Ethereum leaps up into the new year # (ETH)
picture provided by user:mohamed_hassan
We couldn't hope for better looking chart! The daily chart is showing nothing but blue skies!
In a blog post published Tuesday, ethereum creator Vitalik Buterin described how the network is beginning to reach 1 million transactions per day. In his view, scaling the network is "the single most important key technical challenge" that developers need to work on before blockchain applications can be widely used.
This encouraging news may well be lifting the 3rd largest crypto by market cap into new uncharted territory.
According to the blog post, the subsidies for each program will range from $50,000 to $1 million and are intended to cover development costs.
In his post, Buterin wrote:
"Independent teams of developers, companies and university and academic groups are all welcome to apply; we recognize that different types of applicants may require different formats and processes and we are willing to be flexible to accommodate individual teams’ needs.”
https://www.coindesk.com/vitalik-buterin-announces-new-subsidies-for-ethereum-scaling-research/
At the time of editing this piece, Ethereum has jumped up slightly on the hourly chart to mount the $948 top and I expect this new high will offer Ethereum a new support level.
Is it too late to buy into Ethereum? Probably not! Always look for the support levels and wait for pullbacks that offer great opportunities. Support and resistance requires greater volumes for breakouts so watch for this trigger.
Unfortunately, I didn't hold my small stake in Ethereum because I needed more bitcoin but am still up on that trade also. I would suggest that on the weekly ETH chart, this is only beginning its ascent to stardom.
Weekly ETH chart.
As ETH flies through the $948 resistance, $1000 Ethereum is not very far off!
disclaimer:
These are merely musings from an armchair quarterback. All information is speculation on my part and not to be taken as sound financial advice.
At any given time, I may or may not be holding the coins that I speculate on but will always try to remain objective.
KNOWLEDGE IS POWER