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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Samsung, JP Morgan—Microsoft are Ethereum (ETH) Primers, Next $250?

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

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  • Ethereum (ETH) up 21.7 percent
  • The platform is way ahead of competitors and could replace Bitcoin as a store of value

Mike Novogratz, an experience institutional investor, is positive on Ethereum (ETH) saying that the platform is “way ahead.” His comments mirrored our previous assertion and reflected on the level of on-chain development gauged from the number of monthly active developers. In a bullish breakout pattern, it is likely prices will expand towards $200 and $250 in days ahead.

Ethereum Price Analysis

Fundamentals

In the race to superiority, Ethereum is ahead of competitors. Not in terms of price—it has been one of the poorest performing digital asset before Apr-May upswings, nor scalability or speed, but in on-chain development and preference by government agencies.

Thanks to the network’s smart contracting capabilities and specific improvement through the last Constantinople hard fork, traders are expecting a freeze before Serenity. The EIP 1234 and reduction of rewards are all part of the strategy and with Ethereum 2.0 on course and likely to launch without delays if Vitalik Buterin’s word is correct, then Ethereum will no doubt be a to-go platform that developers prefer to build on because of its level of decentralization.

Apart from that, Mike Novogratz’s, a Bitcoin proponent, the endorsement is a big plus. During the Ethereal Summit, the founder of Galaxy Digital Group said Ethereum (ETH) should eclipse Bitcoin’s stature as a store of value asset simply because of the rate of development within the platform.

Add that to recent partnerships as Microsoft, and JP Morgan plans of integrating Quorum to Azure Blockchain Service, rumors of Samsung launching from Ethereum and possibility of an Ethereum derivative that the CFTC is warming up to the idea, the future looks bright for Ethereum (ETH) investors.

Candlestick Arrangement

Ethereum ETH

From price action, buyers are in control. Ethereum (ETH) like the rest is up 21.7 percent from last week’s close but pretty stable on the previous day. It is up 8.7 percent, trading above $190, our ETH/USD trade conditions are right.

For bulls to be in control, we reiterated that ETH prices must clear Apr-2019 highs. As a result, at spot rates, every low is technically another buying opportunity as price action replicate Bitcoin’s. At this rate, traders should be loading on dips with first modest target at $250. That stance will hold more weight if today’s close is above $200.

Technical Indicators

In the daily chart, there  is a clear bull breakout pattern. As a result, traders ought to fine-tune entries buying on dips with targets as above. However, for trend continuation, prices should expand above $200. Nonetheless, maintaining that momentum should be high volumes exceeding averages of 187k and May-11’s 458k.

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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