Ethereum has been rising in the past few days from $165 to a recent high of $195 before reaching the current price of just under $190.
The cryptocurrency has seen increased unfiltered trading volumes of $7 billion and for once is in green by 1%, while bitcoin is in red by about 1%.
That chart looks a bit nice because we have there some stability at about $167, with an attempt then to rise.
Bears thought to try their luck, so giving a double bottom, but suddenly we get these five green candles on September the 7th.
A pause is then followed by the recent, what may well be a breakout. Yet as interesting as that is, let’s zoom out somewhere else:
Maxis have been having a field day after the break down of that big red candle in July. Another break down in August had some ethereans cry.
Now however it looks like there’s something very rare. Two weekly green candles, and each higher than the other.
Why? To deal with mechanics first, bitcoin probably rose in part because plenty of ethereans thought it will rise more than eth, with eth not really moving this summer while bitcoin went to $14,000 – the “real” all time high as above it was a bleep.
Now it may well be the case that traders think perhaps ethereum has been a bit of a stable coin for too long and of course the probable cause of such thoughts is recent events.
A milestone was recently reached with all ethereum clients talking to each other about their stake and their beecon (Beacon Chain).
As they appear to be moving in time, leaving Parity’s Shasper behind with Lighthouse and Nimbus so beginning to rise in prominence, this whole Proof of Stake (PoS) thing is starting to feel a bit real.
Nor is January, their target date, that far now, with two weeks or weeks not months perhaps turning out to be right as they misspelled two years.
That can have potential for momentum, but more realistically it probably will be limited to the beginning of a change of sentiment in eth.
Wise heads will have caution as sharding – at least where feels are concerned – does remain still a work in project.
Yet as the new year turns, there will at least be quite a lot to talk about with blurry sharding hopefully becoming clearer and clearer.
If they can pull it off in a satisfactory manner, then something quite historic may well have been achieved, that brodband moment.
It’s an if and a very big if, but it does mean eth is a very unique bet in this space because it does have the potential to go mainstream in usage provided they do crack scalability.