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

Dalmas Ngetich

1 year ago

2 mins read

sleepwalking, technical analysis ethereum

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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

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.

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.