Darwins theory of natural selection, and by extension, the idiom Survival of the fittest, is incredibly apt when it comes to describing the digital asset industry. For long, Bitcoin was considered to be the only fit candidate in the crypto-ecosystem. Over the years, however, Ethereum has managed to carve out its own position of strength as well.
- Advertisement -
Its credibility was highlighted by its recent price action after the crypto-asset did not suffer significant depreciation on the charts, despite a lot of bearish pressure. In fact, ETH hit back even harder, with the cryptocurrency registering a 7 percent move north over the past 24-hours, climbing up to $430.
The aforementioned incline felt like a statement of intent, one that brought the ETH at $500 narrative right back into the picture. So, what are the chances?
Ethereum Options riding high with the bulls
- Advertisement -
If Ethereums derivatives traders had a direct say, bullish optimism would be written all over the walls. In fact, during the week when Ethereums price faced constant pressure from the bears, total ETH Options Open Interest managed to note consistently high levels.
Skews charts further indicated that the OI relative to the Put/Call ratio had dropped down to its lowest level in 3 months, an observation that suggested that a majority of the traders were expecting the price to go up.
Other than the derivatives market, Weiss Ratings also believes that most projects are now inclined towards connectivity with Ethereum.
Weiss further added that due to the presence of DeFi, Ethereum is rapidly becoming the most desired platform in crypto since the worlds largest altcoin platform has also established itself as a smart contracts platform.
Each of these factors has been attached to a lot of positivity lately, and each of them will eventually play a role in Ethereums price.
Is Ethereum at $500 a possibility soon?
Ethereum is eventually going to be worth over $500, but the question is how. Swing trading based on current volatility has been identified as a major catalyst, but it might not be desirable considering the fact that it leads to weak sustenance.
Let us get our facts straight. The last time Ethereum was valued at $500 was back on 19 June 2018. Simply put, over two years have passed since the crypto-asset registered trading at this range. Now, swing trading based on a short-burst of volatility may allow Ethereum to bridge the gap to $500 within a week, but that might not be ideal. From the attached chart, it can be observed that Ethereum consolidated between $422-$464 for a period of three weeks in late-2017, movement that later fueled ETHs strong rally above $500.
Now, if one were to take into account ETHs recent success at the $400-mark, it can be observed that consolidation has been key. So, rather than taking the short way out to $500 and account for pullback uncertainty, a resistance-by-resistance climb would be more beneficial for Ethereum.
The goal, after all, is to stay above $500, not touch it and come back to the present or lower price range.
Read this article:
Ethereum's move to $500 Shortcuts aren't the way to go - Digital Market News
- How does Ethereum work - Medium - February 3rd, 2018 [February 3rd, 2018]
- Ethereum - BTCMANAGER - February 19th, 2018 [February 19th, 2018]
- This Giant Infographic Compares Bitcoin, Ethereum, and ... - February 19th, 2018 [February 19th, 2018]
- What is Ethereum? | CryptoCompare.com - February 23rd, 2018 [February 23rd, 2018]
- The Top 10 Best Ethereum Wallets (2018 Edition) - February 23rd, 2018 [February 23rd, 2018]
- Ethereum fixes serious eclipse flaw that could be exploited ... - March 7th, 2018 [March 7th, 2018]
- How does Ethereum work, anyway? - Medium - April 25th, 2018 [April 25th, 2018]
- Free-Ethereum.com - Free Ether! - May 31st, 2018 [May 31st, 2018]
- What is Ethereum? | The Ultimate Beginners' Guide - June 20th, 2018 [June 20th, 2018]
- Ethereum Mining Guide for AMD and NVidia GPUs - Windows ... - June 20th, 2018 [June 20th, 2018]
- Ethereum: Blockchains, Digital Assets, Smart Contracts ... - July 16th, 2018 [July 16th, 2018]
- Ethereum Price - Mobile Friendly Price of Ether - July 16th, 2018 [July 16th, 2018]
- Ethereum Soars with over a 2,800% Rally - Coin News Asia - July 28th, 2018 [July 28th, 2018]
- Ethereum Co-Founder Joseph Lubin Says Speculators Driving ... - August 20th, 2018 [August 20th, 2018]
- Bitcoin and Ethereum: A Look At The Week Ahead - September 2nd, 2018 [September 2nd, 2018]
- EthereumPrice - Official Site - October 3rd, 2018 [October 3rd, 2018]
- Ethereum Classic Price Analysis: ETC/USD Could Revisit $12 - October 6th, 2018 [October 6th, 2018]
- Ethplorer Ethereum tokens explorer and data viewer. Top ... - October 6th, 2018 [October 6th, 2018]
- Buy and Sell Ether With The Peer-to-Peer Ethereum ... - October 6th, 2018 [October 6th, 2018]
- Ethereum Price - CoinDesk - October 18th, 2018 [October 18th, 2018]
- EthereumPrice.org - USD Price, Charts & History - October 18th, 2018 [October 18th, 2018]
- Report: Whales Accumulate Ethereum (ETH) En-Masse Amid Bear ... - December 7th, 2018 [December 7th, 2018]
- GitHub - ethereum/go-ethereum: Official Go implementation of ... - December 7th, 2018 [December 7th, 2018]
- Ethererum Crypto-Economics Index Real-time Price Charts and ... - December 7th, 2018 [December 7th, 2018]
- Ethereum Definition | Investopedia - December 7th, 2018 [December 7th, 2018]
- What is Ethereum Gas: Step-By-Step Guide - Blockgeeks - December 19th, 2018 [December 19th, 2018]
- Ethereum Price Analysis: ETH Could Extend Losses Below $80 ... - December 19th, 2018 [December 19th, 2018]
- Ethereum Price Analysis: ETH Could Turn Bullish Above $90 ... - December 19th, 2018 [December 19th, 2018]
- Bitcoin, Ethereum, Ripple Prices Surge Higher; FOMO Santa Rally? - December 26th, 2018 [December 26th, 2018]
- Ethereum Co-Founder Calls the Cryptobottom of 2018 ... - December 26th, 2018 [December 26th, 2018]
- Part 1: Ethereum vs NEO Which blockchain will provide ... - December 31st, 2018 [December 31st, 2018]
- Ethereum Price Analysis: ETH Corrects Sharply, Can It Hold ... - December 31st, 2018 [December 31st, 2018]
- Ethereum: JPMorgan, Microsoft, Banks Form ... - fortune.com - January 3rd, 2019 [January 3rd, 2019]
- Ethereum News | Ethereum News today | Latest Ethereum News - January 3rd, 2019 [January 3rd, 2019]
- Ethereum (ETH) - Price, Chart, Info | CryptoSlate - January 3rd, 2019 [January 3rd, 2019]
- Ethereum Cash Pro - January 3rd, 2019 [January 3rd, 2019]
- What Is Ethereum? Here's What You Need To Know - January 3rd, 2019 [January 3rd, 2019]
- What is Ethereum? | The Ultimate Beginners Guide - January 27th, 2019 [January 27th, 2019]
- Ethereum Classic - A smarter blockchain that takes digital ... - January 27th, 2019 [January 27th, 2019]
- Ethereum Price Analysis: ETH Relatively Muted, Next Move ... - January 27th, 2019 [January 27th, 2019]
- Buy and Sell Ether With The Peer-to-Peer Ethereum Marketplace ... - January 27th, 2019 [January 27th, 2019]
- What is Ethereum? | The Ultimate Beginners' Guide - CoinCentral - January 30th, 2019 [January 30th, 2019]
- Ethereum Price Analysis: ETH Breaks Down, Turned Sell on ... - January 30th, 2019 [January 30th, 2019]
- Ethereum Price Analysis: ETH Remains Sell Near $128 ... - March 6th, 2019 [March 6th, 2019]
- Ethereum Price Analysis: ETH Remains Sell Near $128, Target ... - March 11th, 2019 [March 11th, 2019]
- Create a cryptocurrency contract in Ethereum - March 11th, 2019 [March 11th, 2019]
- Ethereum Price Analysis: ETH Buyers Wont Give Up Easily ... - March 11th, 2019 [March 11th, 2019]
- Buy and Sell ETH With The Peer-to-Peer Ethereum Marketplace ... - March 18th, 2019 [March 18th, 2019]
- Ethereum Technical Analysis - FXStreet - March 18th, 2019 [March 18th, 2019]
- Ethereum - Investopedia - March 18th, 2019 [March 18th, 2019]
- Ethereum - reddit - March 18th, 2019 [March 18th, 2019]
- Ethereum vs Bitcoin: The Battle for the Crypto Throne - Coindoo - March 18th, 2019 [March 18th, 2019]
- Ethereum Price Analysis: ETH Could Make a Sustained Move ... - March 18th, 2019 [March 18th, 2019]
- Ethereum Project - March 18th, 2019 [March 18th, 2019]
- Ethereum - Official Site - April 20th, 2019 [April 20th, 2019]
- Ethereum (ETH) Price Starts Much Awaited Rebound To $170 - May 9th, 2019 [May 9th, 2019]
- Ethereum Price Analysis: ETH Corrects But More Upsides Likely ... - May 9th, 2019 [May 9th, 2019]
- Ethereum Price Analysis: ETH Primed For Additional Losses ... - May 9th, 2019 [May 9th, 2019]
- Ethereum Won't Fail: Joseph Lubin - ccn.com - May 9th, 2019 [May 9th, 2019]
- Ethereum (ETH) Price Starts Fresh Increase: Bitcoin Leading ... - May 9th, 2019 [May 9th, 2019]
- Bitcoin Booming As Ethereum, Ripple's XRP, EOS And Litecoin ... - May 9th, 2019 [May 9th, 2019]
- Ethereum Bounty Program - May 30th, 2019 [May 30th, 2019]
- Dark Horses of dApps: 6 Blockchains With Ethereum In Their Sights - Crypto Briefing - October 21st, 2019 [October 21st, 2019]
- Latin Americans get two new ways to trade Bitcoin, Ethereum, and more - Decrypt - October 21st, 2019 [October 21st, 2019]
- Ethereums Bearish Wave Count Outlined by Cryptocurrency Analyst - BeInCrypto - October 21st, 2019 [October 21st, 2019]
- XRPs Third Quarter Inflation Rate Was Lower Than Ethereum (ETH) and Litecoin (LTC) - SludgeFeed - October 21st, 2019 [October 21st, 2019]
- Ethereum (ETH) Dives To $170, Is $160 Next Bear Target? - newsBTC - October 21st, 2019 [October 21st, 2019]
- Thomson Reuters: Bringing Smart Contracts to the Mainstream With Ethereum & Chainlink - Blockonomi - October 21st, 2019 [October 21st, 2019]
- Crypto Analyst: Ethereum Has Bottomed, Expected To See Extended Rally - newsBTC - October 21st, 2019 [October 21st, 2019]
- WATCH: MyCrypto CEO Taylor Monahan on Crypto Adoption and Ethereum - Coindesk - October 21st, 2019 [October 21st, 2019]
- Cryptocurrency market update: Kicks of a dying horse as Bitcoin, Ethereum and Ripple remain suppressed - FXStreet - October 24th, 2019 [October 24th, 2019]
- Cryptocurrencies price prediction: Bitcoin, Ethereum & Litecoin - American Wrap - 22 October - FXStreet - October 24th, 2019 [October 24th, 2019]
- Ethereums gas prices show an unusual surge when the Asian market sleeps - AMBCrypto - October 24th, 2019 [October 24th, 2019]
- Whale Consolidates $88M Worth of Ethereum in Two Transactions - BeInCrypto - October 24th, 2019 [October 24th, 2019]
- Ethereum Falls 10% In Selloff - Yahoo Finance - October 24th, 2019 [October 24th, 2019]
- TRON Joins Bitcoin And Ethereum On Opera Browser - Crypto Briefing - October 24th, 2019 [October 24th, 2019]
- Ethereum (ETH) Rebound Faces Major Hurdle Near $180 - newsBTC - October 24th, 2019 [October 24th, 2019]
- Ethereum Breakout Above $360 Means Skys the Limit, Believes Cryptocurrency Analyst - BeInCrypto - October 24th, 2019 [October 24th, 2019]
- Ethereum Futures: The Next Big Derivative to Hit the Market? - Cointelegraph - October 24th, 2019 [October 24th, 2019]
- Ethereum and Stellars Lumen Daily Tech Analysis 23/10/19 - Yahoo Finance - October 24th, 2019 [October 24th, 2019]