a pretense to inject monitoring contraptions into humans depends on a misrepresentation of the research he has funded, the methods those projects have employed, and confusion over what a “digital identity” seeks to achieve. If and when a vaccine for COVID-19 comes, it will not be in a position to tracking your actions or reporting any statistics to any entity in any respect. Not one of the know-how mentioned by Gates right here is even in a position to such a task.
Pandemics are international catastrophes with few convenient answers. Gates, a private citizen with out a capability to mandate coverage or govern international health companies, has spent over a decade funding analysis into a variety of concepts that may mitigate their impact. His ideas, even though supported with the aid of many scientists, don't seem to be decrees. As an alternative, his focal point has been on understanding the possible viability and efficacy of a number of counter-pandemic and public health thoughts. These initiatives were blended right into a false narrative involving an as-yet-undeveloped COVID-19 vaccine mixed with a made-up microchip gadget in contrast to anything Gates has ever been concerned in. As such, the claim that Gates is planning to microchip you by means of a COVID-19 vaccination is false.

Wednesday, December 5, 2018

Bitcoin Bear Market Forces Ethereum Cofounder To Make Changes

The fall in the price of bitcoin, ethereum, and Ripple's XRP (as well as the wider cryptocurrency market) over the last month is beginning to cause companies to rethink their strategies—battening down the hatches in preparation for what could be a long crypto winter.
Ethereum cofounder and ConsenSys chief executive Joseph Lubin (who last month predicted blockchain technology would cause a radical overhaul of society) has said he's planning to restructure ConsenSys to protect it against the recent downturn that saw bitcoin record falls of more than 40% in a matter of weeks. 
ethereum, ethereum price, bitcoin, bitcoin price, image
Ethereum's tradable token ether is down by more than 50% since early November, topping off a year that has wiped some $700 billion from the cryptocurrency market as investors get cold feet waiting for long-expected institutional investment into the sector.

Lubin's ConsenSys, and ethereum-based development studio, is now reorganizing, entering a new phase Lubin calls ConsenSys 2.0, focusing on efficiency, accountability, and attention to revenue.
According to a letter from Lubin to ConsenSys employees, seen by Breaker magazine, underperforming ConsenSys projects will be axed and the arm of ConsenSys that oversees venture investment will become more like a traditional startup accelerator.
“We must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are," Lubin said. "We now find ourselves occupying a very competitive universe. We must recognize that what got us here will probably not get us there, wherever ‘there’ is."
"In ConsenSys 1.0, we built a laboratory instrumented to prove the moon existed, using complex engineering and math and creative philosophical arguments,” Lubin added. "Now we need a streamlined rocket ship to get us there, since the actual proof, ultimately, is in the landing.
"We're going to get a lot more rigorous in terms of milestones and timetables."
ethereum, ethereum price, bitcoin, bitcoin price, chart
The ethereum price has been on a downward trend all year, dropping over 90% from its all-time highs.COINDESK
Elsewhere, the bitcoin price collapse has seen other companies look to restructure and streamline their operations.
Steemit, a blockchain-powered social media platform, laid off 70% of its staff last month, while adult entertainment industry orientated SpankChain downsized to eight employees last month. In October, the UK's oldest bitcoin exchange Coinfloor axed around 40 employees.
Bitcoin and cryptocurrency miners have also been forced to desperate measures to keep the computers running, cutting costs to the bone.
Others have remained upbeat, however. Bitcoin miner Argo Blockchain, a UK-listed company, yesterday sought to soothe shareholder unrest, telling the market demand for its products and services has remained robust despite the downturn. 
The bitcoin price has gotten off to a bad start in December after many had hoped the worst was behind it, with the cryptocurrency market recording its steepest monthly declines in years last month.
Bitcoin moved sharply downward at the beginning of this week as it gave up the psychological $4,000 level that had appeared to support the price over the last week.
bitcoin, bitcoin price, ethereum price, ethereum, chart
The bitcoin price has come under renewed pressure this week.COINDESK
Bitcoin dropped as low as $3,790, according to CoinDesk's bitcoin price tracker, back to near its yearly lows at the end of last month—and renewing fears the rout that began in November will bleed through to December.
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have cov...

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Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies

Friday, May 4, 2018

New Ideas Energize Ethereum Though True Signaling Solution Still Elusive

Put enough heads together and you might just solve governance.
At least, that was the idea behind a private, two-day meeting of top researchers, who met in Toronto this week to discuss how decisions should be made on ethereum, the world's second most valuable blockchain network.
Named "EIP:0," a nod to the platform's process for accepting codes changes - the meeting consisted of members from a variety of startups and non-profits working to advance the technology, with notable members including Parity Technologies, the Web3 Foundation, the Ethereum Foundation, Giveth, Aragon, Consensys, MetaMask and others.
Designed to give participants a protected space to discuss one of the platform's hardest problems, much of the focus was around a handful of issues that have caused controversy over the past few months. Whether it was the debate over how to return frozen funds, whether to limit ether issuance or to reject mining hardware advances, developers have struggled with how best to measure and enact the will of the diverse and polarized community. 
But for such a theoretical unknown, the meeting proved highly productive, participants said.
"One thing that immediately became apparent through the workshop was the question of community," core developer Lane Rettig told CoinDesk. "I think it is the single biggest takeaway from this event."
According to Rettig, much of the discussion surrounded how to better identify what constitutes a community member, or someone who should have a say in just how ethereum develops, and how to accurately measure their sentiment.
Toward this, Rettig said several companies at the event expressed an interest in funding the development of open-source, sentiment gathering tools, that could better measure the will of identified parties when it came to contentious change.
"There's general consensus that we need better signals," Rettig told CoinDesk.
And while the choice to keep the working group small and invite-only has already ruffled some feathers on Reddit, with some warning that such a formula contradicts the openness of the platform, it was clear from the event documentation that aligning to the community was the central concern.
Rettig told CoinDesk:

Better signals

Of course, it's well-known by now that social media can be a noisy and hostile place.
"Everyone on the internet needs to chill out and not be so mean to everybody," community manager Hudson Jameson said at the public panel following the event.
Several others echoed this point, stating that while channels such as Twitter and Reddit can be filled with abusive uproar, it's not clear whether the loudest voices fairly represent the opinions of all.
And when it comes to the platform's hardest decisions, such as whether to hard fork to return money lost in the Parity fund freeze of November last year, clean signals are crucial.
"There's a very strong voice for immutability on channels like Reddit," Dan Finlay, from ethereum wallet MetaMask, said at a later public discussion. "I'm seriously suspicious of those. Maybe they're sock puppets. I didn't see them very well represented here."
As such, event participants put their heads together to better isolate the various groups that have different stake within the platform, including protocol developers, application developers, application users, miners, investors, full nodes, governments and regulators.
The diversity of signals can be collected with purpose-built tooling directed towards each group, and possibly aggregated onto a website, that would visibly depict the different leanings and inclinations.
"What we really want are signal aggregators or bundles of signals," Retting told CoinDesk in an interview.
And there was a lot of creation discussion on how to achieve this, too.
Speaking in the public panel following the event, Griff Green from decentralized charity Giveth suggested mirroring the efforts deployed by bitcoin in the midst of the scaling debate, using tools like the website Coin.Dance, where the signals sent out by biggest mining pools were neatly depicted.
Rettig also expressed other ideas, that could extend beyond the biggest players to the smaller ecosystem members as well, by including an option in wallet software to signal a position with a simple transaction.
Rettig explained:

Crypto's magic power

And when contention remains, there's always the option to split.
Speaking at the event, several attendees expressed that far from being feared, the ability to create a new version of the ethereum blockchain in the case of divisive decisions is the ultimate, non-coercive tool for dissident groups to enact their opinions.
"Forks are absolutely essential," Rettig said.
Indeed, in allowing communities the possibility of exit, Rettig and others expressed that the option to split off in case of contention is one of the key advantages that blockchains have over traditional governments.
As such, a dedicated working group on Tuesday discussed how to make forks "less dire," ways to cheapen, increase security and destigmatizing community divides when they do inevitably occur.
"A fork is going to happen. I mean eventually there will be a fork," Rettig said, though he stressed this sentiment is more theoretical than a commentary on current events.
However, while a split is a clean way to settle disputes, there's messy, technical complications when it comes to enacting such a divide on ethereum.
Because ethereum is not just a blockchain, but a computation platform as well, every decentralized application would simultaneously co-exist on both versions of the platform.
As well as proving complicated for the many, many businesses that rely on ethereum software, this could spark unanticipated strangeness in other types of decentralized applications as well.
"What happens to a stablecoin?" Rettig asked. "Does it stay at one dollar on both blockchains, and now you have two dollars? Or is it 0.25 cent on one blockchain and 0.75 cent on the other?"
Rettig said that like many of the sessions that occurred over the two days, the result was non-conclusive, but attendees will be running a monthly online meetup dedicated to such conversations.
And it is clear that in spite of risks, splits are a still a value fallback method.
"The fact that in a bloodless way we can neatly fork, and each group can go off and do their own thing, and we can bisect along the lines of values, that is a magic power," Rettig said.
He concluded:

Tuesday, May 1, 2018

Ethereum falls on report that the second-biggest cryptocurrency is under regulatory scrutiny

  • Ethereum, the second-largest cryptocurrency by market capitalization, falls 6 percent after The Wall Street Journal reports that it has come under scrutiny by regulators.
  • Securities and commodities watchdogs are looking into whether cryptocurrencies, which have largely escaped government oversight, should be regulated in the same way as stocks. 
  • The cryptocurrency's creation in 2014 was "probably an illegal securities sale" in the eyes of some regulators, the Journal reports, citing people familiar with the matter.
Ethereum prices took a hit Tuesday after a report that regulators are exploring whether it and other cryptocurrencies should be treated like securities. 
Both U.S. commodities and securities watchdogs are questioning whether the same rules for stocks should apply to these digital currencies, The Wall Street Journal reported Tuesday. Until now, cryptocurrencies have not been drawn into wider crackdowns by the Securities and Exchange Commission this year. 
The cryptocurrency's creation in 2014 was "probably an illegal securities sale" in the eyes of some regulators, the Journal said, citing people familiar with the matter. 
Ether, which has a roughly $65 billion market cap, fell about 6 percent Tuesday, and was trading near $652, according to data from CoinMarketCap.com.
The analysis is based on whether founders of virtual currencies other than bitcoin have any control over their value, similar to how a company's managers might influence a company's stock value based on strategy and investments, the Journal said. 
Two federal regulatory agencies have applied different definitions to what exactly a cryptocurrency is. The Commodity Futures Trading Commission has labeled them as commodities, meaning they're exempt from SEC regulation. The SEC on the other hand, has indicated that it sees cryptocurrencies as securities. In March, the agency said it is looking to apply securities laws to everything from cryptocurrency exchanges to digital asset storage companies known as wallets. 
Senior SEC and CFTC officials are among those scheduled to discuss the matter on Monday, the Journal reported, citing people familiar with the matter.
The Ethereum foundation raised more than 31,000 bitcoin in July 2014, worth about $18.3 million at the time, when it first sold the first 60 million ether. Because investors were speculating that the launch would result in a rise in asset value, the deal resembled a security, the Journal said.
Ethereum is the name of the company that created the digital token ether. The company created a platform for applications built on blockchain, the same technology that underpins bitcoin. Ether was first launched as a fundraising effort to develop the platform.
A consortium called the Enterprise Ethereum Alliance, which includes companies like Microsoft and J.P. Morgan, is developing uses for the Ethereum blockchain. 

WATCH: There's a house full of cryptocurrency gurus in San Francisco, and it's like a modern-day commune

Thursday, April 26, 2018

Ethereum price analysis – Temporary downwards price correction

Ethereum price soared up to a day high of $712 on Tuesday before a downwards price correction attempt became evident pulling the price downwards to a day low of $596 on Wednesday. The market bulls failed to break through the resistance around $713.24, which corresponds to the 61.8% Fibonacci retracement. The upwards trend which has been evident since April 7th, bounced off this crucial resistance level. The price correction attempt is subsiding as ethereum price rose again above $600 during most of Wednesday’s trading sessions.
Will ethereum price continue on dropping on Thursday? or shall we expect the market bulls to take the upper hand again?

BOUNCING OFF THE 61.8% FIB. RETRACEMENT ON THE 4 HOUR ETHUSD CHART:

We will examine the 4 hour ETHUSD chart from Bitfinex, while plotting the 100 period SMA, the 200 period SMA, and the Ichimoku Cloud as shown on the below chart.  We will keep the Fibonacci retracements  we extended last week  between the low recorded on October 23rd, 2017 ($273.50), and the high recorded on January 13th, 2018 ($1,424.06). We can observe the following:
  • Ethereum price soared steadily on Tuesday to a day high of $712, before the bullish wave was reversed. The price of ether was almost a dollar short of $713.24, the 61.8% Fib. retracement (horizontal orange line on the above chart). Note that six successive bullish (green) candlesticks were formed just before the uptrend was reversed. As such, even though the bullish momentum was seemingly strong, it failed to breach this resistance level.

  • Ethereum price is now above the level of the 100 period SMA, and the 200 period SMA. Note that the 200 period SMA (green curve) is now acting as a support level preventing further price drop, as evidenced by the long downwards shadows of candlesticks near its level. Therefore, the price of ether will most probably start rising again as the $600 price level will prevent further price drop. However, we have to see the 100 period SMA (green curve) cross above the 200 period SMA, before a strong bullish wave becomes evident again.

  • Right now, ethereum price is being supported by the confluence of three important support levels:
  1.  the 200 period SMA as we stated above.
  2. the upwards trend line that has been marking price movement since April 7th.
  3. the Leading Span A Line (green line) of Ichimoku’s Cloud
Consequently, we can expect ethereum price to rise again towards $713.24 during the next 24-48 hours. On the downside, $600 represents the support level as we explained.
  • Ethereum price has dropped below the Base Line (red line) of Ichimoku’s Cloud, yet the cloud is still green (bullish) in color. Most likely, candlesticks will rise again above the Base Line within less than 48 hours as the bullish momentum rises.

BULLISH ALIGNMENT OF THE SMOOTHED MOVING AVERAGES ON THE 1 HOUR ETHUSD:

Now, let’s examine the 1 hour ETHUSD chart from Bitfinex, while plotting the 50 period SMA (blue curve), the 100 period SMA (green curve), and the 200 period SMA (red curve), as shown on the below chart. We can note the following:

  • After failing to breach the resistance around the 61.8% Fib. retracement ($713.24), the price of ether dipped below the level of 50 period SMA, yet the 100 period SMA is acting as a relatively strong support level preventing further price drop. This is evidenced by the relatively long downwards shadows of candlesticks near the level of this moving average.

  • The alignment of the SMAs is bullish, as the 50 period SMA is on top, the 100 period SMA is in the middle, and the 200 period SMA is below both.

CONCLUSION:

After rising to a high of $712 on Tuesday, the bullish wave was temporarily reversed and ethereum price started dropping reaching a low of $596. However, the downwards price correction attempt is being resisted by support near $600. We expect ethereum price to start rising again towards $713.24 during the next 24-48 hours.