Art Resides in Ethereum’s Immutable Ledger, ETH Down 9.9%

  • ETH firm above $230
  • Nexus Mutual and Argent partnering, will avail bank-account grade security

Ida Jonsson and Simon Saarinen are paying homage to the Circle Game. By immutably burying three ASCII Permanent Penises, the artists will be maintaining their culture. While at it, ETH is steady in the last 24 hours.

Ethereum Price Analysis

Fundamentals

Well, art is all about inspiration. Artists are creatives, and blockchain is their new playground. Two Swedish conceptual artists, Ida Jonsson and Simon Saarinen, are taking expressiveness to the next level. They have buried the first of the three ASCII Permanent Penises in the Ethereum blockchain.

The image of a phallus is now inside an ETH transaction. According to reports, the Permanent Phallus will be paying homage to the Circle Game. Commenting on this “interesting” development, Ida Jonsson said:

“Ever since I heard about the blockchain and its immutable character, I’ve been insanely intrigued by the thought of embedding art on it. For as long as art has existed, people have been obsessed with portraying penises. Maintaining this important piece of culture just felt like the right thing to do.”

Their decision to leverage DLT is a thumb of approval and of trust. Perhaps that is the reason why two Ethereum startups are teaming up to avail bank-account grade security. Making use of smart contracts, Nexus Mutual will insure Argent’s clients against loss resulting from hackers. By freezing transactions triggered above daily limits, a user will have control preventing his/her account from being drained.

Candlestick Arrangement

After a distressing week, Ethereum (ETH) is steadying above $230. However, this is not to say that ETH bulls are in control. If anything, there are flickers of weakness. As a result, the failure of buyers to authoritatively respond after four days of lower lows could spur sellers.

Besides, considering the level of participation behind June 3rd and 4th drawdown, bears have the upper hand. Nonetheless, and per previous ETH/USD trade plans, the best approach is for traders to wait for a clear-cut opportunity.

Therefore, any weakness driving ETH below $230 could spur liquidation towards $190. On the other hand, an expansion of price towards the all-important $290 the back of high trade volumes could open up ETH scene for $300 and $400.

Technical Indicators

To sync with current price trend and candlestick alignment, May 30th bear candlestick guides this trade plan. Mentioned before, selloffs or surges above $290 or below $230 ought to be with high participation exceeding 410k of May 30th. Such a move will confirm or cancel this trade plan.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

 

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