Ethereum Promises to Break the Three Hundred Barrier, But Is $300 ETH/USD Realistic Yet?
The cryptocurrencies are here to stay and that assertion seems to be felt in the market in the midst of a storm-plagued by negative macroeconomic data, global recession, oil conflicts and a relentless trade war that has generated the case in traditional markets.
Although Bitcoin has been oscillating between levels slightly higher and lower than the band of eight thousand dollars, it is no less true that it has found firm support to maintain its historical maximum in eight months and everything seems to indicate that a new ascending parabola is drawing from this level.
Transactions at 21 higher in the Bitcoin chains and the main altcoin, Ethereum, had a rebound of + 5.8% and + 16.0% compared to last week. This indicates the high activity that the crypto space is having, where the protagonists are not only enthusiasts but many investors who, faced with the complicated global economic situation, have turned their eyes towards the crypto space to recover or guard against potential losses.
Of course, this honeymoon is taken advantage of by Ethereum, which at the time of writing stays green, with + 1.12% in the last 24 hours, to be quoted at a spot price of $ 250.62 per unit, with an Average daily volume of $ 260.9 million dollars.
In the short term, the main reference altcoin has a strong upward trajectory that began on May 13 when the $ 200 barrier passed and quoted at an immediate resistance maximum of $ 278.
The wave currently drawn by ETH is predictable within the ascending channel with strong support at levels of $ 245 and a maximum of up to $ 285 possibly by the end of the week. This is a double-digit profit for that time.
To reinforce this thesis, we look at ETH's strong support at the 30-day average level, which remains unbroken at the time of writing.
On the other hand, Aroon Uptrend has started to descend towards the level of its bearish counterpart, indicating the current corrective scenario of prices to which ETH is subject.
To make matters worse, Stochastico has remained level in the limit of purchase and overbought, pending what ETH can achieve in the coming days.
In the medium-long term, ETH is even more optimistic. Its strong upward trajectory interrupted by the current spin ball is only a pattern that we have seen before at the end of last year and at the beginning of this April before ETH started longer rally bulls.
Its maximum resistance is expected to be $ 300 for half a year and current support below the line of two hundred dollars.
SAR Parabolic becomes bearish, but with strong bullish support, which can make a difference in the medium term.
The EMA 50 days is the medium-term support for the cryptocurrency and is very distant from being able to break it.
To finish, the RSI has dropped from the bullish zone, but continues at a good level, in the buying zone. Synonymous that a small bullish rally is close to occurring.
Ethereum is close to implementing its serenity improvement (Ethereum 2.0). The Ethereum Serenity update will pay the validators to secure the network instead of paying the miners. Because this update will include Sharding and Casper, many people started calling it “Shasper”, but in Devcon4 it is now formally called “Serenity”.
One of the biggest challenges in achieving a fast transaction speed for Ethereum is to reduce the data and the load that increases in the nodes. Currently, each node has to store all the data in the blockchain. Therefore, a decentralized storage mechanism that shares the data load could help make the processing of the transaction more efficient and faster.
The features included in the next update are:
Stake test (Casper): Pure PoS consensus
Scalability (fragmentation): ~ 1000x greater scalability
VM enhancement (EWASM): fast VM execution through EWASM
Improvements in cross-contracting logic (eg, Abstraction): Fastest time for synchronous confirmation (8-16 seconds). Under the asynchronous model, you should be able to treat 1 block almost at the end.
Improvements to the protocol economy: “economic purpose” (10-20 minutes)
“Layer One” solutions such as Sharding and Casper have been on Ethereum's roadmap for some years, but have been affected by multiple setbacks that have impeded significant progress on the implementation and development front. Even after these improvements, there will still be a need for “Layer Two” scaling mechanisms that provide even greater performance, private transactions, and lower transaction fees.