Ethereum Must Hold Current Range to Remain Macro Bullish
If Ethereum holds prices around $350 as support on a macro time frame, Ethereum is set to explode higher towards $700 over time, analysts say.
One crypto-asset trader recently shared the chart below.
It shows that over the past two years, the $350 region has been pivotal for ETH. In 2017, it acted as a launchpad for the rally to $1,400. Also, in the middle of 2018, this region acted as a point at which Bitcoin underwent a dead cat bounce.
Chart of ETH's price action over the past few years with a Renko candle analysis by crypto trader Cold Blooded Shiller (ColdBloodShill on Twitter). Chart from TradingView.com
Ethereum Hash Rate Sets All-Time High
Supportive of ETH growth is the hash rate of the Ethereum network.
As reported by Bitcoinist previously, the hash rate of the Ethereum network recently hit an all-time high above 250 terrahashes per second. This is a reading slightly above the all-time highs seen in the middle of 2018, when the metric tapped 250 terrahashes, then declined dramatically as prices dropped.
Chart of ETH's hash rate since the start of Janaury 2017 from CoinMetrics, shared by CoinMetrics. Unit on the left is terrahashes per second.
Building off the growth in Ethereum’s security are on-chain scaling solutions, which benefit from the increase in hash rate. Leading developers in the space are announcing second-layer solutions such as testnets built on ZK Rollups and Optimistic Rollups.
Analysts are optimistic that these technologies will dramatically increase Ethereum’s utility, driving prices higher.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com As Long as Ethereum Holds $350 Range, It's Set to Double: Analyst
Originally from Bitcoinist.com https://ift.tt/377ZMAW
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.