Ethereum (ETH) in Free Fall, Down 34% Following Bitcoin Cash Idea
Ethereum (ETH) slides 34 percent as bears step up
Bitcoin Cash may be used to temporarily solve Ethereum’s scalability problems
Ethereum Price (ETH) Recovery Could Face Hurdles Near $190-$195
Friday August 16, 2019
ETH price declined to a new monthly low at $173 and recently recovered against the US Dollar. There was a break above the $180 and $182 resistance levels. This week’s followed major bearish trend...
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Vitalik has an audacious plan of integrating Ethereum with Bitcoin Cash before ETH 2.0 full activation. However, there is resistance from some quarters with a majority against his idea. In the meantime, bears are in full throttle as ETH slumps 34 percent from last week’s close.
Ethereum Price Analysis
Regardless of how Ethereum supporters try to scrutinize the platform’s performance, everything will boil down to scalability. Striking a perfect balance and ticking all the boxes satisfying the requirements of the blockchain trilemma is hard.
Therefore, while the developer community agitates for scalable networks, it all about making good choices. Presently, Vitalik and team chose decentralization and security over scalability. Limiting as it is, that is not stopping project managers from flocking and launching dApp from the platform. And Joseph Lubin, in an interview, said the network, despite challenges, has to some extent scaled:
“So, I think we’re at many tens of thousands of decentralized transactions per second on the Ethereum network right now. And another point that I believe is that we’ve got all this scalability for specific use cases.”
Therefore, the idea that Vitalik is putting forth is off-putting for Ethereum developers. While it could work considering Bitcoin Cash recent hard forks and their working towards inherently scaling the network without layer two options like in Bitcoin, his choice didn’t bode well with developers. Francis Pouliot said Vitalik’s proposal is an admission of failure:
“The shitcoin has hit a three-year low versus Bitcoin. The founder has all but declared the project a failure today by proposing a humiliating BCash integration to delay the (yet unsolved) scalability crisis.”
Falling Renminbi Serious Use Case for Bitcoin: DBS Chief Economist
Wednesday August 14, 2019
A weakening Chinese Yuan (Renminbi) is helping to fuel the bullish sentiment of bitcoin, according to Taimur Baig of DBS’ Singapore unit. The chief economist told Financial Times that the recent run-up in the...
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Presently, the cryptocurrency scene is all red. Leading the plunge are periphery altcoins. Compared, ETH performance, considering its liquidity, is worse. Printing double-digit losses in the last week, bears are firmly in charge.
Note that despite the optimism, the fact that prices are now trading below the $230 support and sell trigger is a mark of bears. As such, and in line with previous ETH/USD trade plans, every pullback towards $230, which is previous support now resistance, is an opportunity to unload the coin at higher prices.
Ideally, and in a typical move, better reloading opportunities will be at $190 and $150 if sellers’ momentum is high.
Anchoring this trade plan is May 16 bull candlestick. With high trading volumes of 822k, the bar is visible and leading. Therefore, signaling the end of a retest will be a wide-ranging bull candlestick reacting either at $170-$190 support zone or $150 which is April low, distinct with high participation preferably exceeding 822k of May 16.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Ripple Joins Bitcoin and Ethereum In Gaining Regulatory Clarity in the UK
Wednesday August 14, 2019
While regulatory uncertainty permeates the crypto industry currently due to the United States suddenly taking an aggressive and negative stance against the digital asset class, in the UK, Ripple (XRP) has gained sudden clarity...
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