- At $214.09, Ethereum is in red with a majority of the cryptocurrencies
- Popular crypto investor Whale Panda tweets, “Ethereum: Over promise and under deliver” as focus shifts to snarks
- Meanwhile, experts are still bullish on Ethereum to hit high by year end
Ethereum in Red, POS “no longer so far away”
The world’s second largest cryptocurrency is currently down by 2.55 percent at $214.09. The $22 billion market cap cryptocurrency is managing the daily trading volume of $1.6 billion. After dropping below $200, Ethereum went upwards to $221 as greens penetrated the market.
The positive momentum in the Ethereum (ETH) price got into effect as its founder Vitalik Buterin recently shared the switch to POS (Proof of Stake) is “no longer so far away.” Recently, at a conference in Prague, he shared the path to Ethereum 2.0 that will be focusing on solving the scalability issues. However, there is no timeline set yet as Buterin said,
“Launch is basically the milestone that we’ve all been waiting for, that we’ve been working toward for the last four to five years, and a milestone which is really no longer so far away.”
But the crypto community is not impressed as Whale Panda shared on Twitter, in part, in response to its development process slowing down:
“Difficulty bomb getting pushed back, PoS pushed back and now focus on hybrid first, sharding delayed, Plasma delayed… now their hopes are on Snarks.
Ethereum: Over promise and under deliver.
This is not just a $ETH problem though”
Experts: Bull Rally Possibility
Just last week, head of blockchain initiatives at JP Morgan, Umar Farooq shared his belief in Ethereum,
“We are big believers in ethereum. There are people outside our firm using Quorum to tokenize gold, for instance.”
Well, all this took Ethereum price upwards that has the community anticipating if analyst and trader Ian McLeod’s prediction for Ethereum, “We can expect Ethereum to hit $500 by the end of 2018,” would become a reality soon.
Well, some do share similar positive and bullish sentiments. Joshua Frank, co-founder of cryptocurrency analytics platform TheTIE.io has been quoted by Forbes as saying, “The combination of positive sentiment and increased volume has driven the price of Ethereum up in October and November, and if those conditions stay the same we expect further growth in price.”
Mati Greenspan, senior analyst at eToro says, “The entire crypto market has been showing slow but steady gains lately. I could easily see this developing into a full-on rally into the year-end.”
However, Keirns from blockchain analytics platform Dapp Capitulation cautions, “Before we start romanticizing the notion of a renewed ETH bull-run, we still need to remember the amount of ETH held by many popular ICOs in their respective treasuries. There are still substantial amounts of Eth that could be sold to tamper down a potential rally.”