Ethereum Price Could Set Itself Up For A Run
Though the recovery isn’t as brisk as some would like it to be, the cryptocurrency recovered a bit. Last week on Friday it ended up tumbling to lows that were under $200. This was the lowest price since the end of July. Major Chinese exchanges stated that they would be closing up shop on the ether to yuan trading after regulators put pressure on exchanges.
So what’s the future of Ethereum hold? Well, the sell-off was very quick with investors figuring out that the exchange halt wouldn’t impact the trading between other cryptocurrencies. After finding this, it seemed to be business as usual.
Technical enhancements may also be aiding in the progress that the cryptocurrency is noticing. For these reasons, Ethereum and other cryptos are seeing a recovery this week. In fact, Ethereum’s “Geth node software” was launched on Friday. Ethereum is on pace to activate the “Byzantium” upgrade in the next month.
“Bitcoin is processing a bit less than three transactions per second,” he said. “Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa.”
With the case of Ether, the current trading channel is a falling wedge pattern that can be seen as a bullish trend. Technically speaking, it may only take a move above the 50 day moving average to trigger a potential move. We’ll see