{"id":379650,"date":"2019-04-24T19:00:37","date_gmt":"2019-04-24T19:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=379650"},"modified":"2024-06-11T21:14:34","modified_gmt":"2024-06-11T21:14:34","slug":"despite-dropping-ethereum-eth-is-bullish-and-may-even-be-a-store-of-value","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/despite-dropping-ethereum-eth-is-bullish-and-may-even-be-a-store-of-value\/","title":{"rendered":"Despite Dropping, Ethereum (ETH) is Bullish and May Even Be a Store of Value"},"content":{"rendered":"<ul>\n<li><em>Ethereum (ETH) prices drop 5.5 percent from $170<\/em><\/li>\n<li><em>The development of Ethereum 2.0 will reinforce ETH<\/em><\/li>\n<\/ul>\n<p><em>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.<\/em><\/p>\n<h2>Ethereum Price Analysis<\/h2>\n<h3>Fundamentals<\/h3>\n<p>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 \u201cspeedy or scalable\u201d for a platform that is already grappling with scalability and dApps shifting camps thanks to VMs that are compatible with open source Ethereum.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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\u2014both in rewards and inflation, better placing the second most valuable coin as a perfect store of value with smart contracting capabilities, better than Bitcoin.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ Why ETH is positioned to be a Store of Value (SoV)\ud83d\udcb0<\/p>\n<p>It\u2019s been said that ETH attracted temporary reservation demand and hoarding because investors needed a store of ETH to participate in the many ICO\u2019s in 2017, but now that demand has dried up, dropping the price of ETH 90%.<\/p>\n<p>&mdash; James Spediacci (@jspediacci) <a href=\"https:\/\/twitter.com\/jspediacci\/status\/35848705?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 17, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3>Candlestick Arrangements<\/h3>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-379643\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Ethereum-Daily-Chart-Apr-24.png?resize=1280%2C1024\" alt=\"Ethereum ETH\" width=\"1280\" height=\"1024\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Ethereum-Daily-Chart-Apr-24.png?w=1280 1280w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Ethereum-Daily-Chart-Apr-24.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Ethereum-Daily-Chart-Apr-24.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Ethereum-Daily-Chart-Apr-24.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Ethereum-Daily-Chart-Apr-24.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/04\/Ethereum-Daily-Chart-Apr-24.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>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.<\/p>\n<p>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\u2019t fully reverse losses of Apr-11. Besides, although trending above $170 in a bullish breakout pattern, accompanying volumes were low and prices didn\u2019t 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 <a href=\"https:\/\/wncen.com\/2019\/04\/12\/no-courts-cannot-force-changes-ethereum-eth-bullish-above-170\/\" target=\"_blank\" rel=\"noopener noreferrer \">ETH\/USD trade plan<\/a>.<\/p>\n<p>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.<\/p>\n<h2>Technical Indicators<\/h2>\n<p>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.<\/p>\n<p><strong><em>Chart courtesy of Trading View<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum (ETH) prices drop 5.5 percent from $170 The development of Ethereum 2.0 will reinforce ETH 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 \u201cspeedy or scalable\u201d 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\u2014both in rewards and inflation, better placing the second most valuable coin as a perfect store of value with smart contracting capabilities, better than Bitcoin. 1\/ Why ETH is positioned to be a Store of Value (SoV)\ud83d\udcb0 It\u2019s been said that ETH attracted temporary reservation demand and hoarding because investors needed a store of ETH to participate in the many ICO\u2019s in 2017, but now that demand has dried up, dropping the price of ETH 90%. &mdash; James Spediacci (@jspediacci) March 17, 2019 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\u2019t fully reverse losses of Apr-11. Besides, although trending above $170 in a bullish breakout pattern, accompanying volumes were low and prices didn\u2019t 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<\/p>\n","protected":false},"author":384,"featured_media":344602,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8323,1946,35181],"class_list":["post-379650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eth","tag-ethereum","tag-ethereum-2-0"],"acf":[],"yoast_head":"\n<title>Despite Dropping, Ethereum (ETH) is Bullish and May Even Be a Store of Value<\/title>\n<meta name=\"description\" content=\"Ethereum (ETH) prices drop 5.5 percent from $170 The development of Ethereum 2.0 will reinforce ETH Despite competition and the threats of Binance Chain,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/\",\"https:\/\/x.com\/Dalmas_Ngetich\"],\"url\":\"https:\/\/wncen.com\/author\/dalmasngetich\/\"}]}<\/script>\n","yoast_head_json":{"title":"Despite Dropping, Ethereum (ETH) is Bullish and May Even Be a Store of Value","description":"Ethereum (ETH) prices drop 5.5 percent from $170 The development of Ethereum 2.0 will reinforce ETH Despite competition and the threats of Binance Chain,","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/despite-dropping-ethereum-eth-is-bullish-and-may-even-be-a-store-of-value\/","og_locale":"en_US","og_type":"article","og_title":"Despite Dropping, Ethereum (ETH) is Bullish and May Even Be a Store of Value","og_description":"Ethereum 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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