Ethereum Fiercely Bullish to Possibly Rally Past $300
Since the beginning of the month, many people are talking about the possibilities of Ethereum (ETH) reaching the $300 level against the U.S. dollar.
Previously, the ETH price corrected sharply towards the $230 support. Also, it broke the 100 hourly simple moving average.
But still, it stayed well bid over $230 and began with a sharp rise. Then, it was back above the $260 and $270 resistance level. It even surpassed the $280 resistance and stood firm above the 100 hourly simple moving average.
In addition to that, Ethereum spiked to more than $285. However, it failed to go back to the $288 resistance area. And a swing high went near $286, and the price is recently consolidating gains. From the recent rise of $259 low to $286 high, they have seen a break under the 23.6% Fib retracement level.
Aside from that, there is a short-term contracting triangle forming with resistance near $284 on the hourly chart of ETH/USD.
And there are many possibilities of more gains over the $288 resistance area if Ethereum clears the triangle resistance.
In this case, the price might continue higher towards the $295 and $300 levels. And any further increase would likely lead the price towards the $308 levels.
On the other hand, if the price won’t continue above the $288 resistance, it might correct some points. Still, Ethereum will remain well bid over the $275 and $270 levels.
Then, intermediate support is somewhere in the 50% Fib retracement level of the recent rise from the $259 low to $286 high. And the primary support on the downside is almost in the $266 level. Below the 100 hourly SMA, the bulls might struggle in the near term.
Blockchain Technology
Meanwhile, people are tackling further improvements to blockchain technology every day. And one of the massive challenges is how best firms working on the blockchain can make their services not only accessible but practical at the same time for users in different countries.
The Carrier Blockchain Study Group (CBSG) Consortium is one such collaboration doing that exactly.
After it launched in 2017, the group gives a secure way for telecom customers to make digital payment directly with their carriers with the use of blockchain technology.
The platform TBCASoft, a founding member of the CBSG, revealed in a press release on February 18 that Taiwan-based Asia Pacific Telecom Co. Ltd. (APTG) and a U.S. mobile carrier triumphantly finished Proof-of-Business (PoB) payment transactions.
TBCASoft developed a blockchain network called the Cross-Carrier Payment System (CCPS). And they used this for paying transactions directly in the user’s currency through their mobile carrier.
Moreover, the CBSG collaborated with local merchants in Taiwan to complete transactions through APTG’s payment system, Gt Pay. Every participant was a mobile subscriber with a U.S.-based carrier.
Mei-Hui Teng, APTG Vice President of Marketing, stated, “We foresee the strong growth overseas travel and the popularity of the e-wallet service; our cross-border mobile payment service will create a considerable benefit to APTG’s subscribers. The service can help travelers reduce foreign transaction fees and enjoy the benefits of mobile cashless payments.”
Furthermore, they are not the first blockchain platform to discover the advantages of working together.
Samsung Pay worked with the payment platform Finablr on October 3 to offer cross-border payments to its units.
