Ernst & Young to launch protocol for private transactions on the Ethereum blockchain

  • The auditing company aims to promote Ethereum blockchain adoption by corporations.
  • ETH/USD recovers from recent loss, focused on $170.00.

ETH/USD has recovered above $160.00 handle to trade at $166.80 by the time of writing. The second largest digital asset with the market value of $17.6 billion has gained over 3% since this time on Tuesday, however the further upside looks limited at this stage

What’s going on?

An auditing firm EY has created a software that will facilitate blockchain technologies adoption among its corporate customers, Coindesk reports. The Ethereum-based platform called Nightfall will be rolled out in May to promote such blockchain use cases as supply chains, food tracing, and transactions between branches of a company. EY intends to make it an open-source software, and put it n the public domain, with no license at all.

“We want to maximize adoption and community involvement, we want people to adopt it, and adapt it, and improve it. If we retain ownership, people may not invest that much time and energy in something they might not control. The cleanest way to make everybody use it is just to give it away with no strings attached,” EY’s global innovation leader for blockchain, Paul Brody, commented.

Ethereum’s technical picture

On the intraday level, ETH/USD recovery is capped by $169.00 handle with SMA100 (4-hour) located marginally below this area. Once it is cleared, the upside momentum might gain traction with the next aim at $170.00 and $174.40 (23.6% Fibo retracement). 

On the downside, the first support area is created by $165.00 (SMA100, 4-hour). It is followed by psychological $160.00 and 50% Fibo retracement at $159.78. 

ETH/USD, 4H chart

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