Ethereum Gives Strongest Positive Signal in Over 18 Months, Trader Says ETH/USD to Massively Outperform BTC

One of the big four accounting firms, Ernst & Young has declared its ambitious plan for Ethereum. The multinational professional company is rolling out a free software designed to help corporate clients use the Ethereum blockchain.

EY announced on Tuesday that its internally code-named Nightfall protocol has been developed by the firm’s more than 200 blockchain developers over the last year and will be published in May.

The protocol was created for use cases like food tracing, supply chains, public finance, and transactions between branches of a company.

This is one of the strongest positive signals Ethereum has had over the past 18 months. Incredible. https://t.co/t0Chp8vobk

— Spencer Noon (@spencernoon) April 17, 2019

Nightfall is further taking advantage of the technology called zero-knowledge proofs to allow private transactions on a shared ledger. For this, instead of a private network, the software of the consulting firms is intended to run on top of the public network Ethereum.

Moreover, it further aligned with the ethos of the crypto community as it is open-sourcing the code with no license at all.

“We want to maximize adoption and community involvement, we want people to adopt it, and adapt it, and improve it.” said Paul Brody, EY’s global innovation leader for blockchain. “If we retain ownership, people may not invest that much time and energy in something they might not control. The cleanest way to make everybody use it is just to give it away with no strings attached.”

However, it wasn't an easy decision as Brody shared,

“A year of coding work. This is a million dollars worth of stuff we’re giving away.”

Only A Matter Of Time Until Market Goes On Another Run

On the pice front, the second largest cryptocurrency by market cap of $18 billion has been trading at $171.75 with ETH/USD seeing 24-hours gains of 3.26 percent, at the time of writing.

Though Ethereum is up only 28 percent year to date, unlike Bitcoin that is up 41 percent or Litecoin that have risen more than 150 percent since the year started, looks like major gains are coming for ETH.

Experts are expecting an uptrend for Ethereum price as a market analyst and trader Benjamin Blunts shares ETH chart with an arrow reaching for just below $250 well before June and then further going for $300 in the next few weeks after that.

“I think it's only a matter of time until this market really goes on another run. Lotta permabears out there gonna get really salty watching this from the sidelines.”

Just like Blunts, crypto trader, Credible Crypto sees major gains ahead for Ethereum that would have it outperforming the leading cryptocurrency.

“Stop buys triggered, downside invalidation hit! Looks like our correction is complete and our Wave 3 has started! It's go time. ETH/USD pairing should now massively outperform BTC.”