Ethereum price has consolidated below the $200 resistance against BTC. The coin’s price is approaching a significant break and may make a big move above $199. This positive momentum may receive a boost from the recent new developments.
Ethereum price is approaching a significant break
In the past few days, Ethereum traded in a tight range above the $195 support against the USD. However, ETH price seems to be preparing for the next major move above $200. This is shown by the 4-hours chart of ETH/USD which indicates that the price tested $210 levels on many occasions and recovered higher. The coin’s price moved above the 23.6% Fib retracement level of the last slide from the $202 highs to $195 lows.
News and developments
Back in 2014, the first vision of what Ethereum would come to be was presented at a small gathering in Berlin called DevCon 0. Fast-forward 4 years later, and Ethereum has become the second largest cryptocurrency by market cap, and is the most popular blockchain among developers. With 94 of the top 100 blockchain projects built on Ethereum, there’s no question of Ethereum’s dominance as a blockchain platform.
Some new developments such as the announcement of the new Ethereum blockchain scaling solution called Serenity” was revealed at DevCon 4 on 31 October. Before this announcement was made, Buterin, the platform CEO said:
“Serenity is a realization of all these different strands of research that we’ve been spending our time on for the past four years. This includes Casper-not just hybrid Casper 1005 organic, genuine, pure Casper.”
This is basically the creation of a new blockchain that will be fully compatible with the existing Ethereum blockchain. Once this new blockchain is tried and tested, all the DApps and data from the existing blockchain will be folded onto a share of the new chain.
Do you see Ethereum’s price breaking higher?
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