Ethereum is banging against the biggest resistance ever with it mooning to near flippening the last time it took it.
For some time now eth has been raging at 0.026 bitcoin, a level it has been trying to take for much of this year.
It was about to do so before the March lockdown, with the question now being whether eth will continue where it left off?
In the zoomed in one hourly candles, ethereum has been gaining in value for much of this month.
This price action in the ratio in fact led to the capitulation of some bitcoin maxis, who after shorting eth for years are now buying some.
The 0.03 level will be another big test for eth, with 0.04 an even bigger one. Thereafter, flippening of course would be the biggest resistance of them all.
That might only be a warm up however. Sharding 1 next year and the closing in of the 1.5 slashing of inflation to near 0 (0.22%) through the merger of eth1 into the Proof of Stake sharded chain, may give flippening more of a chance.
That would depend of course on what the analysis would be next year in regards to the timing of either, with the best estimate here in 2020 being only that they both would be nearer and for sharding 1 especially there’s definitely a chance.
Bitcoiners however are not staying put, but they don’t quite have any devs except the Blockstream ones who want to peddle their Liquid custodian chain where there’s no even dapps.
Coinbase and Silicon Valley have thrown their full weight behind eth and its many defi mini-eth tokens and projects.
Yet bitcoin miners make a lot of money, and since eth won’t be giving them anything in the medium future, good competition is to be expected.
But eth when it rises, it rises, and yet it tends to make bitcoin rise even more with bitcoin obviously still being far bigger and it has its own qualities in regards to especially the fixed supply.
So if one really wanted to, they could see eth as just a sidechain of bitcoin, with the two being complementary in regards to bitcoin taking on central bankers, while eth is more disrupting to some extend commercial banking.
Both huge markets, and therefore like Microsoft and Apple, both may well reign for long.
Who Linus??? Ermmm
[classiified][censored]. Now that’s a good question, and the answer is probably young Linus hasn’t arrived on the scene yet.
As you may know, Linux came a decade after Microsoft and Apple began taking the world by the storm. So presumably we should also expect some third project to arrive at some point to try and disrupt or complement the two big boys.