The price action for Ethereum hasbeen tracking that of Bitcoin. Thecurrent trend is because investors are worried about the ring of scammers whoare currently holding the tokens. Thereis a growing concern about whether Ethereum will post a long-term recovery atall.
The price of the Ethereum isbelow $130, and there is no practical progress with the Bulls and Bears. Overthe past week, the amount of ETH bulls touched highs at $135, with the price ofBitcoin Surging to $7,600. This upwardmomentum did not last long.
Bullish price action from ETH is at the current moment due to the defunct PlusToken Ponzi scheme. Industrial pioneers opine that ETH holders can manipulate Ethereum forever with the tokens they have under their custody.
SuZhu,CEO at Three Arrows Capital, stated, "The PlusToken scammers' social mediaaccount in China now claims credit for the movement. What if they use their$ETH transactions to PnD the market forever? ‘hi, who wants to buy 200k ethfrom me?’ ‘brb, about to go lvg long eth on DeFi’ ‘10k eth to tornado, actuallynvm.”
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 oflate. A recent report from Ethereumexpressed its intention that they will be stopping financing some of thedevelopment teams. Ever since thecollapse of ETH, rivals to ETH like TRON and EOS came in to being.
Despite the current trends, oneof the investors of Ethereum stated that Ethereum would hit the jaw-droppingprice of $10,000. This he has saiddespite 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 ofEthereum 2.0, a significant upgrade is anticipated. The overall community believes that theperformance of ETH is going to improve to a great extent. Thus, the upgrade is to provide the requiredBullish momentum.
Jason Appleton stated, “I believeall of the best #ETH#Dappswill copy over or transition entirely to #ada when it is completed early 2020, whichwill send Cardano's growth higher than ever before. Those who slept on theproject will #cry. A bear market is for accumulation.”
Vitalik Buterin suggested methodsto migrating the data to ETH 2.0, meaning that the long-awaited upgrade to comesoon. The technical details are yet tosort. Buterin further stated Ethereum might migrate to Ethereum 2.0 throughtrusted validators.
Please share by clicking this button!
Visit our site and see all other available articles!