Latest Ethereum News
Talk of scalability, software upgrade, and Constantinople dominate the Ethereum space. And there is a good reason for this. To begin with, the network angles to become the world supercomputer and with a Turing complete virtual machine in place, it is only a matter of solving the greatest hurdle facing Ethereum and bring back use—scalability.
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We had a taste of it early this year with Crypto kitties and as the network trudge towards implementing fitting solutions, the community was somehow split but consensus has been reached. Constantinople will be implemented mid-January and with it, Ethereum will only be two hard forks away from Serenity. Perhaps with this, we shall have a reinvigorated community that will perhaps lift prices from current lows.
Also Read: CoinBase Continues with “12 Days of CoinBase,” Offering USDC Stable coin Support for Day 7
Note that recent statistics indicate that though Ethereum is one of the fastest growing platforms in the space, it is still grappling with a drop in active addresses. Statistics indicate that activity sank 68 percent from January peaks. As a result of this decline, the total number of processed transactions dropped 55 percent from 1.3 million transactions processed on average back in January to sub 500k allowing the resurgent Tron to make a comeback eclipsing it on the number of daily average transaction processed.
But, if all things tow according to plan—regulator wise– and Casper FFG and Sharding is successful, transactions might recover as ETH prices rise with it.
Ethereum (ETH) Price Analysis
ETH/USD Daily Chart
Prices are recovering and after 12 months of momentum-sapping lower lows, ETH is up 6.8 percent against the USD in the last day at the time of press. Thanks to yesterday’s development we now have a three-bar bull reversal pattern after ETH found support at $83 or Dec 16.
Here’s the thing: ETH/USD is trading within a bear breakout pattern after mid-Nov 2018 crash and unless otherwise there are gains above $160, bears are technically in charge at least for conservatives.
However, before prices near double, aggressive bulls should find opportunity once ETH expands above $100 triggering a short-term bull towards $130.
ETH/USD 4HR Chart
Still, ETH/USD is trading within a bear breakout pattern of Dec 6. As laid out in previous trade plans, we need a solid high-volume break and close above $100 as mentioned above.
At spot prices, none of our trade conditions have been met and unless otherwise, we shall still retain a bearish preview in a bear breakout retest phase. On the reverse side and prices surge above $100, our ETH/USD trade plan will be as follows:
- Buy: $100
- Stop: $90
- Target: $130
All Charts Courtesy of Trading View
The views and opinions expressed in the article ETH/USD Up 6.8 Percent, Targets at $130 do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.