Despite Dropping, Ethereum (ETH) is Bullish and May Even Be a Store of Value

Ethereum (ETH) prices drop 5.5 percent from $170
The development of Ethereum 2.0 will reinforce ETH

All Eyes On $8,000: Why Bitcoin Needs to Clear This Crucial Level
Thursday March 26, 2020

Over the past few weeks, Bitcoin has performed surprisingly well, rallying as high as $7,100 (on Bitstamp) just days ago, surging higher from the $3,800 bottom seen during the March 12th to 13th capitulation....

The post All Eyes On $8,000: Why Bitcoin Needs to Clear This Crucial Level appeared first on 12bitplay - Bitcoin Play.

Despite competition and the threats of Binance Chain, Ethereum will leverage on their first mover advantage as a time-tested platform and recover. Besides, the promise of Ethereum 2.0 and implementation of EIP 1234 means scarcity and ETH holders would be the primary beneficiaries.
Ethereum Price Analysis
Fundamentals
That Ethereum is enjoying a first-mover advantage in a field that is already crowding with competitors offering faster and cheaper alternatives is correct. Entrants like Tron, EOS and now Binance Chain may prove too “speedy or scalable” for a platform that is already grappling with scalability and dApps shifting camps thanks to VMs that are compatible with open source Ethereum.
Although plans are there to increase the throughput of the network via Shasper for example, similar platforms as Tron and EOS are operating with irresistible offers as well as a scalable network though with a tinge of centralization thanks to consensus algorithm deployed.
Even so, there is hope, and as Ethereum seek to migrate from a proof-of-work to a proof-of-stake system, the activation of Constantinople was at the back of consensus that mining rewards would fall from three to two in readiness of a freeze that will not only see rewards decrease but inflation drop to 0.5 percent during Serenity.
In the short-term, this may disadvantage or even dis-incentivize miners, but in the long-term, odds are, Ethereum (ETH) prices could soar thanks to scarcity—both in rewards and inflation, better placing the second most valuable coin as a perfect store of value with smart contracting capabilities, better than Bitcoin.

Bitcoin Mining Sell Pressure Waning, Supply Shock To Drive Massive Price Increase
Friday March 27, 2020

The recent price action in Bitcoin has been particularly devastating to miners who had to turn off their expensive to operate machines after the price of the cryptocurrency fell below the cost of production....

The post Bitcoin Mining Sell Pressure Waning, Supply Shock To Drive Massive Price Increase appeared first on 12bitplay - Bitcoin Play.

1/ Why ETH is positioned to be a Store of Value (SoV)
It’s been said that ETH attracted temporary reservation demand and hoarding because investors needed a store of ETH to participate in the many ICO’s in 2017, but now that demand has dried up, dropping the price of ETH 90%.
— James Spediacci ⟠ (@JamesSpediacci) March 17, 2019

Bitcoin Paints Two Extremely Bearish Patterns: Death Cross and Double Top
Wednesday March 25, 2020

Bitcoin prices rallied Wednesday to reach an intraday top at about $6,983 but the move did not improve its bearish outlook for the rest of the month. The bitcoin-to-dollar daily chart saw the formation...

The post Bitcoin Paints Two Extremely Bearish Patterns: Death Cross and Double Top appeared first on 12bitplay - Bitcoin Play.

Candlestick Arrangements

Changing hands at $165 with a market cap of $17,372 million, Ethereum (ETH) is under pressure and cracking. It is down 5.5 percent in the last 24 hours. Even so, it is not as positive despite the coin trading within a bullish breakout pattern.
First, it is clear that sellers of Apr-11 are in control. That is so because, from an effort versus result point of view, buyers didn’t fully reverse losses of Apr-11. Besides, although trending above $170 in a bullish breakout pattern, accompanying volumes were low and prices didn’t rally above $190 confirming buyers of Apr-2 setting in motion the next wave of higher high propelling prices towards $250 as laid out in our last ETH/USD trade plan.
Even so, any drop below Apr-15 lows at $155 could see ETH collapse back to $135 or Apr-2 lows in a retest before trend resumption.
Technical Indicators
Average volumes stand at 181k in a bullish breakout pattern. Ideally, ETH buyers would be back in control if prices edge past $190 with high volumes exceeding 575k of Apr-2 or even Feb-24 at 880k in a bullish breakout pattern that will trigger participation as prices rally to $250.
Chart courtesy of Trading View
The post Despite Dropping, Ethereum (ETH) is Bullish and May Even Be a Store of Value appeared first on NewsBTC.

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