Ethereum (ETH) Bulls Shaky, Close Above $400 Vital
- Ethereum (ETH) prices are stable
- Interoperability will be overarching in days ahead
Developers are working to address the scalability pain points. Meanwhile, Ethereum Classic developers are lining up two hard forks in the course of the year to make their dApps compatible with Ethereum’s in a hallmark move highlighting the significance of interoperability.
Ethereum Price Analysis
Increasingly, innovation is only one stage of the winding road to success. Forging alliances, on the other hand, guarantees visibility. Jostling for funds is one part of the equation. Then again, the said funds must be used to facilitate the building of a reliable platform precisely as described in the white paper. Failure guarantees a time in the coolers.
Many founders of ICO projects in 2017 and early 2018 continue to pay a heavy price for their attempts to swindle well-meaning investors. Luckily, the space is maturing, and legislatures are drafting fitting regulations to flush out scams. As serious investors consider channeling their millions to different projects, Ethereum Classic is refining Atlantis.
According to ETC Labs core developers, the upgrade brings about interoperability. Without collaboration, there is fragmentation. That is a friction in a world that is referred by most as a global village.
On their part, Ethereum is addressing scalability. Through several updates culminating to Ethereum 2.0, developers hope to strike a perfect balance between scalability, security, and decentralization while improving efficiency benefiting the community.
Price wise, it is exigent for ETH bulls to maintain its upward moment. For simple reasons. ETH prices are at a crucial point, retesting a vital resistance level from a top-down point of view.
While bulls are in control, yesterday’s draw down pours cold water to possible upsides. Because of yesterday’s resistance for higher highs, there is a double bar bull reversal pattern. Marking that is an extensive bear bar correcting the overvaluation of June 26 bull bar.
Then, the candlestick close was above the upper Bollinger Band (BB), meaning there was a level of overpricing of ETH forcing retracement as price action seeks for equilibrium.
Prices will likely edge lower in days ahead. Therefore, every high is a selling opportunity with targets at $230 and $170 if ETH prices drop by half.
From above, swelling trade volumes driving prices exceeding those of June 26 shall indicate trend continuation. Ideally, this spike in participation should drive prices above a recent high of $365 as buyers take back control.
Chart courtesy of Trading View. Image Courtesy of Shutterstock