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Ethereum Price Downfall: The Journey from December 2017 to October 2018

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The current price of the Ether is $225.24. Let's understand the background details of the price, since December 2017. Price history of Ethereum

Various conjectures leading to the downfall of the Ethereum network

 

Do we have any value proposition for Ether?

As previously discussed that there is no requirement of ETH for Ethereum. The users and investors seem to be dropping down the usage of Ethereum these days, as better alternatives have been provided. The EOS is one of the best competitors for Ethereum, which effectively works on the scalability issue that the Ethereum network is incapable of. The scalability bottleneck was witnessed by the cryptocurrency community when the popularity of Crypto kitties had blocked the entire network. It has been concluded by various experts, that the actual value proposition of Ether has no room in the Ethereum network. Also, the gas price concept of the Ethereum network is doomed to be unnecessary.

 

Reasons why Ether adds complexities

It must also be noted down that we incorporation of ether for Ethereum network has a lot of the technical implications. The cryptocurrency wallet and accounts must be designed in such a way that, the accommodate both Ether, as well as, the ERC20 protocol powered tokens. This is the case, as Ether is the native currency and the other ERC20 based tokens are different from it. In brief, the Ethereum network has no future, as even the prices have been continuously plummeting.

 

Various inabilities of Ethereum

As the Ethereum network is slow, the decentralized applications which need faster transactional capabilities, would opt for the EOS blockchain platform and also the existing decentralized applications would quickly switch to EOS. Even the number of hacks and frauds have been increasing, in the Ethereum community. Most recently, a fake Instagram account of Vitalik Buterin, illicitly scammed few of its followers to send 37 ETH. Effective decentralization is unachievable, as Ethereum is inherently a Centralised one.

 

Hard forks were always a bad option

The Ethereum network has been falling, as many heated discussions are being carried on in the name of development.  The separation of Ethereum Classic from Ethereum was one of the major incidents which broke the backbone of the network. As we all know, that things stay stronger and longer, only when they are connected and work collaboratively, not when hard forks are undertaken frequently.  Vitalik Buterin has been steering the ship, and more recently, many irresponsible decisions have been taken, as no significant steps are being taken to tackle the scalability.

 

The current price of the Ether is $225.24. Let’s understand the background details of the price, since December 2017.  

 

December 2017

The coin was very well trading around $443. It broke past the resistance at $500 and moved to $730, in mid-December. The crypto coin reached almost $900 level by the end of December.

 

January 2018

The price suddenly jumped from $900 to $1347 within a few days. By the end of January, the price had fallen to $1160. The crypto market provided a solid support at $1000 mark.  

 

February 2018

The price then suddenly fell, breaking its support at $1000 to almost $640 within the first week of February 2018. The price, however, recovered and reached almost $872.  

 

March 2018

The prices then considerably fell from $865 to almost $550, by the end of March. On March 30th, the price of each Ethereum coin was recorded to be $368.

 

April 2018

This particular month proved to be optimistic for the Ethereum network, where the prices experienced a bullish acceleration and reached up to $690 from a low of $390.

 

May 2018

The price of the Ethereum coin has been falling, consistently, since may 2018. The prices were hovering around $710, during the initial days, but eventually fell to $577.

 

June 2018

In June, the prices broke its $500 support level and reached up to $450. The price got consolidated for a few days and a further downfall was experienced.

 

July 2018

In this particular month, the price of the Ethereum was just moving around with slight fluctuations at $450.

 

August 2018

This particular month, marked a significant fall in the prices, as they fell from $420 to almost $380 levels. It has been continually short going down since then.

 

September 2018

On September 4th, 2018, the price broke past its support level at $280 and reached $170. With support at $200 mark, the price rose slightly and reached $230.

 

October 2018

As of October 4th, 2018, the price of ETH is trading around $225.

 

Read: What next? Will ETH reach $53?

 

Download our Ethereum Price History Poster

Download the Ethereum Price Journey Poster from here. If you use it anywhere, do not forget to add a backlink to https://coinnounce.com with design credits.

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ETH Long Term Trading Signals: 22 Oct

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Bias for ETHEREUM (ETH)– Ranging

Resistance Levels- $250, $270, $290

Support Levels- $160, $150. $140

 

ETH continues in the ranging scenario in its long-term outlook.  The bullish pressure that saw ETHUSD up to $242.62 at the resistance area breaking the strong 34-EMA on 15th October was short-lived as the bears forced the candle to close at $213.14.

 

ETHUSD chart

ETHUSD chart

 

The bears had been in control of the market with ETHUSD down to a low at 203.53 in the support area.

ETH Price below the two EMAs a sign of bear pressure while the relative strength index is at 44% and its signal lies parallel which implies consolidation.

The cryptocurrency is ranging and trading between $240.00 in the upper supply area and at $180.00 in the lower demand area of the range. Patience is needed for a defined trend to show up. This means a breakout at the upper resistance area will be a good buying opportunity or a breakdown at the lower support area will be a selling opportunity.

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Why Ethereum has no future and why ETH will never rise again

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Why would Ethereum never be a mainstream network for the Dapps ever again?

 

Citing various inefficiencies of Ethereum

Ethereum, as a cryptocurrency blockchain platform was very popular during its initial days, but has a number of cryptocurrency enthusiasts have opted for the platform in order to develop their decentralized applications or simply invest in the project have realized the bottlenecks in the blockchain project and have constantly been switching to other better counterparts ethereum counterparts. There are many reasons why Ethereum has to distance itself from mass adoption. Below are some of my personal opinions in this matter, which clearly breaks down the inefficiencies of the project.  

 

Many DApps have been switching to other platforms from Ethereum

In July 2018, the EOSBet DApp shifted to the EOS blockchain platform, due to its more full spectrum of facilities, contrary to Ethereum. Billionaire Token, tixico, Medipedia, Insights Network, Wax and many other decentralized applications have followed the trend. Why would so many Decentralized applications migrate to the EOS blockchain platform? It is inevitable that the customers would have experienced some or the other kind of bottleneck with Ethereum network, which in this case, was predominantly its speed and no vision for future sustainability. Most of the prominent figures of these Decentralized applications have quoted the Ethereum’s ecosystem didn’t suit their current requirements.

 

Even the Ethereum gas price concept is obsolete

As started here. Let us assume that a new ERC20 power cryptocurrency token has been developed. Now to initiate buying orders for the coin, the users need to pay the transaction fees in gas. Even the miners choose the transaction based on the gas price. Therefore, this creates an artificial dependency of the new XYZ coin on the existing Ether. Which, indirectly results in an instability in the Ethereum network. The concept of gas price can be eliminated, as instead, the users can pay the transaction fee from a part of their transaction. Therefore, unnecessary complexities can be reduced, which are being adopted by the current Ethereum network.

 

The rise of other better options for the decentralized applications and smart contracts

 

The EOS blockchain platform is the only one of its kind, in the cryptocurrency domain, which is giving a head to head competition to the Ethereum Blockchain

The EOS blockchain platform is the only one of its kind, in the cryptocurrency domain, which is giving a head to head competition to the Ethereum Blockchain

 

The cryptocurrency blockchain projects such as Tron or EOS are slowly overtaking the mainstream market of the Ethereum network. The scalability provided by the EOS blockchain platform is unmatched as blocks are developed every 0.5 seconds. It has also be designed in a way to expand with the future demands up to millions of transactions. Therefore, when better options are already available, then why the client base would choose an underperforming platform? Tron has also put forth figures which clearly explains the current situation.  

 

Even Ethereum Futures has no future

Referring to this news. In the recent days, many proposals submitted to the Securities and Exchange Commission by various financial organizations, to avail permission to trade Bitcoin futures. On similar lines, even the Ethereum community has come forward to initiate the Ethereum futures. But one must have basic sense in mind, that when the Ethereum network itself on a constitutional basis, is not capable enough to sustain itself, then adding on a significant trading asset pegged to Ethereum will do no good, other than adding complexities to the network.

 

Even Vitalik Buterin accepts the fact

In an article, published on the website techcrunch.com which discusses various inabilities of Ethereum network. Interestingly, the inefficiencies mentioned in the article were agreed upon by the founder of the Ethereum project, through Reddit. Vitalik Buterin himself agreed that, if necessary changes were not implemented immediately then the downfall of Ethereum is not far. He even mentioned that the team members are looking forward to, two possible methods of saving the Ethereum network from the destruction.

 

 

Future of Ethereum protocol

In brief, the Ethereum network was highly popular during its initial days, only because of the sole reason that it had introduced smart contracts to the Crypto world. But as better options are available now, the network has become obsolete, and no further price surges may be expected. If the network is unable to implement its Plasma or Casper models to scale the Ethereum network with the current requirements as soon as possible, the network would be on the state of extinction.

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Ethereum hardfork Constantinople to be delayed until January 2019

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Ethereum (ETH) core developers have reached an accord to delay a planned hard fork of the convention until January 2019 in a gathering Friday, Oct. 19.

Ethereum (ETH) core developers have reached an accord to delay a planned hard fork of the convention until January 2019, in a gathering Friday, Oct. 19.

The fork, dubbed “Constantinople,” was first trialed on Ethereum public testnet Ropsten on Oct. 13, and had been slated to be activated on the main Ethereum blockchain before the finish of Oct.- Nov. this year. A testnet is basically a simulated form of the essential network that enables developers to experiment with smart contracts or upgrades without paying “gas” (calculation expenses) for their execution.

Towards the finish of their hour-long gathering yesterday, the devs at last reached an agreement that the Constantinople will at “the most punctual” come in late January 2019.

Amid the gathering, one dev jested it may be less questionable, or “political,” to change the term for the transition from “hard fork” to “update.”

Yesterday’s gathering trailed Constantinople’s debut on Ropsten Oct. 13 had kept running into a progression of obstacles; in front of its activation at block 4,230,000, the fork slowed down at block 4,299,999 for two hours, with testnet miners neglecting to enact the transition. Ethereum client engineer Alfri Schoeden explained at the time this was because of “an accord issue” that had set off a “three-route fork” among Geth and Parity (two Ethereum clients).

In notes distributed in front of yesterday’s gathering, Schoeden sketched out that “[r]ecently included hashpower caused reduced blocktimes and caused this hardfork to happen substantially sooner than anticipated on a Saturday,” which he recommended is “by all methods the worst time for a hardfork.”

He indicated the way that the fork happened only six days after the latest Geth client discharge, and 1 day after Parity’s, leaving users without adequate time to update. The devs likewise found an agreement bug in Parity, as indicated by an “after death” presented on the “Cooperation of Ethereum Magicians” prior this week.

Schoeden noticed that “not a solitary” user was mining the Constantinople chain, henceforth the two-hour delay to begin processing block 4,230,000. Also, the network does not presently have a testnet fork screen, he stated, beside http://ropsten-stats.parity.io, which “does not uncover insights about the distinctive chains.”

In light of the issues, engineer Hudson Jameson got on another dev’s “good” proposal amid yesterday’s gathering, which would be to “frequently spawn and min[e] impermanent testnets to test transition into Constantinople [… ].” On a “baby” testnet, Jameson considered, “if something turns out badly we’ll know it before long.”

As beforehand reported, the Constantinople hard fork is a framework wide Ethereum update intended to expand the network’s proficiency, and outstandingly incorporates plans to decrease block rewards for miners, and to acquaint changes with the network’s agreement mechanism that would make it more impervious to ASIC miners.

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