Ethereum Foundation’s Determination is “Very” Bullish for ETH

Dalmas Ngetich

6 years ago

2 mins read

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Ethereum (ETH) up 15.8 percent
$30 million set aside for Ethereum’s ecosystem development

The Ethereum Foundation appears to be fast-tracking Ethereum 2.0 development after committing $30 million. Once Ethereum 2.0 activation, ETH bulls will benefit, and prices may soar back to their all-time highs.

Ethereum Price Analysis

Fundamentals

Overly, Bitcoin price expansion in the last seven weeks or so was beneficial for altcoins, especially Ethereum (ETH). In May alone, the second most liquid asset rallied 55 percent after sinking to $75 in Dec 2018. However, with streams of supportive fundamentals and determination of the Ethereum Foundation to roll out Ethereum 2.0 on time could be the momentum behind Ethereum (ETH) price resilience.

Towards achieving their objectives, the Ethereum Foundation is committing $30 million over a year saying the funds will primarily cover ecosystem development with a focus on layer-2 solution Plasma, their key developers and maintenance of Ethereum 1.0.

As the race for scalability heats up, it is inevitable for Ethereum to continuously improve its source code now that recent findings reveal that albeit the low throughput, the platform has a mature ecosystem while active developers keen on ensuring the network remains decentralized and distributed as possible.

Of the $30 million, $19 million will go towards building an excellent platform, the “Ethereum of tomorrow” opening up smart contract languages and putting more research towards the eventual implementation of zero-knowledge proofs that Vitalik had said would concurrently scale Ethereum without opting for layer-two solutions or shards.

Candlestick Arrangement

Up 15.8 percent in the last week, Ethereum (ETH) bulls are steadfast and in control. Even though we are definite, expecting prices to rally past our resistance lines at $275 towards $300, prices are consolidating within a $25 range inside May 19th high low which is bullish now that the uptrend is clear.

Therefore, unless otherwise, prices breach $275 reversing losses of late last week in a trend continuation phase complete with high participation levels hinting of underlying momentum, then conservative traders ought to stay on the sidelines until our trade conditions are valid.

Before then, aggressive traders can search for undervaluation in smaller time frames and load up on dips with stops at $230. From our last ETH/USD trade plan, any drop below May 19th low invalidates our bullish outlook giving room for a retracement, a retest, towards the $170 to $190 support zone.

Technical Indicators

As a result, our anchor bar is May 19th bull bar with 271k in volumes. Breaks or drops below $275 or $230 must be at the back of high transaction volumes above 271k or preferably 822k of May 16th.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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.