The price action for Ethereum has been tracking that of Bitcoin. The current trend is because investors are worried about the ring of scammers who are currently holding the tokens. There is a growing concern about whether Ethereum will post a long-term recovery at all.
The price of the Ethereum is below $130, and there is no practical progress with the Bulls and Bears. Over the past week, the amount of ETH bulls touched highs at $135, with the price of Bitcoin Surging to $7,600. This upward momentum did not last long.
Bullish price action from ETH is at the current moment due to the defunct PlusToken Ponzi scheme. Industrial pioneers opine that ETH holders can manipulate Ethereum forever with the tokens they have under their custody.
SuZhu, CEO at Three Arrows Capital, stated, “The PlusToken scammers’ social media account in China now claims credit for the movement. What if they use their $ETH transactions to PnD the market forever? ‘hi, who wants to buy 200k eth from me?’ ‘brb, about to go lvg long eth on DeFi’ ‘10k eth to tornado, actually nvm.”
Gainzt Claus stated, “A bull market in these conditions requires someone to constantly absorb 100k eth dumps until the scammers are done dumping 100M of stolen ETH.”
Ethereum has not been doing well of late. A recent report from Ethereum expressed its intention that they will be stopping financing some of the development teams. Ever since the collapse of ETH, rivals to ETH like TRON and EOS came in to being.
Despite the current trends, one of the investors of Ethereum stated that Ethereum would hit the jaw-dropping price of $10,000. This he has said despite the market’s attitude towards Ethereum.
Bitcoin Macro Tweeted: “You can hate Ethereum as much as you want, but it’s going to $10k during the next bull run.”
After the recent upgrade of Ethereum 2.0, a significant upgrade is anticipated. The overall community believes that the performance of ETH is going to improve to a great extent. Thus, the upgrade is to provide the required Bullish momentum.
Jason Appleton stated, “I believe all of the best #ETH #Dapps will copy over or transition entirely to #ada when it is completed early 2020, which will send Cardano’s growth higher than ever before. Those who slept on the project will #cry. A bear market is for accumulation.”
Vitalik Buterin suggested methods to migrating the data to ETH 2.0, meaning that the long-awaited upgrade to come soon. The technical details are yet to sort. Buterin further stated Ethereum might migrate to Ethereum 2.0 through trusted validators.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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