Ethereum is one of the largest cryptocurrency in the world, ranking second on the list. It has a market capitalisation of $50 billion. Since development and adoption fundamentals can determine the long-term projection of a coin, Ethereum can be said to be doing just fine. The short to medium term projection, on the other hand, indicates that it may add on to its 7% week over week losses.
The recent endorsement from the Security Exchange Commission (SEC) has helped to boost Ethereum’s reputation as a quality network, making it a wise investment option. Additionally, since Ethereum and ETH are decentralised, investors can be sure that no private entity will twist the chain to rack in profits.
On-chain development, however, seems to be what everyone is interested in. Blockchain decentralisation is one metric that supports this assertion. Ethereum currently boasts of over 17,000 full nodes across six continents as well as 35 million addresses registered on the network. This gives proof that Ethereum is a secure network.
Furthermore, Ethereum’s developer community is known to be one of the largest out there, with 250,000 of them working via the EVM. There are also about one million MetaMask users on the network, and it is speculated that Truffle downloads will exceed 600,000 before next year. These impressive feats are the reason why different government from across the globe are looking for ways to draw value from Ethereum community blockchain.
Ethereum (ETH) Technical Analysis
The weekly chart suggests that Ether prices are not looking up and more losses are anticipated. The week ending May 27 revealed that price action is aligning, but the follow through was not impressive. Although the week ending June 3 and 10 showed that prices collapsed at $500 with strong volumes, final candlestick will still be treated as a bear break out, leaving ideal bear targets at anywhere between $350 and $400.
The daily chart, however, shows that Ethereum prices are on a downward trend. If the losses are to be reversed by buyers, then there must be a movement above the current $100 range. Bulls, therefore, need to print $550 or higher in the days to come. If this is not done and June 14 lows with strong volumes or sellers press below $450 minor support line, then bear targets would be at $350 in the weekly chart.