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How did Ethereum get its name?

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Going through an anecdote of Vitalik Buterin to find out the reason for his project name to be Ethereum. How did Ethereum get its name?

Going through an anecdote of Vitalik Buterin to find out the reason for his project name to be Ethereum

Opening remarks

If Bitcoin can be considered the world’s first global shared accounting ledger then Ethereum can be considered the world’s first shared computing system. It is the second most valuable cryptocurrency in today’s market is because of its widespread application and development of decentralized applications (DApps) and smart contracts. A smart contract is a precise methodology which is applied in almost any Initial Coin Offering where the tokens are released to the users once the investment is completed.

 

The origins

In 2013, Ethereum was founded by Vitalik Buterin, with the intention of providing a template to all the programmers and developers around the world to facilitate the creation of decentralized applications. A decentralized application uses nothing but small pieces of automatically executing codes known as smart contracts which in turn uses the cryptocurrency of the network. Born in 1994 buterin was exceptionally well at mathematics and programming in his earlier days itself.  However, a number of abnormal incidences are related to his life.

Today the number of decentralized applications is more than ever and the transactions executed on those applications sometimes seem to clog the Ethereum network itself. Weak at social interaction Buterin was introduced to cryptocurrencies through his father. He realized the potential of the decentralized technology and cited the amazing 15 years of constant getaways, by Torrent from the government censorship due to its decentralized behavior.

Vitalik Buterin along with Mihai Alisie had also co-founded Bitcoin magazine in 2012, which is considered to be one of the most reliable sources for news articles in the cryptocurrency space. In the year 2013, he dropped out from his University of Waterloo to convert his passion into a full-time profession.

In January 2014 when the team members publicly announced the network there were only 4 members rigorously working on the project. They were Vitalik Buterin, Mihai Alisie, Charles Hoskinson, and Anthony Di Iorio. In July 2015, with 11.9 million Ether coins, the whole network was launched.

 

How did it get the name?

Once, as geeky Buterin, was scrolling through a list of science fiction elements on Wikipedia he came across the word Ethereum. That was when his heart skipped a beat and decided to name his project as Ethereum. Surprisingly, the subset, Ether refers to an invisible hypothetical medium which seems to cover the entire universe and allows light to pass through it. The tetrahedron which is the symbol used for the Ethereum network is also regarded as the most stable and strong form of dimensions in nature. However, it is difficult to state whether this is a mere coincidence or the outcome of the mastermind plans of Buterin. Nevertheless, everything seems to be going in resonance with each other.

 

Advance features of the network

The decentralized Turing complete virtual machine known as Ethereum Virtual Machine is capable of running smart contracts on international nodes with much easiness. A Gas which is also known as the powerHouse of Ethereum is nothing but an internal measuring unit of a transaction. The gas value of a transaction is decided by the sender. On the other hand, the miners look for gas values to prioritize the transactions for verification. Higher the gas value of a transaction, faster it gets verified. Sometimes due to increased traffic, there is a lot of competition between the senders, and unknowingly increasing the transaction fee.

 

Changing Paths

The original Ethereum network was split into Ethereum (new) and Ethereum Classic (original) due to a DAO hack in 2016. In order to prevent the further loss of Ether, the community had to implement a hard fork. Many people, unhappy with the decision stayed loyal to the original Blockchain, Ethereum Classic, while a majority of the key people on the network switched to the Ethereum network. It is less probable that any updates are released on the Ethereum Classic network because all the key developers are on the new Ethereum network. As the hard fork doesn’t support backward compatibility, Ethereum Classic users can’t enjoy the updates of the new Ethereum network.

 

Closing words

Not a single thing can be predictable in this highly volatile cryptocurrency market. So it would be preferred for us to stay safe from all kinds of irregularities and fluctuations in the outside world.

#Ethereum Price Analysis

Ethereum Price Analysis: Is ETH about to crash?

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Ethereum price fell down sharply. ETH is currently trying to correct upwards but will most probably face a lot of selling pressure around $134 and $135.

Technical Indicators:

Support Level: $130

Resistance Levels: $134, $135

 

Key Points:

  • Ethereum price was not able to break through the resistance around $136 and $137.
  • ETH fell down sharply breaking the $134 and $132 supports.
  • The bearish pattern which was formed yesterday with resistance around $135 still remains on the hourly chart.
  • Ethereum price is currently trading to correct upwards, however, there are a lot of sellers placed around $134 which might push the price downwards.

 

Ethereum Price Analysis:

Summary: Ethereum price fell down sharply against both bitcoin as well as USD. ETH is currently trying to correct upwards but will most probably face a lot of selling pressure around $134 and $135 resistance levels.

As we already knew, breaking the resistance around $137 and the 100 hourly SMA was really essential for Ethereum price in order to move upwards and stop a sudden crash. However, even after continuous attempts, ETH was not able to break through this resistance zone and hence declined sharply below the $135 support level. The downward force was strong enough to even break through $134 and $132 support levels and move the price to a weekly low of $130.

The support around $130 proved beneficial as a lot of buyers emerged at this point and moved the price above $132. There are a lot of sellers placed between $134 and $135. The previous support of $134 has now turned into strong resistance. Also, the bearish pattern which was being formed with resistance around $135 is still present on the hourly chart.

The 100 hourly SMA liest around $135, thus, Ethereum price really needs to climb up and break through the bearish pattern formation and settle above the 100 hourly SMA in order to start fresh bullish momentum. The major support lies at $130 and if ETH falls below this level, it might soon test the $125 and $122 support levels.

ETHUSD Price Chart 26 March

ETH/USD Price Chart 26 March

The chart shows that Ethereum price is currently trying to correct upwards, however, a lot of sellers are placed around $134 and $135. Thus, the current situation might not be termed as a buying range. If the selling pressure keeps on increasing, ETH might soon crash down towards $125.

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#Ethereum

Analysis: Will Ethereum Rise in 2019?

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There is a great possibility that the price of Ethereum might never rise again, At least not to the figures it earlier achieved.

Bitcoin and Ethereum have been leading the cryptocurrency market for quite some time. While bitcoin blockchain’s main motive is to track the transactions, Ethereum’s main motive is to run the codes of DEX or decentralized apps.

While most people feel that bitcoin will always lead the cryptocurrency market, some believe the cryptocurrencies such as Ethereum might overtake bitcoin in the future. Currently, a group of companies known as Enterprise Ethereum Alliance supports the Ethereum blockchain who are working hard to improve the overall functionality of the blockchain.

 

Can Ethereum rise in 2019?

While Bitcoin is a store of value and most people use bitcoin as a form of investment, Ethereum is mostly used by software companies for development of their own dapps.

Ethereum saw a tremendous rise in price as well as in market capitalization during the ICO era which might have ended last year. In 2017, there was a boom in the overall ICO market and most Initial Coin Offerings collected their investments in the form of Ethereum. This had led to a massive demand for ETH as investors had to purchase ETH first in order to invest in other initial coin offerings.

Ethereum Price Chart

Ethereum Price Chart

The price of Ethereum reached more than $1400 at the start of 2018 and people started to feel that Ethereum might even overtake bitcoin soon. However, as months passed in the year 2018, both the price and the market capitalization of ETH experienced a massive mall which might be related to the end of ICO era. Cryptocurrency analysts also believe that the massive selling of Ethereum by Initial Coin Offerings who had been storing them as investments was the main reason for the fall in the price of ETH. Thousands of ICOs started selling their ETH holdings when they saw a bear market coming upfront.

 

Why ETH might never rise again:

There is a great possibility that the price of Ethereum might never rise again, At least not to the figures it earlier achieved. One of the reasons for this is the rising popularity of other blockchain platforms such as TRON who are direct competitors to ETH and some are even performing a lot better than Ethereum. The overall development of ETH blockchain seems to be quite slow and thus people have started to adopt other blockchains which are more suitable for their products and perform better than the Ethereum blockchain.

 

Another big reason why Ethereum might not rise again is the end of the ICO era. The number of initial coin offerings has seen a tremendous decrease last year and even lower this year. Also, the interest of investors has shifted from Initial Coin Offerings now as they do not see a safe and profitable future in investing in ICOs. As one of the major reasons for the rise of ETH was the ICO market and now with the end of the ICO era, Ethereum might never see those robust bulls again.

 

The following article is not financial advice. Readers are requested to do their own research and analysis before making any investment decisions in the cryptocurrency market which is highly volatile.

 

What do you feel about the future of Ethereum? Tell us in the comments section below.

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#Ethereum Price Analysis

ETH Price Analysis: Is Ethereum going to fall hard?

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ETH price is trying to recover, however, the resistance around $138 is quite strong and might lead to the price falling downwards.

Technical Indicators:

Support Level: $135

Resistance Levels: $138, $140

 

Key Points:

  • ETH price was able to recover back upwards after testing the $132 support.
  • ETH price even broke through the $134 and $136 resistance levels.
  • However, there is a bearish pattern formed with resistance around $138 on the hourly chart which might lead to a dropdown.

 

ETH Price Analysis:

Summary: ETH price is trying to recover, however, the resistance around $138 is quite strong and might lead to the price falling downwards. The next resistance lies at $140 after which Ethereum price will turn bullish.

Ethereum price crashed after testing the $140 resistance level recently. ETH tested the $132 support level before starting to recover upwards. The upward momentum was able to break the $134 and $136 resistance levels. However, there is a solid resistance formed between $138 and $140 which might push the price back downwards.

Ethereum price is currently trading around $137 and the 100 hourly SMA. There is a bearish pattern formed with resistance around $138 on the hourly chart. If Ethereum is able to break through the $138 resistance level, the next strong resistance lies at $140 after which the overall momentum will turn bullish. The current support lies at $135 after which the price might test $132 support again.

ETHUSD Price Chart

ETH/USD Price Chart

The chart shows that ETH price is trying to recover upwards towards $140 resistance level, however, breaking through this range will be very difficult as a lot of sellers are placed within this range which might lead to the price falling down towards $135 support.

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