Ethereum struggled last week after China and South Korea both announced crackdowns on one of the key use cases of the decentralized blockchain, the so-called "Initial Coin Offerings" or ICO. However, the Ethereum network set a new throughput record by the end of the week, processing over a half million transactions in less than a 24 hour period. So it looks like, despite all the news attention being focused on the Chinese ICO ban, Bitcoin, and Ripple’s lawsuit, Ethereum has quietly continued to grow in the number of users and computational power. From a technical standpoint, Ethereum has cleared a similar path versus both the USD and the JPY. The pairs seem to be in the middle of forming a Double Top chart pattern, with the Tenkan line crossing below the Kijun line in the Ichimoku Kynko Hyo’s daily setup. Versus the Japanese Yen, Ethereum has even tested the upper band of the daily Ichimoku cloud which also falls on the 50% Fibonacci retracement level. If the 31,660 support level fails to hold, we could see further pullbacks towards 27,500 in September. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
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