28th May - Crypto Technical & Market Watch
JPM Develops New Privacy-Enhancing Tool for Payment Mechanisms on ETH Blockchain
JPMorgan Chase (JPM) — the United States’ largest bank — is reportedly poised to release an open-source extension that enhances the privacy of payment mechanisms on Ethereum-based blockchains.The new tool has reportedly been designed as an extension to the Zether protocol. As reported, Zether is a privacy-focused payment mechanism that is compatible with Ethereum and other smart contract platforms. The protocol uses zero-knowledge proof (ZKP) technology and was developed by researchers from Stanford University and Visa Research earlier this year.
The total market capitalization of cryptocurrencies has topped $278 billion and is on its way to the $300 billion mark. This will signal a stupendous comeback from the lows of about $100 billion in mid-December of last year. The rally has been led by Bitcoin and a number of major altcoins have responded positively.
The cryptocurrency has scaled another critical resistance of $8,496.53. It can now rally to the next overhead resistance of $10,000.If the bulls fail to sustain the breakout, the BTC/USD pair might drop back below the support of $8,496.53. The bears will make a comeback if the leading cryptocurrency falls below $7,413.46.
If the buyers propel the cryptocurrency above $0.47919, a rally to $0.60 is probable.if the bulls fail to scale the overhead resistance of $0.47919,a breakdown of this support can plummet the price to $0.33108.For now, the stops on the long positions can be retained at $0.2750. We will soon trail the stops to $0.35.
It is now on its way to challenge $290.92. If the bulls scale this level, the cryptocurrency can rally to the $300–$322 resistance zone.If the ETH/USD pair fails to rally above $290.92, the pair might remain range bound for a few days. The trend will weaken if the bears sink the cryptocurrency below the support of $225.39.
A breakout of $452 can push the price to the resistance of $ 490,If this is also scaled, the cryptocurrency might quickly move up to $638.99.But if the BCH/USD pair reverses direction from $452,A breakdown of this support will indicate further weakness and can result in a fall below $ 322.55.We are not proposing a trade in it.
Disclosure: The author holds no cryptocurrency at the time of writing.
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