Ethereum Foundation Gives Parity Technologies $5 Million Grant As ETH Consolidates Against The USD

According to a post on the official Ethereum Foundation blog, the organization has awarded Parity Technologies a grant worth $5 Million. The grant was given to help the company work on scalability, security and usability. It will be used to fund light client developer tools, Casper, sharding, infrastructure improvements and audits. The first part of the fund that will supports a development that has already been completed by Parity. The other rounds will be handed over after Parity completes eWasm, a wallet (light) for the mainnet. They will also need to complete Phase 0 and 1 of sharding.

Parity has always been working with Ethereum to develop clients. In November 2017, $280 million in ETH was accidentally rendered unreachable by a user of the Ethereum Parity multisignature wallet. This was due of a smart contract vulnerability. In April 2018, when the ETH was worth $360 million, the funds were released from where they were after a week-long voting process regarding the reversal was completed.

Ethereum (ETH) Consolidates Against The USD

Last year, the price of ETH fell significantly against the USD from its all-time-high of over $1500 to as low as $80. Towards the end of the year, the price bounced back moving as high as $160. This recovery may have been due to the upcoming Constantinople upgrade. This morning, the price of ETH was nicely placed above a key support against the USD as it moved higher toward $146. Keep in mind that the decline was initiated after ETH tested the resistances at $159 and $160. The support at $146 was strong enough to hold the price and prevent more decline. After a while, the price started moving upward until it broke the resistance at $150. A few minutes later, it broke the resistance at $152.

ETH moved above the 23.6% fib retracement level of the last fall from $160 to $146. A strong resistance was formed around the $154-$155 levels along with a connecting bearish trend line. If the price breaks above the resistances at $153 and $154, it will rise above $157.

The price of ETH is firmly supported at $146. Short-term, there is the possibility of a range movement between $146 and $148 that will most likely mark the upside break. For the bulls to gather enough momentum, the price must move above the $154 and $157 levels.

Ethereum (ETH) Price Today – BTC / USD
NamePrice24H %

The MACD on the hourly chat is bullish while the relative strength index is above 50. This is also a bullish signal. There is a significant support at $146 and a significant resistance at $154. At the time of writing, the price of ETH was trading at $152. This shows that it is up by 2.16% against the USD and up by 0.86% against Bitcoin. The trading volume over a 24 hour period is $2,455,187,788. The market capitalization is $15,900,224,974. If ETH continues to trade bullish for the rest of the day, it may move above the $154 resistance before attempting a downward correction.


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