The start of the new week ended in the green. The Dow Jones Industrial Average (DJIA) jumped 580.25 points (+2.32%) to close at 25,595.80. The NASDAQ Composite went up 116.93 points (1.20%) to close at 9,874.15, and the S&P 500 went up 44.19 points (1.47%) to close at 3,053.24.
Wall Street and traders shrugged of the surge of coronavirus cases and cheered on Boeing as certification flights for the 737 Max began on Monday. The social media giant is under pressure after several companies (Starbucks, Coca-Cola, and Diageo) announced that they would halt advertising on its platforms. The major averages received a boost after the National Association of Realtors announced that pending home sales had jumped 44.3% in May.
Today’s gains came even after Johns Hopkins University announced that more than 2.5 million COVID-19 cases were confirmed in the U.S. along with more than 125,000 deaths. In total, more than 10 million cases have been reported around the world.
As for news within the crypto sphere, some of U.Today Crypto News’ headlines include an Ethereum (ETH) price analysis, a Chinese-operated blockchain will be integrated with Ethereum (ETH), and Cardano (ADA) unveils a demo for the Shelley Transition Combinator.
Ethereum (ETH) Under Bullish Pressure
Last Saturday, sellers increased their onslaught and broke through Ethereum’s $222.98 support level. By the end of the day, Ethereum (ETH) set a new low for the month of June at $215.79. On Sunday, buyers were still recovering, which was accompanied by small volumes but failed to test the two-hour EMA55.
Buyers are trying to maintain the ETH/USD pair above the $222 mark in order to recover their $233 resistance mark. If the bears receive strong support to sell again, then a decline will continue and may soon reach the psychological mark of $200.
Looking at a bigger time frame, ETH’s current growth will likely continue as the bulls have shown resistance at the $217 mark and its trading volume also supports the ongoing bounce. Moreover, the Moving Average Convergence/Divergence (MACD) has entered a bullish zone as its lines have crossed each other. In short, ETH’s growth could continue towards the $227 area, where buyers may face resistance from the bears.
Looking at the daily chart, the lowering heights indicate that the leading altcoin has yet not found local support. What is more, a bearish divergence on the Relative Strength Index (RSI) suggest a continuing decline to $215. The high concentration of liquidity indicates that the bears will soon make their move.
Chinese Blockchain to Integrate with Ethereum (ETH)
Haseeb Qureshi, Managing Partner at Dragonfly Capital Partners, claims to have received information about an upcoming integration.
According to the seasoned investor, the Blockchain Service Network (BSN), which is supported by several Chinese state-owned enterprises such as China Mobile and UnionPay, plans on integrating with well-known public blockchains. Two such blockchains that will be spearheading this partnership are Ethereum (ETH) and the Nervos Network (CKB).
Qureshi questions whether China’s regulatory officials will acknowledge and support this integration. Authorities from the People’s Republic of China (PRC) will usually distance themselves from their involvement with the public network.
BSN acts as a permissioned distributed operating system for business, research, and public administrative purposes. Integrating with Ethereum (ETH) and the Nervos Network (CKB) would significantly boost its adopting and performance.
Qureshi says that such an integration would be a “big deal”, as it would greenlight the public blockchain integration concept with Chinese state-owned distribution systems. Moreover, this integration would facilitate with the adoption of crypto-related innovations in China. Interaction with public blockchains could even make the current systems more decentralized.
Cardano (ADA) Releases Demo for Shelley Transition Combinator
Input Output HK (IOHK), the development studio behind the Cardano (ADA) blockchain, has announced a technical explanation for its Hardfork Combinator operations that are in the Shelley mainnet deployment process.
According to IOHK’s official announcement, the Hardfork Combinator concept is designed to avoid a chain split. This will allow for a seamless transition for every node from the Byron semi-decentralized phase to the Shelley mainnet.
The new instrument is being deployed to the testnet environment. Cardano (ADA) has even released a video that provides a detail explanation on how it works. Philipp Kant, Director of Formal Methods at IOHK, revealed the codebase and demonstrated why it was created this way. Without this instrument, a disagreement could evolve between the different nodes.
Once that occurs, different versions of the protocol can start existing. This in turn may lead to severe conflicts between the different parts of the blockchain.