Ethereum analysis for 20/08/2018

Vitalik Buterin, a co-founder of the Ethereum platform, re-emphasized that the biggest problem that Blockchain is currently facing is the high ratio of generated publicity to real use cases: "The amount of Blockchain's sustainable use is very low. Although there are many people giving value to cryptocurrencies, the amount of useful things that are available is still much lower than it seems due to a market capitalization of 200 billion dollars" - says Buterin in an interview with one of the financial media.

He has already outlined the need for more specific use and expressed concern that companies do not realize where they must use Blockchain. Speaking at a small private event organized by the student organization Blockchain in Berkeley-Origin, Buterin delved into topics such as adoption, use cases, recipes and the state of Ethereum.

Another of his concerns is privacy in Blockchain or rather its lack: "Currently, there are no good ways to use Blockchain technology while maintaining privacy. There are attempts to solve this problem, for example, cryptocurrency Zcash, as well as research on Ethereum. However, we still have a long way to go over the Blockchain privacy issue" - he said.

Regarding the present state of Ethereum, Vitalik says he is satisfied with many things such as the progress of state and plasma channels. In terms of scalability, he says that the Foundation is on the way to achieving a higher level of consensus, and considers the solution to be much better than he had imagined five years ago.

Let's now take a look at the ETH/USD technical picture at the H4 time frame. The market is trading just at the intraday technical support at the level of 278.90, but the bulls look weak - the momentum oscillator points to the downside. The next technical resistance is seen at the level of 301.55 and 318.01, but these levels are too far away to be considered as a game-changing level for bears. In a case of a further downside extension, the next supports are at 268.82 and 246.61.

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