14.11.201808:29 Forex Analysis & Reviews: Ethereum analysis for 14/11/2018

The Russian subsidiary Raiffeisen Bank International has started cooperation with the local state oil giant Gazprom Neft to issue a bank guarantee for Blockchain. According to Russian newspapers, the bank guarantee was issued for a trade financing transaction involving four parties: Raiffeisen, Gazprom Neft, the Belarusian company Mozyr Oil Refinery and the Belarusian Priorbank. Raiffeisen acted as an advisory bank for the Russian oil company, while Priorbank, which is part of the Raiffeisen banking group, issued a bank guarantee for transactions via Blockchain. The system was reportedly developed by Raiffeisen, based on the Blockchain R-Chain platform, which was released in 2017.

"Four nodes participated in the transaction, i.e. all sites were fully connected to the platform" - said Tatyana Ivashkova, head of document transaction and trade finance in Raiffeisen Russia.

Usually banks would issue a guarantee through their internal system, notifying the customer only after the fact. However, the use of Blockchain allows all participants to access documents at the same time, enabling transactions to be finalized as soon as the payment is made, thus shortening the processing time.

Let's now take a look at the Ethereum technical picture at the H4 time frame. The market has broken above the technical resistance zone between the levels of $214-$216 and made a new local high at the level of $219. The price then reversed and is currently trading below the level of $213 as the market conditions are now overbought and you can see a clear bearish divergence between the price and the momentum indicator, so the short-term pullback towards the level of $204 is now due.