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Yes, Ethereum (ETH) Above $170 But Hitting Milestone Counts

yes-ethereum-eth-above-170-but-hitting-milestone-counts

  • Ethereum prices above $170
  • Increasing competition means Ethereum 2.0 must launch on time despite the first-mover advantage

Morpheus Labs, Cardano, Binance, Tron, and EOS are fierce competitors. Therefore, Ethereum coders accelerating their development mean Ethereum 2.0 will launch on time as ETH prices rally past $250 towards $1,500.

Ethereum Price Analysis

Fundamentals

Without a doubt, Ethereum is a massive project bolstered by ultra-high distribution meaning it does operate within the tenets of blockchain. Because of this high decentralization and consensus through proof-of-work, it is secure, the native currency in ETH a utility and not compliance with Howey Test investment contract criteria.

Nonetheless, because of the Blockchain Trilemma, Ethereum is slow and scalable. With a low throughput of around 15 TPS during periods of low activity, dropping to as low as 7 TPS at network peaks, the team is working overtime to attend to this problem.

Aware that similar platforms promise their users speed and scalability while sacrificing decentralization for centralization like in the case of EOS with 21 Block Producers or Tron with 27 Super Representatives, Vitalik and team plan to unleash Ethereum 2.0.

To achieve this reality, Ethereum must also introduce a new virtual machine as well as a shift from the energy-intensive but time-tested proof-of-work to a staking system similar to Cardano’s which will also come in force during Goguen.

However, considering the very nature of operation and level of decentralization that demand consensus for any form of update or soft fork–which we learned is contentious, Vitalik promise of timely implementation may fall short, negatively impacting price.

Candlestick Arrangements

Price wise, Ethereum (ETH) is a top performer in the top-5, adding 3.9 percent in the last day. At this rate of expansion, performance is above average, but we expect more gains in days ahead.

Notice that Ethereum (ETH) prices for the second time this month is trading above $170, and that means bulls are back in control reversing losses of Q4 2018.

As a result, and in line with our previous ETH/USD trade plan, traders should be loading up on dips with first targets at $200 or higher. However, it would be satisfying if bulls lift prices above Apr-8 highs, completely reversing losses of Apr-11 and setting in motion the next wave of higher highs that will cement its position at second.

Should that be the case, then buyers of Apr-2 will be, and the path for $250 would be on.

Technical Indicators

Although Ethereum (ETH) is above $170—according to streams from BitFinex, our anchor bar in the short-term is Apr-11.  As aforementioned, gains above Apr-8 highs at $190 must be with high volumes above 336k.

Chart courtesy of Trading View

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