Ethereum Price Analysis: ETH Soars This Week Adding 10.5% But The Future Is Even Brighter In Serenity
Today’s Ethereum (ETH) News
Truth is, there is more to what Ethereum is. Envisioned as a World’s computer where decentralized applications controlled by smart contracts could be built, Ethereum has evolved into an indispensable and truly decentralized network.
Combining its capabilities with globally distributed developers keen on thrusting the network towards its goal, Ethereum is not only shaking off competitors by cementing its position as a go-to platform but slowly but surely, the network is an emblem of true development and grit.
Because of Ethereum, there is a native currency that is not only a facilitator within its ecosystem but acts a store of value. ETH is money and with on-chain developments, there are many processes that can be done meaning in the future, the network would act more like a platform for lending, saving and trading as true value is generated from the platform.
Towards Ethereum 2.0, developers are actively tackling the scalability problem and once done, the shift from proof of work to a proof of stake will translate to better energy efficiency. Of the many processes, Decentralized Finance (DeFi) projects will benefit the most and Mariano Conti, the founder of Maker DAO, while talking to CoinDesk via email said:
“I honestly believe that even if Ethereum 2.0 is significantly delayed, what we have right now is good enough for proper Decentralized Finance in the next three or four years. I expect more companies paying their employees streaming salaries in DAI. … I also expect (dread) the first big DeFi hack to happen soon, and this’ll be something to watch out for.”
ETH/USD Price Analysis
1 ETH/USD =$3,791.5680 change ~ -6.37%
Up 10.5 percent in the last week, buyers are back. After a period of extended consolidation, ETH prices are in an uptrend and retesting the main resistance level at $230. Given the explosion of BTC prices ahead of next year’s halving, ETH will likely edge higher following Aug 4 upthrust at the back of decent trading volumes.
Presently, prices are printing higher, rebounding from the lower BB and trading above the 20-period Moving Average clear in the daily chart. Besides, note that yesterday’s bar had a long lower wick indicating demand in lower time frames.
Because of candlestick arrangement of the last few days, bears chances are slim now that the likelihood that prices will close above the $230 with increasing volumes and thereafter band along the upper BB is high.
Risk off traders can buy the dips and place a fitting stop order below Aug 5 low. On the flip side, risk-averse traders can wait for a conclusive close above $230 before loading the dips with first targets at $300.
Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your due diligence.