The Rocky Road of Ethereum
If you thought Ethereum’s price would take you on a roller coaster ride, well, strap in! After a thrilling meet-and-greet with the legendary Vitalik Buterin, Ether enjoyed a brief surge, touching the upper limits of its long-term flat near $13. However, just like that snack you thought would last a week but was gone in a day, the momentum fizzled out. Now, here we are again, watching it re-enter the flat zone and wondering what in the Ethereum world is going to happen next.
The Impact of Vitalik’s Visit
During that infamous meetup in Shanghai, Ethereum flirted with some hope, climbing towards a wall of sell orders around $14.5, but speculation has its limits. Vitalik hinted at a long-anticipated switch to Proof of Stake (PoS), but with this epic delay, summer 2017 might feel like a decade ago. What’s the hold-up? Apparently, solid algorithms for PoS mining are still a work in progress. So for now, potential upward movement is stunted.
Never a Dull Moment: DDoS Attack
Just when it seemed like things couldn’t get worse, Ethereum was hit by a DDoS attack on September 22. Talk about kicking you when you’re down! As congestion hit, Ether’s price veered southward to $13.5, stalling out inside the flat. It begs the question: can Ethereum ever have a peaceful day at the office?
Key Levels to Watch — The Hope and The Gloom
Ah, the infamous $12 mark. This level stands as both a potential savior and a grim reminder of what lies beneath. An accumulation of buy orders here might offer a glimmer of hope for bulls, represented by the Fibonacci 61.8% retracement and some snazzy diagonal channels. This isn’t just a bunch of fancy lines; it’s a strategic gold mine! If it bounces back, we could see Ethereum working its way back up toward $14. But if the bears pull together their forces, we may see a gloomy plunge down to $8. The options are almost as split as a high school cafeteria.
Ethereum Classic — The Other Side of the Coin
Meanwhile, Ethereum Classic (ETC) is still wearing its “falling” jersey, trying to find a way to rebound after lingering around $1.3. Despite some bullish efforts at the peak, the correction sees its sights set towards the $2 mark. Why? You guessed it, Fibonacci retracement levels and accumulated volume converge there, leaving both bulls and bears frothing at the mouth for what’s next. If Ethereum Classic firm up there, cheer up, everyone — there could be growth in its future!
Conclusion: What’s the Future for ETH and ETC?
For Ethereum (ETH), the path forward is murky with potential either for a rebound at $12 or a gripping fall towards $8. In contrast, for the hopeful ETH bulls, breaking above $15 is essential for any confidence. As for Ethereum Classic, a solid meltdown or breakthrough at $2 is what everyone’s eyes are glued to. Among all these ups, downs, and sideways travels, it’s essential to grab some popcorn and watch the cryptoverse unfold!
+ There are no comments
Add yours