Vitalik Buterin Is Involved in a New Documentary About Ethereum
A documentary film team is working on the first feature-length documentary about Ethereum – and they’re looking for ETH donations to fund it.
“Ethereum: The Infinite Garden” will feature interviews with various people involved in the development of the world computer, including the network’s co-creator, Vitalik Buterin, and Aya Miyaguchi, the executive director of the Ethereum Foundation.
The film production company Optimist is behind the documentary, with Carrie Weprin producing and Zach Ingrasci and Chris Temple co-directing. Weprin and Ingrasci had both been aware of the crypto ecosystem before getting involved in the project, but they said the interviews they’ve done for the film really turned them into Ethereum fans.
Related: Valid Points: The Problem With MEV on Ethereum
Funding for “Ethereum: The Infinite Garden” is taking place on Mirror until Friday, July 16, with a goal of raising 750 ETH (about $1.5 million at today’s prices). As of press time, 67 people had contributed a total of 60.3 ETH.
For the filmmakers, crypto crowdfunding felt like the most authentic way to raise funds for the film because it allows members of the community to get involved and shape the outcome of the project, which is still currently in the early stages of development.
“I think it’s so exciting that a DAO [decentralized autonomous organization] could be our executive producer,” Ingrasci said. “That would be the first time that’s ever happened for a film. For sure the executive producer will be someone from the community. This is why we wanted to involve the community as early as possible.”
Non-fungible tokens (NFTs) designed by crypto artist pplpleasr are available for purchase on Mirror, with each denoting a level of involvement in the project.
Related: Ether Erases Early Losses, Faces Resistance Above $2K
Morgan Beller, co-creator of libra and now an investor at NFX, connected the Optimist team to Buterin.
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“I’ve always thought Buterin deserved to have his story out there. The whole Ethereum team is just so pure, authentic, kind and wonderful,” Beller said, adding:
“If you’re first learning about Ethereum and you’re not a crypto person, you don’t necessarily see that side. But I always thought that if the world were able to somehow see and understand where this is all coming from, the heart and thoughts behind it, people would both understand it and be more supportive.”
Weprin said the team hopes to place the film in a major film festival in 2023 and will likely pursue distribution on major streaming platforms.
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Ethereum bounces but ETH price in danger of turning $2.3K into new resistance
Ethereum’s native token Ether (ETH) reclaimed $2,000 in the early New York trading hours Wednesday as crypto traders assessed the Federal Reserve Chairman Jerome Powell’s prepared congressional testimony.
The ETH/USD exchange rate surged 7.19% to reach its intraday high of $2,019.90. Likewise, Bitcoin (BTC), whose 7-day positive correlation with Ether stands at 0.84 above zero, climbed, albeit by a modest 0.75%, hitting $32,379.
Ether bounces of key support area Wednesday morning. Source: TradingView
Powell gave his semi-annual monetary policy report to Congress on Wednesday, a day after the U.S. consumer price index report showed an increase of 0.9% between May and June, reaching 5.4% for the first time in three decades.
In prepared remarks ahead of his congressional testimony, Powell noted that inflation in the coming months would remain elevated. Nevertheless, the central bank chief added that rising consumer prices wouldn’t deter them away from their ongoing bond-buying policy.
Powell said that the threshold of limiting its $120 billion monthly debt purchases—that have cushioned the U.S. economy throughout the coronavirus pandemic—is “still a way off.” In saying so, he cited the U.S. labor markets, stating that its full recovery “still has a long way to go.”
The statements appeared after a Bank of America survey of the global fund managers, who thought the global economy would keep on improving, dropped dramatically from 91% in March to 47% in July. The same poll named long Bitcoin—bet on rising BTC/USD rates—one of the most crowded trades alongside long ESG and long commodities.
Economic expectations have peaked. Source: BoA
But both Bitcoin and Ether dropped after Tuesday’s CPI report and ahead of Powell’s testimony release, thus drawing flak from critics for not behaving like a haven in the face of higher consumer prices. Part of the reasons were fears that the Fed would signal tapering its bond purchases sometime in 2020 and hike its benchmark lending rates only in January 2023.
Powell’s assurance that their plans to taper is still away injected short-term optimism in the cryptocurrency market, benefiting Bitcoin and Ether alike.
Just saw the news. Inflation! Are any of us surprised? Government prints more dollars, so the other ones are worth less. Happy to be a #bitcoin hodler. The best inflation hedge. — Tim Draper (@TimDraper) July 14, 2021
A technical bounce?
Ether’s latest upside also appeared in the wake of a technical support level having a recent history of limiting ETH/USD’s bearish bias.
ETH stuck inside a symmetrical triangle range. Source: TradingView
The said price floor serves as a rising trendline in a symmetrical triangle pattern. Ether has been fluctuating inside the said structure since mid-June, as shown in the chart above, which raises its probability to retest the triangle’s resistance trendline (above the $2,300 level) in the coming sessions.
Nevertheless, Symmetric Triangles are continuation patterns that typically send the prices in the direction of their previous trend. Since Ether’s current triangle formation appears in a downtrend, the path of ETH/USD’s least resistance is to the downside.
Symmetrical triangles breakout scenarios. Source: Scanz Trading Blog
Therefore, Ether continues to face bearish risks on technical patterns. Nevertheless, the cryptocurrency has performed better than expectations despite a brutal crypto market sell off in the second quarter of 2021.
In its Q2 report released in July, data intelligence firm CoinMetrics noted that Ether finished the financial quarter 13.2% higher versus Bitcoin’s -38.88%. It wrote:
“ETH benefited from a renewed surge of retail interest which was partially driven by the rapid rise of NFTs. Although NFT media interest peaked in March, it helped bring unprecedented mainstream attention to Ethereum which led to a flood of new users.”
More upside prospects for Ether come from London hardfork. The upgrade would implement four improvement proposals on the Ethereum blockchain. One of the proposals, dubbed as EIP-1559, expects to make ETH a deflationary asset by burning a portion of the fee collected from Ethereum users.
Investment sentiment tracker Santiment appeared a bit cautious, however, warning traders about excessive speculation attached to the London hard fork event. An excerpt from its July 7 newsletter reads:
“One could say that ‘This time it’s different,’ as ETH can be staked now, and with EIP1559 coming up, it’ll be a gamechanger, etc. […] It’s all speculative at the moment, and no one will really know how the market will react to the implementation. It could be ‘buy the rumor, sell the news.’
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Ethereum Price Forecast: ETH/USD Rejected at $2,045
Brazilian Securities and Exchange Commission approved the first ETF.
Jerome Powell’s dovish statement underpinned the ETH/USD at $1,869.
Descending channel extends an immediate resistance at $2,045.
The ETH/USD was closed at $1994.73 after placing a high of $2017.67 and a low of $1865.58. After declining straight for two days, ETH/USD reversed its course and found support at the $1,865 level.
Ethereum rises as Brazilian SEC approved First ETF
Ethereum forecast is a bit bearish today; however, ETH/USD remained green throughout the day amid the latest positive development from Brazil. The Brazilian Securities and Exchange Commission approved the first exchange-traded fund as it traced the performance of the ETH in Latin America.
The manager at QR Asset Management announced that the product would trade on the Sao Paulo stock exchange B3 under the ticker QETH11. This new product will enable institutional investors to gain exposure to the second-largest crypto by market capitalization in a safe and regulated manner.
QR also noted that B3 would be the first stock exchange in Latin America to list a 100% Ethereum ETF. The product will also utilize the secure institutional custody of the U.S. cryptocurrency exchange Gemini. QETH11 was the second approved crypto exchange-traded fund in Brazil after the nation’s securities regulator gave the green light to a Bitcoin ETF in March this year.
The news added strength in the ETH/USD as Brazilian SEC added ETH ETF based on the exceptional performance of Ethereum in Latin America. Furthermore, the cryptocurrency ETH was also high on Wednesday amid the recent weakness in the U.S. dollar.
If you are interested in trading ETH/USD with forex robots, check out our guide.
Jerome Powell’s Dovish Statement Underpins Ethereum
The greenback was weak across the board as the DXY fell to 92.34 level after the Chairman of the Federal Reserve, Jerome Powell, gave dovish comments about the U.S. economic outlook. He said that the economy was far from reaching goals set by the Fed to start easing stimulus measures.
Jerome Powell added that the U.S. jobs market was also far from reaching goals set by the central bank. Powell added that the higher inflation figures resulted from increased demand from the reopening of the economy and said that this spike in inflation is likely to continue for the coming months as it was temporary. These dovish comments from Fed President added weight on USD and pushed ETH/USD cryptocurrency higher.
Ethereum (ETH/USD) Forecast – Technical Levels: Key Resistance at 2053.08
Support Resistance
1900.99 2053.08
1807.24 2111.42
1748.90 2205.17
Pivot Point: 1959.33
Ethereum (ETH/USD) Forecast – Daily Technical Analysis: Bullish Trend ahead?
Ethereum forecast is a bit bearish today, as the technical side of the market is exhibiting selling bias. The ETH/USD pair is trading at 1,958 level, facing a solid resistance at 2,043 level.
On the 4 hour chart, the ETH/USD has formed a downward channel that’s supporting the selling trend. The descending channel is providing an immediate resistance at 2,043 level, however, the breakout of this level can lead the ETH/USD price towards the next resistance area of 2,179 level.
The ETH/USD pair may find immediate support at the 1,870 level that’s being extended by a double bottom pattern. Whereas, the breakout of 1,869 level can its price towards next support areas of 1,753 level.
Speaking about the lagging and leading technical tools, the 50 periods EMA(Exponential Moving Average – Red Line) and the MACD have a slight divergence. The EMA is supporting a selling bias, while the MACD is still holding in a bullish zone.
Ethereum forecast is bearish on Thursday, thus, forex trading participants may have an excellent sell opportunity below 2,043 level.
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