Ethereum opened today’s Asian market with a bullish sentiment on the news that entrepreneur Mark Cuban’s team has launched an ethereum-based mercury protocol. Based on the white paper released by the protocol’s developers, Mercury Protocol is designed as an alternative to centralized communication platforms that aims to ensure the privacy of its users. By using the protocol, communication platforms will receive the benefits of decentralized Blockchain technology at low cost.
ETH/JPY Higher Above Ichimoku Cloud
ETHJPY higher above Ichimoku cloud
The ETH/JPY pair has been trading in a new uptrend above the Ichimoku cloud after its losses in July. The Chiko span has just crossed above the cloud as well, which is the third Ichimoku-based uptrend confirmation. The next resistance level is set at the all time high zone of 48,025 from back in June.
Before reaching this level, however, we could see pullbacks towards the 23% Fibonacci retracement level of 32,652. The direction of Ethereum versus the USD is similar to that of ETH/JPY. We do have upcoming economic data from both Japan and the US today, which could add on to the trading volatility.