Ethereum [ETH] price analysis: Road To Serenity On, Prices Up 7.1% As Bulls Flow Back

ethereum eth-price

Latest Ethereum [ETH] News

That asset prices are cooling off after an impressive two months is true. Even so, there is a strong believe that there is still a chance for enterprising investors and traders to take advantage of recent price blips and buy the dips.

Technical candlestick arrangements as well as fundamental factors perfectly align supportive of price. As such, while there is skepticism with some calling for drastic price falls, the recent announcement of SubZero spec freeze paves way for Serenity and Beacon Chain.

It was mentioned earlier that Phase Zero Test Net has been set for early Jan 2020. It’s a tentative date but everyone knows that Ethereum developers are not budging on their desire to activate the first phases of Serenity. Scalability is a major concern and SubZero is but the first hint that the solution is underway.

Through GitHub, the Ethereum community was notified as follows:

“This release marks the end-of-june phase 0 spec freeze ❄️. v0.8 is to serve as a stable target as implementers work toward multi-client testnets in addition to on-going efforts in formal verification, fuzzing, and audits. Thank you to everyone who has put it so much incredible work to get to this point :)”

But there is more. Aside from ETH transactions spiking above the one million mark, representatives from the Ethereum Foundation are now working with financial experts from the Gulf Coast towards making the network Shariah compliant.

ETH/USD Price Analysis

Ethereum eth price

At the time of press, ETH bulls are resilient. Though there were fractures early this week, the coin is up 7.1 percent in the last day but down 5.8 from last week’s close. If anything, this is a mark of bulls especially now there is support from the middle BB.

As a flexible support in a perfect uptrend, the reaction at this point reveals underlying support for the asset. Then again, this correction-following June 27 disintegration with light volumes, is a typical correction from an effort versus result point of view.

Notice that accompanying volumes were lower than those of June 26 at 554k against 502k. While aggressive traders can load the dips with stops at $260, conservative or risk-averse traders should wait for a total reversal of June 27 losses and a blast above June high at the back of high trading volumes. Only then will they buy the dips while aiming at $400 and later $450.

Chart courtesy of TradingView—Coinbase

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.