As most of our readers probably already know, the Ethereum ecosystem recently underwent a host of network upgrades — which developers claim will help address some of the scalability issues that exist in relation to the currency’s native blockchain framework.
With that being said, for ETH to surge by 250%, the altcoin’s market needs to rise and reach the $500 level within the coming few months.
The Ethereum ecosystem recently underwent two major upgrades, namely ‘Constantinople’ and ‘St. Petersburg’. These upgrades were done in order to optimize the network as well as add new rules to the premier asset’s existing framework.
Additionally, the above mentioned upgrades also saw the implementation of a number of different Ethereum Improvement Proposals (EIPs) — which were largely backend updates for the currency’s software framework.
Lastly, the Constantinople and St. Petersburg upgrades have also laid the foundation for ETH devs to increase the TPS of the network.
Over the course of the past few months, more clarity has been provided on the subject of whether or not Ethereum is a security. In this regard, a quick look at some of the recent statements made by the SEC have led many to believe that the token does not qualify as a security.
For example, SEC Chairman, Jay Clayton, recently stated that “digital asset transactions may no longer represent an investment contract.”
With that being said, it should be added that Clayton did not explicitly mention Ethereum when he made the above mentioned comment.
A quick look at Ether’s technical indicators (with respect to the US Dollar) show us that there are quite a few strong resistance levels that the currency has to face before it can reach the $500 mark.
For example, in the short term, Ether first needs to cross the $170 and $208 thresholds respectively. If buyers are then able to maintain bullish momentum and push the asset above the $208 mark, more resistance will be incurred close to the $247-$298 region.
Once the $300 level is breached, the areas of resistance that will then have to be dealt with will come around the following price points: $350, $420 and $465.
With the market at large still experiencing bearish pressure, it is quite unlikely that Ether will witness a 250% price increase by the end of next month. However, as the crypto winter draws to a close with each passing day, it does seem as though there might be some chances of Ethereum making a massive economic push by the end of July.
Only time will tell what the future has in store for this burgeoning cryptocoin.
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