Ethereum Gains Bullish Momentum as Developers Look to Launch Casper Testnet : Ethereum extended its gains above the key resistance level of $339 after it broke above the daily Ichimoku cloud last week.
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This new bullish momentum could help the no. 2 cryptocurrency by market capitalization get back to its all-time high price above $400. All the moving averages in the Ichimoku Kinko Hyo’s daily setup have turned bullish, including the Tenkan, Kijun and Chiko lines. Meanwhile, supporting pivot levels are set at 315 and 297 respectively.
Ethereum is very different from its cousin Bitcoin due to its much broader use case. It is essentially a platform to execute smart contracts. It can certainly be included in passive cryptocurrency products soon to be launched, generating incremental demand.
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Ethereum developers are currently looking to use their experimental Casper proof-of-stake protocol as the basis for a new test network. While Casper itself isn’t ready for widespread adoption, it might be the prime time to start testing it out.
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EUR crosses dropped as German coalition talks breaking down
EUR crosses dropped as German coalition talks break down: Financial markets are likely to continue taking cues from the US politics despite a busy economic calendar this week. Meanwhile, the EUR crosses dropped earlier during the Asian session as German coalition talks have started to break down. The EUR/JPY pair broke inside the daily Ichimoku cloud, testing below our pivot level of 131.50.
On the economic calendar…
The key economic events today are also going to impact the EUR crosses, as Governors of Central European Banks get together on Panel in Vienna at 12:30 PM GMT, and could continue as ECB’s President Draghi speaks in Brussels at 2 PM. Draghi speaks again in Brussels at 6 PM in his capacity as ESRB Chair. If he takes a more hawkish than expected tone during his speeches, we may see a EUR recovery by the end of the trading day.