- Ethereum price stable above $135
- Tron not a worthy competitor
- Participation dries as prices drop
Vitalik is confident, and while he doesn’t see Polkadot as a competitor, he will lose a certain amount of faith in humanity if Tron surpasses Ethereum in market cap or development. At the time of press, Ethereum (ETH) is flat with unfavorable candlestick patterns.
Ethereum Price Analysis
Fundamentals
Vitalik is candid. He acknowledges that there the smart contracting scene is heating up and Ethereum may have slipped, dropping ranks.
He’s unfazed and confident that despite everything, he’s not worried. He’s especially not losing sleep over emerging blockchains like Polkadot. Polkadot raised millions of dollars and claimed to employ a “heterogeneous Multi-chain technology” ensuring that “transactions can be spread out across the chains, allowing many more to be processed in the same time.”
Even so, Afri Schoedon—a former Ethereum developer who left the project in a huff, acknowledged that “Polkadot is not a direct competitor to Ethereum and chains like Ethereum were always an integral part of the Polkadot vision.” However, what shall pulverize Vitalik’s heart making him lose “certain amount of hope for humanity” is if Tron usurps Ethereum. In the same interview with Laura Shin, he said he’s confident that his platform isn’t violating securities law and ICOs will continue to roll out regardless of crowd-funding platform.
Candlestick Arrangement
At the time of writing, it is clear that Ethereum prices are cooling off. Perched at second place, ETH is stable but under pressure after Mar 21 liquidations.
Even so, we are optimistic, expecting prices to find support at $135. After then, prices will likely spring to $150 and later $170.
Before then, it all depends on how prices react at our support line confirming or nullifying gains of Mar 5. In the latter, that will usher in bears of Feb 24. In that case, ETH would likely drop to $100 in line with our last ETH/USD trade plan.
Technical Indicators
Mar 4-5 double bar bull reversal pattern founds our bullish over-view. Affirming bulls will be a sharp spike above $150 or $170 with accompanying volumes exceeding 302k and even 880k of Feb 24. Such a shift in momentum reverses losses of Feb 24, and the resulting breakout will trigger a rally towards $250 cementing our stance. On the other hand, any sell-off with equally high volumes pours cold water on our forecast nullifying our position as ETH crumbles to $100.
Chart courtesy of Trading View