Ethereum price is primed to move even higher according to a top trader on Binance
According to Logan Han, a leading trader on Binance, Ethereum price is expected to climb even higher in the near term. Even though ETH is performing worse than Bitcoin, based on the technical factors playing out on the chart, this is quite possible.
Ethereum price is poised to climb to new highs
Ethereum has experienced a strong pullback since a year-to-date high of nearly $ 490. Bitcoin is currently trading for $ 345, far below the highs due to Bitcoin’s sharp correction. ETH is performing worse than BTC because this altcoin acts as a copy of BTC.
Logan Han, the top trader on Binance, is very optimistic about Ethereum’s prospects. Recently, he shared the chart below, which shows that ETH is on track to reach new all-time highs in the coming months and years.
As for why he thinks this is the case, his chart shares two main separate technical facts:
- Ethereum has formed a falling wedge pattern from the year-to-date highs. A falling wedge is a bullish textbook pattern often seen before a breakout to the upside.
- ETH managed to hold the low- $ 300s and high- $ 200s.
Chart of ETH’s price action over the past few years | Source: TradingView
However, Ethereum is likely only to hit an all-time high if Bitcoin does so. Fortunately for the bulls, the top cryptocurrency is expected to move higher.
Raoul Pal, CEO of Real Vision and former hedge fund sales manager at Goldman Sachs, recently said that Bitcoin is likely to move much higher than it is now due to monetary policy trends:
“Most people don’t understand the latter, but is put, Powell has shown that there is ZERO tolerance for deflation, so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin. Powell WANTS inflation. I don’t think he gets true demand push inflation, but he will get fiat devaluation, in conjunction with the other central banks all on the same mission.”
Bitcoin is also attractive to Jones because he sees it as a potential store of value in a world where central banks are debasing fiat money. He, in fact, called it the fastest horse in the race, referencing how it has the ability to outpace other asset classes in the years ahead:
“At the end of the day, the best profit-maximizing strategy is to own the fastest horse. Just own the best performer and not get wed to an intellectual side […]. If I am forced to forecast, my bet is it will be Bitcoin.”
The two months old Ethereum 2.0 testnet already grown to the size of 75GB of data per nod
At 75GB of data per node, that’s more than 20% of Bitcoin’s data usage in its decades-long data processing and all within a few weeks. Bitcoin has grown to 350 GB since its inception in 2009, while the Ethereum 2.0 testnet now has 76 GB of data for a single storage node.
Bitcoin and Ethereum Blockchain size, Sep 2020
Blockchain size Bitcoin and Ethereum, September 2020 Ethereum’s blockchain has grown faster than Bitcoin with a size of nearly 500 GB in just four years. That is for the full Ethereum node, the equivalent of the Bitcoin node, both of which contain all history, and for ETH, you can rebuild the state.
However, the Ethereum 2.0 testnet node is a storage node, which means it remains stateful at every state change. It is unnecessary because a full node can recreate the state with the data it has.
However, currently on Ethereum 2.0, there is hardly much data stored to validate Proof of Work blocks. Therefore, it is not clear why this has been accelerating so quickly, with the growth appearing gradual from August 4, as pictured above.
At this rate, ethereum 2.0’s storage nodes will grow at 500GB a year, which is nearly the full size of current ethereum full nodes. It’s not clear what the size of an ethereum 2.0 full test node is, but you’d expect it to be a factor of 4, meaning it could be around 18GB.
You can see the ETH price here.
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