ETH Technical Analysis
Ethreum is a blockchain-based, open-source platform for decentralized applications. The native currency of Ethereum is ETH. As Ethereum is programmable, developers can use it to build various kinds of applications. These applications benefit from blockchain technology, and once uploaded to Ethereum, they always run as programmed. They are decentralized as no single entity and person controls them.
Ethereum has shown some impressive price hikes in the past, which reached its highest point in Jan 2018. At present, Ethereum is trading at $245.76.
Investors may turn away from Ethereum as there is little uncertainty surrounding the timing of a move to the Proof of Stake mechanism and fear of price crash. According to the sentiment analysis by The TIE, the tweet volume of Ethereum is at the lowest level since December 2017. The main reason behind this can be that market is anticipating an ETH dump after the PlusToken scam.
Network activity has increased, which has raised the questions about the blockchain bottlenecks. The increased activity is due to the increase in USDT volumes. Tether traders have spent a total of $270,000 in gas fees in the past, which is six times more than the gas used in decentralized exchange IDEX.
Ethereum is not the only coin with low spirits. Tweet volumes for other major dApps platforms – TRON, EOS, NEO, are also down to historic lows.
A drop in Ether sentiment is a symptom of shifting fortunes across the asset market. But uncertainty around blockchain technology might push the downward slide even lower.