Justin—Vitalik Feud Intensifies as Ethereum (ETH) Bulls Flow Back

Dalmas Ngetich

Last Updated: June 11, 2024 6:42 pm

2 mins read

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Ethereum prices up four percent in the last day
Justin—Vitalik rivalry continues
Volumes low despite today’s revival

In response to Vitalik previous comments, Justin Sun now says they shall build a monument when Tron succeeds. Meanwhile, Ethereum (ETH) is up four percent in the last day, bouncing off $135.

Ethereum Price Analysis

Fundamentals

Vitalik and Justin are without doubt blockchain poster boys. However, what‘s interesting is their public feuds. It often lights up space more so when prices are on a dip. However, what is concerning is their frequent loggerheads as the two battle for supremacy. Of the two, Ethereum attracts more developers, is better capitalized and the SEC says the platform is decentralized.

On the other hand, Tron is scalable, and its virtual machine is compatible with Ethereum. Thanks to several incentives in place, the platform has managed to attract several projects away from Ethereum as it struggles with scalability.

Although the CCID of China ranks EOS and Tron ahead of Ethereum, Vitalik’s platform has more media attention and is working towards addressing scalability as they plan to shift from the proof-of-work system to a proof-of-stake system in Serenity. Perhaps that will prevent Justin Sun and the Tron Foundation from building “a monument in memory of Ethereum.”

Candlestick Arrangement

So far, Ethereum’s performance is impressive and up four percent in the last 24 hours. Their revival translates to a three-day bull reversal pattern off our minor support line at $135 validating our previous trade plan. In our last ETH/USD price analysis, we had said any firm close below $130 or Mar 5 lows nullifies our bullish stand and could even catalyze a sell-off towards $100.

Luckily, that didn’t happen. However, traders should take a neutral position until after there is confirmation of today’s bar. That demand a firm close above $150 or Mar 16 highs before traders can begin ramping up, buying on dips with first targets at $170.

Note that despite this revival, ETH prices are actually in consolidation within a tight $15-20 range with caps at $130-35 and $150.

Technical Indicator

Mar 15-16 volumes average 180k and although ETH prices trended lower before today, accompanying volumes were low—average 110k. Therefore, for confirmation of today’s bulls, any sharp break above $150 must have high trade volumes exceeding 302k of Mar 5 or even 880k of Feb 24.

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.

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