ETHUSD (Ethereum) – Week 11 – Strong bullish momentum
ETH has emerged to be one of the most sought-after networks in the decentralized finance (DeFi) sector because of features like smart contracts. The second-largest cryptocurrency has been up by 10.95% in the last seven days to trade at $1,785 at the time of writing.
Vitalik Buterin, one of the co-founders of Ethereum spoke in detail about what the envisioned future of the Ethereum network would look like after the roll out of a second layer scaling model. The layer two solutions as defined on Ethereum’s website are “designed to help scale applications by handling transactions off the main Ethereum chain (layer 1).” Vitalik didn’t give any specific date, perhaps because the development process is still far from reaching the final stage and reiterated that the ETH 2.0 chain is already running as a proof of stake chain.
The chart shows us a consolidation taking place right now. We think this is a good buy opportunity as the higher probability move is to the upside. The target for this next move is the resistance area at the top, $2030 per ETH.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Vitalik Buterin, one of the co-founders of Ethereum spoke in detail about what the envisioned future of the Ethereum network would look like after the roll out of a second layer scaling model. The layer two solutions as defined on Ethereum’s website are “designed to help scale applications by handling transactions off the main Ethereum chain (layer 1).” Vitalik didn’t give any specific date, perhaps because the development process is still far from reaching the final stage and reiterated that the ETH 2.0 chain is already running as a proof of stake chain.
The chart shows us a consolidation taking place right now. We think this is a good buy opportunity as the higher probability move is to the upside. The target for this next move is the resistance area at the top, $2030 per ETH.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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