Ethereum analysis for 06/08/2018

Ethereum analysis for 06/08/2018:

Ethereum has concluded a contract with the provider of comprehensive domain services Minds + Machines Group Limited (MMX), through which Ethereum Name Service (ENS) will receive the name of the top-level domain, according to a press release from August 3.

According to the contract, Ethereum customers will be able to register their addresses in the .luxe top-level domain (shortcut "Let U Xchange Easily"), which will be launched soon. The .luxe extension will be available for sale in October.

Any domain registered in the .luxe zone may be reportedly integrated with Blockchain Ethereum and all related services such as decentralized applications (DApps), distributed memory or intelligent contracts. Users will be able to choose any user-friendly domain name that will contain all of Ethereum's person identification features.

We already know from the Ethereum test in its unapproved ICANN zone that there is a real proven need for verbal identifiers that work on the basis of Blockchain [...]. We look forward to working with ENS to enable the same registrants to apply for their .luxe name before the company introduces .luxe for sale to the general public at the end of October- said Toby Hall, general manager of MMX.

In May 2017, ENS was launched in the main net, which enabled automatic registration allowing anyone to easily and cheaply register names ending in ".eth" using the auction process. Essentially, ENS by providing clear addresses was Ethereum's first step towards mass adoption of cryptocurrencies. ENS allows anyone to create a much more user-friendly address, such as JohnDoe.eth.

Let's now take a look at the ETH/USD technical picture at the H4 time frame. The market has broken out of the horizontal channel and currently is trading around the recent swing low at the level of $393. The nearest technical resistance is seen at the level of $414. The momentum remains weak and is still below its fifty level, so all the upwards pull-back is only temporary. Downtrend continues.

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