Posted 6 months ago | by @devadmin
Ethereum has been hampered after hitting its pivotal highs of $420 earlier this week. ETH is now trading at $404.05, failing to break higher even as Bitcoin is trading above $13,000K.
Despite the mixed price action, analysts think ETH remains bullish at least for now. One crypto-asset analyst shared the Ethereum chart below on October 25th in a tweet. It shows that Ethereum remains in consolidation below a pivot level. Even still, the uptrend still seems to be intact as ETH holds the $400 support region:
“We got the move everyone wanted. Now price meets the resistance of Sine upper band. Today’s candle shows already a small lower shadow. Some retest around 396/400 might be necessary to break above the band like end of July, but uptrend on track!”
We got the move everyone wanted
Now price meets resistance of Sine upper band
Todays candle shows already a small lower shadow
Some retest around 396/400 might be necessary to break above the band like end of July, but uptrend on track! pic.twitter.com/2FLKb2ZD88
— Trading Cyclist (@FullGasTrader) October 25, 2020
One bullish piece of recent news includes on-chain metrics which show that the Ethereum network is processing more than double the transaction volume of Bitcoin, and is on-course to process $1 trillion dollars in volume this year. If Ethereum reaches that milestone it will make it the first blockchain to process $1 trillion in a single year.
According to crypto market data aggregator Messari, the 30-day rolling daily average for Ethereum transaction volume is currently $7 billion, with Bitcoin processing less than $3 billion, Cointelegraph reported.
If the current trend continues, Messari predicts Ethereum will become the first public blockchain to settle $1 trillion in transfers over a calendar year.
Ethereum’s progress has been so incredible that it will likely becomes the first public blockchain ever to settle $1 trillion in a year. pic.twitter.com/2TsU8GbPJk
— Ryan Watkins (@RyanWatkins_) October 21, 2020
However, Ethereum does have some hurdles to overcome and news that is less favorable for the number two cryptocurrency.
As first reported by CoinDesk, Ethereum Foundation researcher Danny Ryan commented that the ETH2 deposit contract may be pushed back to November due to audits.
Commenting on the Bankless podcast, hosted by Ryan Sean Adams and David Hoffman, Ryan commented on the matter:
“This library is critical to creating keys, signing messages. Critical, in early phases, [means] that if you use this library, they need to be secure; if you use it to generate your wallets, it needs to have good randomness; and if you are signing your deposits which have a signature associated, it needs to be correct,” Ryan said. “Given that how critical this library is, and given that, if there is a fundamental error in this library we could f*ck some sh*t up in terms of genesis deposits, that is the blocker,” he said.
There are also other Ethereum researchers and developers that think there will be a further delay between the publishing of the deposit contract and the actual launch of the chain.
Bitboy Crypto has previously said that most of his holdings are in Ethereum and not Bitcoin betting big on the number two cryptocurrency during the coming bull run!
Ethereum is currently trading at [FIAT: $402.77] DOWN -1.2% according to Coingecko at the time of this report.