Today has seen a bounce after the recent sell-off due to the spread of FUD and panic and it seems that ETH is outperforming BTC with a gain of 7.89% compared to Bitcoins 2.70%.
What sets Ethereum apart from the pack is its smart contract economy with $166 million transactions per hour on the Ethereum blockchain 53% of that is going in to DAPPS which is an increase of 39.4% in the last 6 months.|Source|
I think this is a very important metric and shows that the smart contract space is gathering momentum and is trending upwards.
Below is the daily timeframe of ETH/USD and shows my short term projection with the 50% Fibonacci retracement level being the next spot of resistance along with the RSI showing that there is still plenty of headroom i think as long as the market does not freak out over some FUD we should reach the $1000 mark very soon.
PoTJ
PoTJ is a smart contract which i mentioned in previous posts and has seen some profit taking recently with the total ETH in the contract going from 425 to 360 (as of writing) and is surely partly responsible along with some of the other big players for the increased volume in Ethereum.
I am expecting the increase in the value of Ethereum to cause a swath of people to come pouring back in to DAPPS and with the buy price for PoTJ being at $0.73 per token i myself decided to up my stake and increase my percentage as the FOMO will soon push the price past $1.00.
There is also a new statistics site on the way that promises to be far and beyond that of which Etherscan can provide which will allow users to micro manage their accounts.
If you want to keep up to date consider joining the Discord HERE.
If you would like to learn more about DAPPS/Smart Contracts and PoTJ have a look at the below posts:
