- Ethereum prices up but bears may stage a comeback
- Decentralization effectively neutralizes threats
Jimmy Song, a Bitcoin supporter, asked a question on matters touching decentralization and Vitalik answered him correctly. In a system with no attack vectors that to complete distribution, the will of the people wins. It may be why most projects launch their dApps from Ethereum (ETH) driving demand and prices.
Ethereum Price Analysis
Competition may be heating up. All the same, Ethereum is the indisputable king of smart contracts, and the native currency is the second largest by market capitalization. With a technical and firm leader spearheading the project, Ethereum is unassailable, decentralized and above all, attractive for projects.
In a recent study by Dapp.com, it is evident that despite what competitors like Justin Sun’s Tron and EOS put on the table plus a scalable platform, most are gravitating towards Ethereum thanks to security, distributions, and levels of development.
Even so, most of these dApps are low in activity leaving gambling apps to dominate in Tron and EOS. Aside from network and dApp activity, unlike Bitcoin with a faceless leader, every minor detail about Ethereum is focused on Vitalik Buterin. He may not be the leader—as the network is decentralized but can be referred to because he conceived the idea.
However, Jimmy Song, an outspoken educator and supporter of BTC, is now asking an “honest” question asking the community what would happen if “US court orders Vitalik to hard fork ETH to allow people who lost money on the parity bug to recover it.” It got the attention of Vitalik, who dug up his archives, revealing how he tackled a similar question in the past while highlighting that even in the face of threats, decentralization always wins.
Honest question: what would happen if a US court orders Vitalik to hard fork ETH to allow people who lost money on the parity bug to recover it? Further, what happens if Vitalik refuses, is found in contempt and starts sitting in jail?
— Jimmy Song (송재준) (@jimmysong) April 11, 2019
From the charts, Ethereum (ETH) is up 4.3 percent in the last week. Even so, traders should note that ETH bulls are not entirely on the clear. If anything, should prices collapse below $150 reversing Apr 2 gains then up-thrust above $170 would automatically be a false breakout.
In such a scenario, ETH would most likely melt back towards $135 as bears of Feb 24 once again hound traders, crashing stops in a cascading effect.
At the moment and thanks to an upbeat market, traders are bullish. However, for that assertion to be true, then we need a firm close above $190. That will confirm bulls of last week in a trend continuation phase.
For the above to hold true, accompanying volumes driving ETH above $190 ought to be with high transaction volumes. Ideally, that demand a spike in participation levels above averages of 384k, 575k of Apr 2 and most importantly, 880k of Feb 24.
Chart courtesy of Trading View