Although things seem a bit slow for Ethereum (ETH), price movement is a certainty. This is Ethereum’s way. Now months after it slipped into the third position on the list of the top digital currencies, fundamental developments have ensured that Ether’s rebound was strong, which enabled it to dislodge XRP from the number two position.
It is obvious that this dethroning has left a bad taste in proponents of XRP who have managed to sway CZ so far to ensure that the digital asset is the base following the backdrop of allegations that the largest crypto exchange in the world may have collected bribes to meet user demand.
Ethereum (ETH) is Raving Due to an Increase in Demand
At the back of this development and in the meantime, Ethereum as an ecosystem and its base digital token ETH as an electronic coin is rising following an increase in demand. In just over one week, the Constantinople protocol will be finally launched, and in the event that there’s a general consensus, total transition means there’s another step towards the Serenity.
That aside, an agreement has also been reached among the Ethereum (ETH) developers to facilitate the deployment of an ASIC resistant GPU to prioritize decentralization over centralization (something that Bitcoin (BTC) is struggling with presently.
As per the reports, a successful meeting held on January 4 the implementation of ProgPow protocol was implemented. The ProgPow is an improved version of the PoW (proof of work) system which is dependent on successfully trialed clients GPUs running the Gangnam TestNet. Apart from making it a lot difficult for the ASICs to commandeer the Ethereum (ETH) network for the next year or more than that, developers succeeded in stabilizing the hash rates while urging for upgrades from the PoW to the ProgPow protocol.
Ethereum (ETH) Price Analysis for the Day
The Ethereum (ETH) price trend is clear. ETH bears have taken control implementing a top-down approach and at the current prices. Yet the ETH token is on edge, which is a precipice. Adding 12.5% in the last week, Ether is among the top performers. The near-term prices of the digital asset will mostly depend on the reaction of the bulls at $170. Looking at the candlestick arrangement, $170 sits as the former support now resistance.
Break Above $170 Will Shift Momentum From Bearish to Bullish Movement
At the current level, the bears have hit ETH holders following slightly above average volumes on Nov 18 last year. But any break above this position will shift the price momentum from a bearish to bullish nullifying movement ultimately impacting the breakout pattern while the ETH/USD pair is trading. Note that, there is no doubt that the cryptocurrency market is positive. It is showing steady gains from the mid-Dec 2018 incident, and with the expectation of the Constantinople project, the ETH/USD pair could rally to the $250 area by Q1 this year.
Ethereum (ETH) Price Today – ETH / USD
However, we must remember that caution demands that all conservative traders open positions once prices have moved past the $170 level in line with the previously predicted ETH/USD plans. It is only at this point that we shall recommend buying the ETH tokens on pullbacks with initial targets starting at $250 and later increasing to $400.