Ethereum analysis for 09/01/2019

In the official Ethereum blog entry, the Ethereum Foundation has announced a $ 5-million subsidy to Parity Technologies based in the United Kingdom.

According to the post, the subsidy is intended for scalability, usability, and security. Namely, this money "will finance Parity's work on Casper, sharding, light clients, programming tools, quality control, audits, and infrastructure improvements."

In addition, the post explains that the financing will be implemented in "several tranches, the first of which supports the development that Parity has already completed." The remaining parts of the funding will be transferred after completing standard eWasm compatibility work, a lightweight portfolio for the mainnet network and successful completion of Phase 0 and Phasing 1 sharding. The company Parity is known for having developed one of Ethereum's most well-known clients.

Let's now take a look at the ETH/USD technical picture at the H4 time frame. The market is trading in a narrow range between the levels of 150 USD and 145 USD, just above the technical support at the level of 140 USD. The momentum remains neutral, but the market conditions are now oversold, so a bounce higher should be expected. The nearest target for bulls is seen at the level of 155.05 and 156.91 (swing high).

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