Ethereum (ETH) Possible March to $250, Up 22 Percent

Dalmas Ngetich

1 year ago

2 mins read

sleepwalking, technical analysis ethereum

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Ethereum prices up 22 percent from last week’s close
Andreas M. Antonopoulos warns of technical community in-fighting
Transaction volumes on the rise, likely to propel prices above $170

Andreas M. Antonopoulos is against the toxicity within Ethereum’s developer community. He says this can cause fragmentation and slow down Ethereum (ETH) bulls that are up 22 percent in the last week.

Ethereum Price Analysis

Fundamentals

Open source, public blockchains do symbolize decentralization. As attractive as they may be, they can be a source of fragmentation in an otherwise stable platform. We can draw some lessons from Ethereum and Ethereum Classic.

Before the DAO attack, there was a consensus that Ethereum will follow the immutability route, the main building block of Bitcoin. In light of the “disaster,” changes were made, and immutability given a back seat leading to a new faction of maximalists including Charles Hoskinson who still believe the code is law and rectification shouldn’t be irreversible amendments. Nevertheless, a hard fork was done, and the result was the eventual recovery of lost funds but at the cost of immutability and the general integrity of the Ethereum blockchain.

Now that Afri Schoedon, a core developer and the man behind several EIPs, left, Andreas M. Antonopoulos is warning against in-fighting. As he was delivering a keynote speech at the ETHDenver, the author of “Mastering Bitcoin” and “Mastering Ethereum had this to say:

“Be careful of fragmentation … in difficulty, people become more insular in their thinking, and they start magnifying differences instead of focusing on commonalities. When things are easy, it’s easy to get along. When things get hard, that’s when you need to stop and remember the things we share rather than the things that divide us.”

Candlestick Arrangements

In the top 10, ETH is up 22 percent from last week’s close and at second place in the liquidity and market cap table. With this, it is clear that the path of least resistance is up. In a bull breakout pattern, every low is technically a buying opportunity with first targets at $170. After all, our ETH/USD trading plan is valid, and risk-off traders are in green territory after Feb 17 upswings confirmed gains of Feb 8. Once prices rally above $170, the bear breakout pattern of early Nov will be null as bulls march towards $250 and even $300.

Technical Indicators

After two weeks of higher highs, market participation is tapering as traders take their profits. What we need is a sharp break and close above $170 with the accelerants being high trade volumes exceeding those of Feb 18—677k.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

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Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
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The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
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