Price Action Favor Ethereum (ETH) Bulls, Joseph Lubin Not Happy
- Ethereum (ETH) add 12 percent in the last week
- ConsenSys founder not happy with the proposal of a complete overhaul
In a public chain, development is slow, and that is what is bogging down Ethereum. However, the idea of improving everything disappoints Joseph Lubin, the founder of ConsenSys. Joseph is upbeat and an Ethereum (ETH) bull maintaining that prices will increase 1000 folds in three years.
Ethereum Price Analysis
There is optimism around Ethereum. Not only is this innovative platform decentralized, with a team of developers willing to take it to the next level, but it is the network’s value proposition and their approach towards coin emission and inflation control that is interesting.
Over time, Ethereum will shift from a proof-of-work to a proof-of-stake consensus algorithm. Then, the network would, if there is proper implementation, be scalable and secure. That alone is positive and with Vitalik Buterin affirmation, the path of least resistance in Ethereum (ETH) evolution towards an alternative store of value, is northwards.
Even so, Joseph Lubin, the founder of ConsenSys is not happy. Although Diar reports that Ethereum is firing from all cylinders, registering an uptick of volumes which took it to new highs, that there is a need for “improving virtually everything” is deflating. While talking to the Chain Reaction podcast’s founder, Tom Shaughnessy, Lubin said:
“It could be argued that [Ethereum is moving] too slowly as an ecosystem… Certainly, everything about Ethereum needs to improve, and there are lots of people that are working to improve virtually everything about Ethereum.”
Nonetheless, and despite his disappointment, the entry of big players as Samsung, Amazon, and others would demand a flawless network that is scalable, outperforming competitors.
At spot rates, Ethereum (ETH) is up 12 percent from last week’s close. However, like in our iterations, we expect prices to edge higher in coming days partly because of Bitcoin’s resurgence—they have a positive correlation—and mostly because of fundamental factors.
However, even if prices are edging higher, buyers’ demand is yet to drive prices above Apr-8 highs in a trend resumption phase confirming buyers of Apr-2. Already, Ethereum (ETH) prices are bouncing off the 78.6 percent Fibonacci retracement level.
Typical of Fibonacci retracements, reaction at such levels often leads to a retest of recent highs. It is for this reason that we expect ETH prices to retest $190 before the next wave propels prices to $250 or higher as laid out in our ETH/USD trade plans.
The trend is up, and as such, our anchor bar is Apr-25. Although it is bearish and bulls are in control, accompanying volumes are low. In that case, a comprehensive close above $190 must be with higher volumes above 160k in a breakout signaling trend continuation.
Chart courtesy of Trading View
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