Ethereum News Today – Headlines for August 7

UK-based Crypto Trading Platform is Launches Ethereum Futures Contracts
  • Ethereum price is currently heading for the $400 mark
  • Goldman Sachs to embrace digital assets
  • Ethereum price is up by 22% and changing hands at $395

Ethereum News Today – just like the bulk of the tokens in the market, the price of Ether has been on the rise. The price of the digital asset is currently approaching the $400 position. No wonder the supporters of the coin have become optimistic about it and expect further upside movement. Their expectations couldn’t have come at a better time.

Meanwhile, after managing to resist cryptos for many years, Goldman Sachs has announced that it is changing tune. When you check the firm’s recent appointments, we will agree that the multi-trillion institution appears to move towards embracing crypto and Blockchain technology. Mathew McDermott who has just been appointed the global head of digital assets at Goldman Sachs had a lot to say about the entity moving towards digital assets.

Goldman Sachs to Embrace Digital Assets

During an interview, McDermott said:

Between now and the next five or 10 years, we could see a financial system that relies on Blockchain technology, with all transactions happening on-chain. What we are presently doing in the physical world, we can just do digitally, and create better efficiency.”

He added that this can either be debt issuances or securitization. It can be loan origination as well. You will have access to a digital financial market with vast options. While Goldman Sachs has turned its attention to the digital currency, Grayscale Ethereum Trust will be reporting to the SEC soon. This became the case after the firm filed for the Registration Statement on Form 10. In 2019, the same thing happened with Grayscale Bitcoin Trust (this application was approved early this year). If the filing is approved, they will start to submit their financial statements as 10-Qs and 10-Ks.

Ethereum Price is up by 22% and Changing Hands at $395

At press time, the price of Ethereum is changing hands at $395. The digital asset is up by 22% against the greenback over the last week of trade. The coin has also outperformed Bitcoin. It has added 14% against the world’s most valuable digital assets during that time. According to the daily chart, ETH’s price surge is perpendicular. The Ether bulls are emphatic. But, there are still glimpses of exhaustion.

Notably, there is a conspicuous bear candlestick with high trading volume. This candlestick is wide-ranging. Five days on, ETH’s price is oscillating in its low with low trade volume. Going by effort versus results, this movement is bearish except there’s a sharp rally above the $420 position. There are lower lows relative to the higher BB, middle BB. This sits at the immediate support pattern. A break beneath the 20-day MA (or a retracement to the $360 and $350 areas) may spark a selloff.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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