Under Valuation of Ethereum Active Addresses Versus Average Transaction ValueFebruary 18, 2019
The price of ETH gained strength above $125 and at the $130 resistance levels versus the US Dollar. Support is seen at $128 on the hourly chart of ETH/USD.
The price of ETH is likely to trend higher, and the next target for ETH investors is $140 and $145.
It is expected for the Ethereum Price to gain strength above key levels versus the USD and the Bitcoin. For now, the ETH/USD price is placed comfortably at $130, and it is possible for the price to accelerate towards $145 soon.
The gains from Ethereum is likely to sustain past the $135 level in the forthcoming sessions.
Looking at the technical indicators, it is seen that the MACD for ETH/USD is set in the Bullish zone, showing a positive bias. The hourly RSI is showing overbought levels without any signals for correction.
Major Support Level per technical indicators is at $132, followed by $130. The Major Resistance Level is seen at $135 and $140.
ProgPoW with a 4-stage plan is the current roadmap set for Ethereum. This algorithm is resistant to ASIC usage. After the upgrade, this will likely be used in the place of the current algorithm ETHhash. Most of the online voters are favoring this upgrade.
Rhombus has come up with some new products for Ethereum developers. These products are focused on connecting the Ethereum-based blockchain applications in to the real-time data.
Jeff Rosen, COO of Rhombus stated:
“For smart contracts that run on Ethereum to do most of the interesting things we want them to do. They have to have some connection to the real world. Blockchains in and of themselves do not have that connection. Oracles are a way to bring real-world data to the blockchain securely.”
A recurring payment system that will be pegged to the USD is an important app that permits users to purchase.
Rosen stated, “Subscriptions will be killer decentralized apps … Why should people be waiting for a paycheck every two weeks when they can have their payment dripped every second over two weeks?”
In the past year, Ethereum was slowed due to the ICO boom and doom hangover. There were delayed protocol upgrades, and overall the cryptocurrency market scenario was not good. The Fundamental metrics for Ethereum, which should indicate a favorable price situation is now talking about the overall undervaluation for Ethereum.
The numbers of active addresses for Ethereum indicate a “tug of war” between the quantity and quality indicator in the Ethereum network. When the numbers of dynamic addresses are more than the quality average transaction value, the value of ETH reacts negatively.