Ethereum is an open software platform based on Blockchain technology, which allows developers to create and deploy decentralized applications. After Bitcoin, Ethereum seems to be the second largest cryptocurrency in terms of recovery. In 2019, according to a report by Dapp.com, it registered more than 1.4 million active dApp users, a number considerably higher than the 800,000 registered in 2018.
At the time of writing, there are 111,386,416 ETHs outstanding; this altcoin ranks second with a market capitalization of $26,103,324,451 and a share price of $234.35, down 0.35%. According to Coinmarketcap, a total volume of $7,042,116,863 of ETH has been traded in the last 24 hours.
According to Glassnode on Monday, June 15, Ethereum's trading volume recently reached its highest level in 27 months, 938,265, and was up nearly 45% from its January low. This idea is also verified according to the AMBCrypto report of 16 February, it turns out that Ethereum's trading volume has reached its highest level since July 2019. Ethereum's price has doubled since the beginning of the year, reaching $272 at the time of the press release.
It should also be noted that gas is the symbol that feeds the ethereum blockchain; is the unit used to calculate the amount of fees a user must pay to transfer intelligent contract data or payments on the Ethereum Blockchain. According to data provided by blockchain analysis company CoinMetrics, the seven-day moving average of the total amount of 'gas' used in transactions on the Ethereum Blockchain reached a record high of $61.12 billion on Monday, after surpassing the previous record of $60.07 billion set in September 2019.
Ether, on the other hand, is the reward paid to miners and is equivalent to the amount of gas needed to complete a transaction. Wilson Withiam, research analyst at data provider Messari said that:
'The increase in gas usage indicates continued growth in the use of the Ethereum platform, as measured by the number of transactions, as well as the demand for block space, as measured by gas per transaction'.
Ether (ETH) rebounded strongly after the 50-day ADM ($218) on June 15, but bulls are struggling to push the price above the immediate $239.35 resistance. This suggests that bears are not willing to throw in the towel easily.
The 20-day EMA ($233) has flattened and the RSI is just above the 50 level, suggesting that bulls are losing their grip. In May, ETH/USD rose from $195 to $250, but recently corrected at the same pace as Bitcoin.
According to a cointelegraph analysis on Wednesday, June 17, if the bulls fail to bring the ETH above $239.50 in the next few days, the bears will again attempt to bring the price below the 50-day AMS. A closing (UTC time) below the 50-day AMS could cause the price to rise to $196.875 and then to $176.112.
On the other hand, if the bulls can propel and maintain the price above $239.50, a move to $253,556 is likely. A pause above this level could allow the upward movement to resume with a target of $288,599.
On the eve of the issue and preparation of Ethereum 2.0, the Ethereum network is experiencing its busiest days for the last 10 months. In February alone, the number of transactions had fallen to its lowest level in 12 months. Since then, it has increased by 72%. One of the reasons for this increase is the stable coin: in fact, the use of USDT on Ethereum has strongly increased this year and analysts say that the growth of transactions and processing costs is due to the increased use of electronic coins and DeFi applications. Kyle Davies, co-founder and president of Three Arrows Capital said:
'While the growth in the use of Ethereum gas has been phenomenal, Ethereum's gas consumption has reached historic highs'.
All this leads to some very positive predictions:
For those who currently own Ethereum parts, it is normal to wonder how far Ethereum will go in 2020 and what the future holds for the project. Predictions are still useful and there is no shortage of them!
By 2018, Reddit co-founder Alexis Ohanian has already predicted that ETH will eventually be worth $1,500. He told Fortune that while he is very optimistic about the future of Bitcoin and other cryptocurrency, he is 'very optimistic about Ethereum, simply because people are relying on it'.
As for online analyst Bobby Ullery, he believes that the blockchain will soon play a much more important role in international trade and the economy in general. According to him, Bitcoin and Ethereum will each own 25 percent of the total crypto industry, which he expects to reach a total market cap of $4.5 billion in 2020 if the value of ETH is to increase by more than 700 percent.
For Blockfyre co-founder Simon Dedic, Bitcoin will need to earn 1,400% over its USD 9,750 price to reach USD 150,000. ETH would earn more than 3,570% compared to prices at USD 245, reaching USD 9,000. For his part, Chris Burniske of Placeholder Capital, from his point of view, expects the $7,500 threshold to be exceeded,
And finally, Chris Burniske, an analyst and expert in cryptography, said that Ethereum should reach highs of over $7,500 if Bitcoin rises to $50,000 in the next cycle. Bitcoin's rally will also trigger a spike in the 'ETHBTC' pair with an upward target to the highest level ever.
Written by Laetitia Harson.
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