- Ethereum prices up 22 percent from last week’s close
- Andreas M. Antonopoulos warns of technical community in-fighting
- Transaction volumes on the rise, likely to propel prices above $170
Andreas M. Antonopoulos is against the toxicity within Ethereum’s developer community. He says this can cause fragmentation and slow down Ethereum (ETH) bulls that are up 22 percent in the last week.
Ethereum Price Analysis
Open source, public blockchains do symbolize decentralization. As attractive as they may be, they can be a source of fragmentation in an otherwise stable platform. We can draw some lessons from Ethereum and Ethereum Classic.
Before the DAO attack, there was a consensus that Ethereum will follow the immutability route, the main building block of Bitcoin. In light of the “disaster,” changes were made, and immutability given a back seat leading to a new faction of maximalists including Charles Hoskinson who still believe the code is law and rectification shouldn’t be irreversible amendments. Nevertheless, a hard fork was done, and the result was the eventual recovery of lost funds but at the cost of immutability and the general integrity of the Ethereum blockchain.
Now that Afri Schoedon, a core developer and the man behind several EIPs, left, Andreas M. Antonopoulos is warning against in-fighting. As he was delivering a keynote speech at the ETHDenver, the author of “Mastering Bitcoin” and “Mastering Ethereum had this to say:
“Be careful of fragmentation … in difficulty, people become more insular in their thinking, and they start magnifying differences instead of focusing on commonalities. When things are easy, it’s easy to get along. When things get hard, that’s when you need to stop and remember the things we share rather than the things that divide us.”
In the top 10, ETH is up 22 percent from last week’s close and at second place in the liquidity and market cap table. With this, it is clear that the path of least resistance is up. In a bull breakout pattern, every low is technically a buying opportunity with first targets at $170. After all, our ETH/USD trading plan is valid, and risk-off traders are in green territory after Feb 17 upswings confirmed gains of Feb 8. Once prices rally above $170, the bear breakout pattern of early Nov will be null as bulls march towards $250 and even $300.
After two weeks of higher highs, market participation is tapering as traders take their profits. What we need is a sharp break and close above $170 with the accelerants being high trade volumes exceeding those of Feb 18—677k.