Tanya Abrosimova
Independent Analyst
- Ethereum is glued to its current level of $204.
- Substrate platform to be released within weeks.
ETH/USD is changing hands at $204.50, unchanged both on a daily basis and since the beginning of Wednesday. The second largest coin by market value is hibernating in a tight range since the end of the previous week with no signs of an upcoming breakthrough.
Parity's Substrate platform is coming
Meanwhile, Ethereum co-founder and CEO of Parity Technologies Gavin Wood announced that Substrate platform positioned as a do-it-yourself build-a-blockchain tool will be launched within several weeks.
The Substrate developers believe that the tool will speed up the development of Polkadot protocol focused on blockchain compatibility features so that corporate users can easily deploy dedicate distributed ledgers.
According to Wood, Substrate is much easier and user-friendly than Ethereum blockchain. What's more, the system updates of the protocol can be implemented without hard forks.
ETH/USD, the technical picture.
ETH/USD has a chance for an extended recovery as long as it stays above critical $200. However, the coin needs to move above $207 handle for the upside momentum to gain traction. RSI is flat, while Momentum is growing slowly, which may result in a more active trading later during the day.
On the downside, the local support comes at $203.95, created by the Asian low. It is followed by psychological $200 and the ultimate $186 (October 11 low).
ETH/USD, 1-hour chart
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