A top analyst suggests that ETH price still has the opportunity to see some considerable upside
Bitcoin’s price may drop by 50% from an all-time high, but things are even worse for Ethereum. Even after the ETH price increased by about 175% from the low of March, this cryptocurrency still has the opportunity to see some considerable upside.
Some analysts still believe that ETH price will have a chance to rise
ETH’s irreversibility is a death knell for Ethereum cows. Nevertheless, ETH still has a chance to see some positive sides. In it, according to Brave New Coin analyst Josh Olsewicz, Ethereum’s one-week chart is showing signs of flickering to increase 200 percent to $ 750 in the coming months.
According to the chart below, it seems that the ETH price has joined the key of the Ichimoku Cloud resistance that is shaded in red.
Chart of Ethereum’s macro price action | Source: Brave New Coin analyst Josh Olszewicz
Olszewicz remarked:
“One-week Ethereum chart. End to end to $ 750 triggers within the next few months probably.”
Moreover, advocating positive techniques are the fundamentals, beneficial for Ethereum cows. That’s also the opinion of cryptocurrency analyst Ryan Watkins at crypto data firm Messari.
He said:
“In short, Ethereum is being used more than ever, and in just two years, Ethereum has evolved from a blank canvas to an agglomeration of novel forms of value and use cases.”
The increasing use of blockchain is fundamentally positive for ETH because, according to analysis, the transaction fees received by Ethereum miners are closely related to the movement of cryptocurrencies. If the use of the Ethereum network spikes, then the price of ETH also has a chance to grow.
However, one of the factors that helped ETH increase in price is the growth of Bitcoin. Because when Bitcoin increases, usually Ethereum and other Altcoins have a closer connection.
As AZCoinNews reported, Bitfinex’s order book data is showing that there is clear support at $ 9,500. This is important as order book data has been critical in predicting swings in the price of the cryptocurrency over the past few years. The order book data supported Bitcoin when it was trading in the $ 4,000s in March, while it also nailed the $ 10,500 highs seen over the past few weeks.
Cryptocurrency analyst Ethereum Jack predicts that the cryptocurrency market will see a V-shaped bottom on the day Bitcoin has fallen to the recent $ 3,700 level. In it, a fractal in financial markets is when a period of price action is seen again for another asset and/or on a different time frame.
Bitcoin fractal chart | Source: Cryptocurrency trader Ethereum Jack
Ethereum Jack stated:
“Scary fitting fractal from EO 2016 Cut of the top part to not trigger anyone If we see anything like it… inverse capitulation becomes real.”
Ethereum 2.0 has “Fatal Flaws” in the way staking ended up being implemented
Konstantin Kladko, a SKALE network developer with a PhD in Math and Physics, has argued:
1/3 Well, Vitalik, @VitalikButerin I explained it in a separate tweet?
What 1-way bridge means is you DESTROY 32 ETH1 when you stake.ETH2 is going to be less than ETH1 because there is no way transfer back. If ETH2 = 0.5 ETH1, validators will IMMEDIATELY lose 50% of money
— Konstantin Kladko (@Stan_Kladko) June 2, 2020
When asked by Ethereum co-founder Vitalik Buterin what these flaws might be, Kladko said that the 1-way or unidirectional bridge (due to the upgrade) will mean that you DESTROY 32 ETH1 when you stake.
He added:
“ETH2 is going to be less than ETH1 because there is no way transfer back… [which means] validators will IMMEDIATELY lose 50% of the money.”
Last month, BitMEX, a leading cryptocurrency derivatives exchange, published a blog post in which it noted that the launch of ETH2 may not be as important of an event as it sounds.
The post explained:
“Initially, Ethereum 2.0 will mostly operate as a test network for the new proof of stake consensus system. Most of the economic activity and smart contracts will remain on the original Ethereum network, which will continue to exist as a parallel system to Ethereum 2.0. There will be a one-way peg, where Eth1 can be transferred into Eth2, but the reverse will not be possible. Given the decision to scale via sharding, we believe Ethereum has little choice other than to attempt this incredibly complex multi-year transition to a new network.”
On June 2, 2020, an anonymous user posted a suggestion on Medium about ETH2 staking on Argent, which is described as a go-to wallet for users who may be new to Ethereum.
The post’s author stated:
“The Ethereum community is very interested in what’s coming next and many users are really eager to have easy-to-use software available. It’s interesting to see that most users both during research and testing had similar needs (simplicity, retrievability, security…) and also found the same design bottlenecks.”
Read more:
- 7 Things You Didn’t Know About Ethereum 2.0
- It Seems That There Are A Few Bulls Favoring Factors That Suggest ETH Price Will See Further Upwards Momentum