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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Milestone, Breakout Above $170 Imminent

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
sleepwalking, technical analysis ethereum

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  • Ethereum prices on an uptrend, add 16.9 percent in the last week
  • Volumes could spike if ETH break above $170 at the back of high trade volumes

Bloomberg says Ethereum is losing steam and Vitalik affirm their findings. But this is expected. Competition is heating up, and more are launching faster and scalable platforms. In the meantime, Ethereum (ETH) is lagging and poised to close above $170 for the first time since Nov 2018.

Ethereum Price Analysis

Fundamentals

Despite criticism, Ethereum is the market leader and the pioneer smart contract platform. It was the first project to introduce smart contract capability, is permissionless and popular with developers. Since Homestead, progress is positive, and the evolution now is towards proof-of-stake in Serenity. There is also Ethereum 2.0, and if anything, the community is undoubtedly satisfied with what lies ahead.

However, in their progress–and in a bid to cement their position as a market leader in smart contracting, similar projects cropped up. Projects as DFinity, EOS, and Tron for example promise to tokenize assets but do so with better throughput and scalable platform. Competition is so stiff that Vitalik admits that they are slipping. His honest overview is visible when China’s CCID ranked the project as third, behind EOS and Tron.

But there could be no better comparison than organic findings from Google Trend. In a tweet, a user, Misha notes that Ethereum’s competitor Tron is on demand thanks to BitTorrent and its successful ICO which in turn is driving the asset trading volume at the expense of Ethereum.

 

Candlestick Arrangements

Ethereum

On-chain development is indeed positive, and at second, Ethereum (ETH) is underperforming. The second most valuable coin is up 16.9 percent in the last week and a massive 2.5 percent in the previous day meaning bulls are back as ETH benefit from Bitcoin flow juices.

All the same, ETH is lagging, and unlike other assets as Bitcoin or TRX for example, the coin is struggling and yet to reverse Q4 losses. That means ETH is trading below $170 despite underlying momentum being high. It’s easy to see. ETH bull bars are banding along the upper BB, and as bulls step up, the upper and middle BB are diverging.

In line with our last ETH/USD trade plan, aggressive traders can load up on dips in smaller time frames, but it is only until after bulls close above $170 that risk-averse, conservative traders can load up with targets at $250. By doing so, ETH will be free, closing above a four-month resistance trend line and resulting tailwind would easily propel prices towards $250.

Technical Indicators

Buy momentum is high and we expect volumes to surge once ETH bulls close above $170 in a breakout pattern. Ideally, any close above $170 must be with high transaction volumes above Feb 24—880k exceeding Apr 2—575k.

Chart courtesy of Trading View

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Dalmas Ngetich
Dalmas Ngetich

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.

Read more

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.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

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.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
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.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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