- A surge in selling pressure could expose the coin to the next support level of 3,763 or 3,649. Alternatively, a break above 4,000 could lead Ethereum towards levels of 4,140 and 4,250
- The ETH/USD pair turned negative on Sunday, giving up most of its gains from the previous session, owing to increased competition
- The founder of Ethereum admits that the network may fail, due to a lack of scalability, but the price of Ethereum is struggling to recover from the decline
Ethereum fell dramatically from the $4,150 resistance zone, to trade at the $3,913 level. ETH has lost over 3.5% for now, and it is holding above an immediate support level of $3,900.
Ethereum will fail if the network encounters scaling issues – Vitalik Buterin.
The founder of Ethereum, Vitalik Buterin, admits that the network may fail due to a lack of scalability. The price of Ethereum is struggling to recover from the decline, and many forecast a retest of the 231-month consolidation.
The price of ETH has begun to rebound, putting it on track for ETH2.0. With Ethereum approaching the “merge,” or the switch from Proof-of-Work (PoW) to Proof-of-Stake (POS), the altcoin has begun to recover. Buterin, the founder of the Ethereum network, recently spoke at a conference in Buenos Aires.
He discussed the expanding Argentinian Ethereum community and the country’s need for blockchain technology. He remarked on the effectiveness of PoS and he also discussed his thoughts on decentralization.
The founder believes that Ethereum has gotten more decentralized over time. Buterin described the roadmap for Decentralized Autonomous Organizations (DAOs) in five words: verge, purge, surge, splurge and merge.
Polygon in the spotlight, weighing on Ethereum
pair turned negative on Sunday, giving up most of its gains from the previous session, owing to increased competition. Polygon, an Ethereum layer-two network built for scaling and application infrastructure development, has recently gained traction.The momentum of the network is developing, with various initiatives such as a $1 billion investment in zero-knowledge technology, to co-launch a $200 million Web 3.0 social media initiative that will link it with Opera’s web browser, making its decentralized apps available to 80 million Android mobile users.
Ethereum – A technical outlook; Breakout of the upward trendline to drive selling
On the 4-hour timeframe, the ETH/USD is trading at 3,915, having violated the upward trendline at 4,000. For the moment, ETH/USD is likely to face strong resistance at the 4K level, and receive support at the 3,900 mark.
A surge in selling pressure could expose the coin to the next support levels of 3,763 or 3,649. Alternatively, a break above the 4,000 resistance could lead the price of Ethereum towards levels of 4,140 and 4,250. Let’s keep a close eye on a tight trading range between 4,100 of 3,900, to trade a breakout. Good luck!