ETH/USD market overview: Ubisoft to work on Ethereum?
- ETH/USD has done down further to $244.45 in the early hour of Wednesday.
- Les Echos reports that gaming giants Ubisoft is looking to develop game features on Ethereum.
ETH/USD went down from $248 to $245 this Tuesday. In the early hours of Wednesday, the price has gone down further to $244.45. Despite bearish action, the news surrounding Ethereum has been pretty positive. Les Echos reported that Ubisoft, the company behind games like Assassin’s Creed and Far Cry, is reportedly developing game features on the Ethereum blockchain. Their idea is to create a decentralized marketplace where users can purchase game commodities using Ethereum.
A rough translation of the report says:
“The idea is to give a digital existence on the blockchain to the ‘items’ (accessories) available in video games; content that publishers monetize. Ubisoft is considering working on the blockchain Ethereum, which allows to operate this kind of operation.”
Ubisoft’s blockchain initiative associate manager, Anne Puck said:
“At Ubisoft, we think it’s crucial to be part of pioneering the ways players can benefit from what blockchain has to offer. We think that blockchain has the potential to transform the gaming experience and even maybe to empower players as true stakeholders in their worlds. That’s why our job is to accelerate the integration of blockchain at Ubisoft with this initiative.”
Les Echos also said that there is no timetable for this as there is still regulatory uncertainty in France:
“For the time being, Ubisoft is thinking about this project and no timetable has been set. The group expects that the French legislation on blockchain to be clarified.”
ETH/USD daily chart
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- The price is currently trending in the downward channel formation. The daily chart has had two bearish sessions following Monday’s bullish session.
- The price is trending below the 20-day simple moving average (SMA 20) curve and above the SMA 50 and SMA 200 curve.
- The moving average convergence/divergence (MACD) indicator shows bearish momentum.
- The Elliot oscillator has had 14 straight bearish sessions.
- Immediate support on the downside for the price lies at $242.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
