Ethereum, the second-largest by market value, was up 2.5 percent over the past 24 hours. Ether is preparing for the next move against the US dollar but declined versus bitcoin. ETH/USD could rise in the near term if there is a successful break.
- There is a key bullish trend line forming with hourly chart of ETH/USD (data feed via SimpleFX).
- The pair may continue to rise and it could even break the recent high.
- Ethereum price is trading with bullish price action against the US Dollar and Bitcoin.
- Although Ethereum prices moved sideways on Friday morning, a new fund endorsed by Ethereum co-founder Vitalik Buterin has the crypto poised for some massive gains.
The secretive project is the brainchild of an Avengers-like cast of Ethereum power players, including Cosmos, Golem, Maker, Global Blockchain Labs, OmiseGo, Raiden, and Tendermint. (Source: “Vitalik Buterin Hopes New Ethereum Fund Will Deliver on Hype,” CoinDesk, February 16, 2018.)
All these companies are developing decentralized applications on Ethereum’s platform, which, in a sense, makes them competitors.
However, they have a shared interest in strengthening the Ethereum ecosystem, because the stronger that ecosystem, the better its chances against rival blockchains.
With this in mind, they created the Ethereum Community Fund (ECF). In a broad sense, it opens the lines of communication between disparate projects on the Ethereum blockchain. But more specifically, it creates a grant program for financing select projects.
“Ethereum has grown beyond my expectations over the last few years, but the work is clearly not finished,” Buterin said in a statement to CoinDesk.
He added, “Delivering value that matches the hype should be the mantra of 2018; efforts such as the ECF which help organize the development of the ecosystem are going to help make that possible.”
For years, I’ve said that Ethereum has a leadership edge over most other cryptocurrencies. This is proof. Buterin is continuously pushing the industry forward. At times, this has meant confronting self-congratulatory behavior or silliness in the Ethereum community. And at other times, it means building institutions that help guide the community forward.
What this does is make Ethereum greater than the sum of its parts. How many other blockchains can boast of anything comparable? It’s slim pickings, dear reader.
There is an upside reaction and the price moved back. On the downside, there is a key bullish trend line forming with hourly chart of ETH/USD. The pair is trading with a positive bias. Any dips from the current levels remain supported.
Hourly MACD – The MACD has slightly reduced the bullish slope, but it is still positive.
Hourly RSI – The RSI is once again moving higher after testing the 50 level.
Ethereum users fight against recovery of Parity funds
The debate over Parity’s lost funds has reached a climax over the past few days, with a strong anti-recovery stance being taken by many in the community.
Parity’s decentralised multi-signature wallets were compromised after a user exploited a bug in an Ethereum smart contract, deleting the wallet’s library function.
This locked up over 500,000 Ethereum and rendered all the wallets unusable.
Parity stated that in order to recover the lost funds, users would need to “hard fork” the blockchain. This would require the consensus of miners, who verify transactions on Ethereum.
To facilitate the recovery of the parity funds, Ethereum developers created an Ethereum Improvement Proposal (EIP), which would function as a standardised recovery model.
The EIP is open to public comment, and the vast majority of those commenting are against the implementation of the EIP.
This choice is indicative of the difficulty of blockchain governance, as there is no centralised authority to appeal to in this situations.
While Parity users lost a large amount of funds and want to recover them, those against the implementation of these recovery tools argue they could increase the Ethereum blockchain’s attack surface and increase its reliance on EIP editors.
Many referred to the EIP as a “get out of jail free card”, which only requires the approval on EIP editors to manipulate funds on the blockchain.
They argued that the implementation of EIP 867 could potentially damage the decentralisation and security of the blockchain.