Prospects of a scalable system incorporating proof of stake algorithm with Sharding could see ETH prices surge. After Serenity, Ethereum will be scalable. That alone is enough to lift prices to $400 or higher in coming days.
There is a ray of hope as far as Ethereum 2.0 progress is concerned. Launching of Phase Zero of the Beacon Chain will be on Jan 3, 2020. To expound more, Beacon Chain will manage Casper’s Proof of Stake for itself and its shards. Its roughly six months from now.
However, the community is ecstatic about what Serenity will bring about. As laid out before, Serenity will not be a one-off upgrade. Instead, it will be rolled out in phases. Therefore, the mentioning of a feasible date is good progress from a development point of view.
In the road to a more resilient, decentralized and public blockchain with proof of work and Sharding, Serenity, according to Ethereum researcher Danny Ryan, will be more secure and robust.
Eventual activation will see the ease of use by eliminating complexities while simultaneously improving decentralization in that a “typical consumer laptop with O(C) resources to process/validate O (1) shards.” Even so, Ryan said the date is tentative as the exact time depends on tests:
“Although it is feasible, the client teams are not yet ready to commit to a date, especially considering we haven’t entered into multi-client testnets yet. With each phase of development, there are plenty of unknowns so we will keep … tackling them as they come.”
At the time of press, ETH is steady. However, it is lagging in performance, trailing BTC. Nonetheless, previous ETH/USD trade plans hold. Visible from the chart, ETH prices are ranging within a $60 zone with floors at $230.
Unless otherwise, prices rally past $290 and most importantly $300 complete with above average volumes, caution should prevail. Because of this, aggressive traders have a chance to buy the dips. However, conservative traders can wait for clear cut breaks above $290 as bulls step up with targets at $400.
Conversely, losses below this $60 trade range as ETH slide below $230 could see prices drop to $170 in a retest.
From above, the May 30 bar leads this trade plan. It is extensive with high participation. Any breakout below $290 or $230 with high trade volumes surpassing 410k will confirm or nullify this trade plan.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
Path to Serenity on course, Phase Zero set for early Jan 2020
Prospects of a scalable system incorporating proof of stake […]
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