Vitalik Buterin wants to launch BTC-ETH swap proposal floated to benefit for Ethereum but new lows are coming?

By Selena On Mar 25, 2020

Ethereum is currently stable above $ 135. The virtual currency is likely to challenge resistance at $ 142 and $ 144. If successful, the next potential price could be $ 150. In other happenings, there is no way to swap Bitcoin for Ethereum without relying on third parties is ’embarrassing’ for Ethereum founder Vitalik Buterin who recently floated the idea of a ‘trustless’ and ‘serverless’ DEX.

Vitalik Buterin: Groundbreaking BTC-ETH swap proposal floated

Decentralized exchanges remain a utopian idea despite numerous projects attempting to make them go mainstream. He wants to make it as easy to exchange BTC for ETH as to trade ERC-20 tokens with the help of the Uniswap protocol.

We should put resources toward a proper (trustless, serverless, maximally Uniswap-like UX) ETH <-> BTC decentralized exchange. It’s embarrassing that we still can’t easily move between the two largest crypto ecosystems trustlessly.

— vitalik.eth (@VitalikButerin) March 24, 2020

Entrusting your assets with a third party goes against the ethos of crypto. Centralized exchanges have been plagued by hacks, manipulation accusations, and regulatory hurdles. Yet, the market share of DEXs in the likes of IDEX and EtherDelta barely represents a drop in the bucket.

The problem is that DEXs have a slew of shortcomings that overwhelm the allure of decentralization. With extremely low liquidity, no customer support, and a minimal number of trading options, these exchanges are too slow, inconvenient, and cumbersome for traders to touch.

Buterin’s proposal extends far beyond Bitcoin. The Canadian prodigy also wants to build DEX bridges between Ethereum and other ecosystems.

We should also be building DEX bridges between ethereum and other crypto ecosystems. I’ve talked to @zooko about this re Zcash, though I think we can both work harder to translate the talk into action. Would love to see more.

— vitalik.eth (@VitalikButerin) March 24, 2020

He has already had a conversation about this with Zooko Wilcox, the CEO Electric Coin Company (ECC), to perform swaps between Ether and Zcash. Now, he wants to walk the walk.

Ethereum pushes towards $ 140, but it has a long way to fall before finding support

At press time, the price of ETH is hovering around $ 135, down more than 2% in the past 24 hours. Despite the excessive rise of today’s rally, it is important to note that ETH does not have any significant support around the current price. Therefore, it is highly likely that the cryptocurrency market will witness a sudden decline in the coming hours and days.

Crypto analyst Michaël van de Poppe said:

“The key support regions ETH bulls must defend sit at roughly $ 102 and $ 94, with a sustained break below either of these levels opening the gates for a serious downside.”

$ETH #ETHEREUM

Similar view as on $BTC.

If we want to have a short term bounce, I think this is the area we should be watching.

Bounce up? Eyes first on $130 and $134.

Losing this level and I’ll be watching $102-105 and $94. pic.twitter.com/XZblt7EHDj

— Crypto Michaël (@CryptoMichNL) March 23, 2020

Meanwhile, cryptocurrency analyst DonAlt said Ethereum’s mid-term chart is “cursed,” adding that he anticipates the crypto to see a massive downside.

$ETH

As long as ETH is trading below this red line I’m assuming new lows & capitulation are coming.

This is a cursed chart, even more so considering this was the reason half of CT shouted alt season just weeks ago. pic.twitter.com/rsdNh4ekKx

— DonAlt (@CryptoDonAlt) March 24, 2020

Unless Bitcoin surpasses the strong resistance it is facing around its current price in the next few hours, Ethereum may perform significantly worse, posting noteworthy losses that mark an extension of the downtrend that first began when It was rejected at $ 290.

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