- Ethereum (ETH) rally, up 13.1 percent
- Cloudflare launches an Ethereum gateway
The promise of Ethereum 2.0 is bliss for ETH holders. As Cloudflare positions itself, prices are rallying. Week to date, ETH is up 13.1 percent and could blast above $300 as buyers take charge.
Ethereum Price Analysis
The path for a “better” Ethereum is on, and ETH investors stand to reap huge benefits. Trading below $300, Vitalik is brimming with confidence. It all has to do with the recent update of Phase Zero of the Beacon Chain.
Comprised of Sharding and the shift to Proof of Stake, Ethereum will be faster, scalable and distinctively energy efficient. However, the overarching goal is to cement its possible as a preferred smart contracting platform.
Pioneering in the sphere and allowing developers to launch their immutable, blockchain-riding applications, Ethereum’s smart contracting capability birthed asset tokenization. Even though regulators are cracking the whip on different ICO projects, prosecuting founders for allegedly selling securities, the space is just warming up.
Ethereum facilitates a new form of financing. Soon, projects will receive funding from fans remotely and without the need of filling reams of papers. With a scalable, secure, and decentralized network without a point of weakness, the next wave could see ETH register new highs.
Beneficial for enterprises, Ethereum will be vital infrastructure. Not to forego an opportunity, Cloudflare is launching an Ethereum gateway. It’s “another tool in Cloudflare’s Distributed Web Gateway toolset.”
Through a blog post, the web security firm said:
“We are excited to announce Cloudflare’s Ethereum Gateway, where you can interact with the Ethereum network without installing any additional software on your computer.”
Trading at $288, ETH is 13.1 percent higher from last week’s close and less than $15 away from $300. If anything, this is progress with the resilience of buyers showing despite the trudging. Reading from previous ETH/USD trade plans, aggressive traders can buy the dips while aiming at $300.
Meanwhile, conservative traders can only be assured of better prices if there is a convincing, high volume close above the psychological $300. Such a move will reaffirm buyers of early May and set the wheel rolling for a possible rally to $400 and higher.
Notice that ETH is reversing from the 50 percent Fibonacci retracement level of May’s trade range. Extrapolating from the same range based on Fibonacci extension tools places ETH prices at $375 and $487. These levels are within this trade plan’s target.
As a result of the above, any breakout above $300 ought to be with a spike in market participation as volumes exceed 410k of May 30th.
Chart courtesy of Trading View. Image Courtesy of Shutterstock