Ethereum is back in its upwards trajectory following a successful hardfork and Coinbase integration.
The psychological resistance level of 0.02 has just been broken, paving a clear path towards the next resistance level of 0.025 with some suggesting it may surpass last month’s all-time high.
The increase directly follows a successful hardfork where more than $200 million (as valued at the time of theft) were rescued and returned to the rightful owners. The biggest non-event in digital currencies’ history was followed by an outpouring of praise from the mainstream media with such headlines as Long Live Ethereum! – Why Ethereum Succeeded Where Bitcoin Failed and Why Ethereum is the hottest new thing in digital currency.
Fred Wilson, a Silicon Valley VC who controls billions and invested in such companies as Twitter and Zynga, stated:
“I see the successful Ethereum hard fork this week as an important milestone for public blockchains.”
Emin Gün Sirer, one of the few in this space who can see what others cannot, stated:
“It’s a point of strength to be able to adapt to that change, to be able to respond to it, to be able to do it in an orderly fashion. Ethereum just demonstrated this. I think this is a rite of passage for ethereum.”
Showing an endorsement of Ethereum’s development team and community, Coinbase added Eth, with the option for merchants to accept eth payments potentially to follow, providing a direct line of integration to the current financial system. In a public statement, Coinbase seemed to suggest they are placing their bets on ethereum to be the “open financial system for the world:”
“Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world.”
Price instantly jumped following the announcement yesterday and continues to increase today, reaching $14 on GDAX, changing direction to an upwards trajectory.
Following the DAO hack, Ethereum’s price plummeted, falling lower than 0.015, with price forming a bear market and seemingly headed towards $4, but the fast resolution made possible by a highly professional development team and a community that showed they overwhelmingly share the same principles returned trust and confidence in the network, with price changing direction as soon as the fork became fairly assured, climbing to 0.0175:
Followed by an increase on the 20th when the hardfork successfully completed in bare seconds and continues to increase as a potential disaster is turned into a success story.
Featured image from Shutterstock. Charts from Tradeblock.
Last modified: May 21, 2020 10:19 AM UTC