Ethereum is an open-source, distributed software (i.e. a blockchain-based platform that lets developers build and use decentralized applications, called DApps). Ether, a cryptocurrency developed on Ethereum, is used as the platform’ s currency which is widely used, like Bitcoin.
Ethereum has a current market price of $180.30 USD at the time of writing. Its market rank #2. Currently, the market capitalization of Ethereum is $19,589,259,040 USD. The all-time peak value of Ethereum was $1,432.88 USD, on Jan 13, 2018. Its lowest value of all time was $0.420897 USD, on Oct 21, 2015.
Ethereum has seen a growth of 0.33% today against Bitcoin. At $180.37, it’s down 3.39% from yesterday. Like Ethereum, and Bitcoin, most other cryptocurrencies on the market are trading lower at this time.
What is Ethereum’s Market Potential?
ETH/USD faces strong resistance at $187 and the benchmark of $190, with an opportunity to have an upside spike, while its peers fell sliding downwards. Ethereum is currently holding above the $180, $182, and $185 support levels.
CryptoNewsZ predicted that ETH coin stocks will trade in the ‘strong buy’ phase even after trading around the primary resistances formed.
Aayush Jindal is a well-known name to those who have dabbled in the realm of crypto trading. In his opinion, most of the technical indicators, including the hourly Moving Average Convegence/Divergence (MACD), are struggling to gain strength due to the currency’s moving convergence & divergence, whereas the RSI is now just below the 50 level. The relative strength index (RSI) is intended to chart the current and historical strength/weakness of a cryptocurrency based on its recent closing price in the market.
Moving Toward Ethereum 2.0
As Ethereum has been supported by the decentralized autonomous organization (DAO). On 17th June 2016, someone exploited a DAO loophole, which caused Ethereum to lose $50 million.
To combat this, the Ethereum Foundation decided to use the technique of a hard fork. But some people decided to stick with the older version, which they call Ethereum Classic.
Ethereum 2.0 is expected to launch at the end of 2019. Ethereum 2.0, based on a Proof-of-Stake consensus and sharding, will be more secure and perform more transactions in a second. Shifting ETH from the Ethereum blockchain to the Ethereum 2.0 blockchain may be possible in the early months (or years) after launch.
Ethereum is one of the strongest cryptocurrencies on the market and will likely be stronger after the implementation of ETH 2.0.