Price Action Favor Ethereum (ETH) Bulls, Joseph Lubin Not Happy

Dalmas Ngetich

1 year ago

2 mins read

sleepwalking, technical analysis ethereum

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Ethereum (ETH) add 12 percent in the last week
ConsenSys founder not happy with the proposal of a complete overhaul

In a public chain, development is slow, and that is what is bogging down Ethereum. However, the idea of improving everything disappoints Joseph Lubin, the founder of ConsenSys. Joseph is upbeat and an Ethereum (ETH) bull maintaining that prices will increase 1000 folds in three years.

Ethereum Price Analysis

Fundamentals

There is optimism around Ethereum. Not only is this innovative platform decentralized, with a team of developers willing to take it to the next level, but it is the network’s value proposition and their approach towards coin emission and inflation control that is interesting.

Over time, Ethereum will shift from a proof-of-work to a proof-of-stake consensus algorithm. Then, the network would, if there is proper implementation, be scalable and secure. That alone is positive and with Vitalik Buterin affirmation, the path of least resistance in Ethereum (ETH) evolution towards an alternative store of value, is northwards.

Even so, Joseph Lubin, the founder of ConsenSys is not happy. Although Diar reports that Ethereum is firing from all cylinders, registering an uptick of volumes which took it to new highs, that there is a need for “improving virtually everything” is deflating. While talking to the Chain Reaction podcast’s founder, Tom Shaughnessy, Lubin said:

“It could be argued that [Ethereum is moving] too slowly as an ecosystem… Certainly, everything about Ethereum needs to improve, and there are lots of people that are working to improve virtually everything about Ethereum.”

Nonetheless, and despite his disappointment, the entry of big players as Samsung, Amazon, and others would demand a flawless network that is scalable, outperforming competitors.

Candlestick Arrangement

At spot rates, Ethereum (ETH) is up 12 percent from last week’s close. However, like in our iterations, we expect prices to edge higher in coming days partly because of Bitcoin’s resurgence—they have a positive correlation—and mostly because of fundamental factors.

However, even if prices are edging higher, buyers’ demand is yet to drive prices above Apr-8 highs in a trend resumption phase confirming buyers of Apr-2. Already, Ethereum (ETH) prices are bouncing off the 78.6 percent Fibonacci retracement level.

Typical of Fibonacci retracements, reaction at such levels often leads to a retest of recent highs. It is for this reason that we expect ETH prices to retest $190 before the next wave propels prices to $250 or higher as laid out in our ETH/USD trade plans.

Technical Indicators

The trend is up, and as such, our anchor bar is Apr-25. Although it is bearish and bulls are in control, accompanying volumes are low. In that case, a comprehensive close above $190 must be with higher volumes above 160k in a breakout signaling trend continuation.

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.