Ethereum Struggles To Cross Crucial Level Despite Rising Regd. Addresses
The crypto winter continues and major altcoins such as Ethereum, Ripple and Bitcoin prices are yet to recover. The current price trend does not represent the robust technological development of the crypto sector. Recently, the price of Ether, the native currency of the Ethereum blockchain network, fell below the $100 mark. Despite the bearish scenario, Ethereum (ETH) has achieved a major milestone of 50 million registered user addresses.
Over the last 30 days, ICOs have sold more than 416,000 ETHs, a new record since the summer of 2018. The largest projects that diluted their ETH holdings were SingularDTV and Aragon and Kyber. Status also sold a lot of its reserves. The blockchain project, however, still holds 2.9 million ETH, or just under 290 million dollars based on the current price of Ethereum. Since the start of 2018, the number of ICOs launched and their overall value have decreased significantly.
In any case, the unique registered addresses of Ethereum are constantly increasing. Etherscan.io data reflects an ongoing increase of roughly 100,000 new addresses per day since May 2017.
Steve Wozniak, Apple’s co- founder, and Eric Schmidt, Google’s co- founder, catch sight of huge prospective for Ethereum technology. If the venture can optimize the scaling and deployment worldwide, it will be a influential tool for feasible change in the world:
“I think the most interesting stuff that’s going on are the beginning of execution on top of blockchain, the most obvious example being the capability of Ethereum. And if Ethereum can manage to figure out a way to do global synchronization of that activity, that’s a pretty powerful platform. That’s a really new invention.”
We had clearly mentioned yesterday that Ethereum (ETH) needs to close above 97.50 to turn bullish. Briefly, the crypto crossed the level yesterday, but was unable to sustain. Unless the crypto crosses above $97.50, all rallies should be preferably used only to exit long positions.