Electric Capital recently published the results of an analysis where it reports that there are more than 20,000 code repositories. Source codes are submitted to Ethereum repositories by more than 216 blockchain developers.

There are more numbers of developers working on improving the Ethereum protocol than in any other cryptocurrency blockchain; this, not including the many projects that went unnoticed.

Ethereum foundation is funding the research at the Yale and Columbia University.  The research work revolves around developing the Ethereum Virtual Machine (EVM) meant for smart contracts per the report.  The project is known as the “Deep Sea” led by Ronghui Gu in association with the Yale research team.

Professor Ronghui recently stated, “As smart contracts are permanent and self-executable, it’s crucial that they perform only as they are precisely intended.”

Using Deep Sea, additional safeguards will be facilitated to ensure that the Code confirms to specifications.

The price of Ether is struggling at the $140 resistance level versus the USD.  The ETH/USD pair might speed up losses if it works past $135 support. A bullish trend line is seen in the 2-hour chart.

The ETH/BTC pair extends losses below the 0.0345BTC support and might likely revisit 0.0342BTC.

The technical indicators in the 12-hour chart are below the midline.  The indicators are flat in the bearish territory.

While the ETH/USD pair has been working enough to clear the resistance seen at $140.00, buyers failed to gain the bullish momentum.  The price is currently seen moving lower down $135, which is a risk showing a sharp decline.

There is an increase in selling pressure seen with ETH/BTC because the pair broke the 0.0350 BTC and 0.0348 BTC support levels.  The pair broke past 0.0345BTC support trending towards 0.0342BTC.

The pair were facing strong resistance at the $140.00 level, which was previously the support area. This was seen in the 12-hour chart of the ETH/USD pair.  There was a robust bearish reaction; however, the price bounced back to $135.00 support level.

Crucial support is seen at $135.00 with a connecting bullish trendline seen on the downside. If Ether settles below $135.00 support, there is a risk of downside extension towards the $124.00 support area.  The Fibonacci retracement level is seen at 61.8 percent with an upward move from $101.40 to 167.41.

A fresh bullish wave will be seen if a convincing break and close will be recognized at $140.00 resistance, thus putting buyers back on foot. A close watch on the $135 support is likely to play a significant role in the trending days.