Numbers of Active Ethereum Addresses are increasing – ETH scaling Plan Exceptionally Hard to ExecuteMarch 30, 2019
Ethereum trend lines are taking the shape of a rising wedge. Thus, indicating a bearish situation in the trend lines.
At the time of reporting the news, the price of Ethereum was at $142.12. The price is not currently showing signs for an uptick, but the numbers of active Ethereum addresses are increasing.
Eric Conner stated, “Ethereum’s active addresses are beginning to rise over again; however, the gap between usage and price continues to be wide. Historically, this gap mostly closed by price recovery.”
While the active addresses on Ethereum are increasing, the numbers of unique addresses involved in the transaction have not increased as much. There is a daily increase of 90,840 with the overall unique addresses being close to 60 million.
Ethereum despite its second price has been losing its market share. Projects like Tron and Eos are enjoying a higher speed, but Ethereum is being left behind.
Vitalik Buterin, the co-founder of Ethereum, have acknowledged the shift, but he states that there is nothing to worry about it.
“It is true that ETH lost some lead to a notable extent, and I think it is just because, first, it is kind of inevitable and unavoidable as Ethereum really was the first of it’s kind general purpose smart contract in the market. That is a part of the inevitable part of the whole process,”
To overcome the unique address issue, Ethereum is working on the scaling issue:
“Ethereum’s scaling plan being a multiyear process is exceptionally difficult to execute; therefore developers are trying out other options,”
Tron and ETH are battling for supremacy, and both the founders are poster boys for their respective brands. TRON being scalable attracted away a lot of projects from Ethereum. ETH is struggling with scalability. ETH has more developers because it is well-capitalized.
Despite all the Pros that Tron has to talk of, there is a lot of media attention for Ethereum. Since ETH are working towards scalability and they are planning from the shift from proof of work to proof of stake, there is a lot of prospective attention for the token.
A downside correction is expected concerning the price of the Ethereum. The price is likely expected to correct below the trendline of $142 in the short term. The $141 might likely act as a strong support area.
The key support level is seen at $139 level. However, this price served as a strong resistance before. The MACD is in the bullish zone; the major support level is seen at $141; major resistance level is seen at $146 with the hourly RSI correcting lower at the 80 levels.