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Ethereum stalled after hitting highs of $ 420 earlier this week. The coin is now trading for $ 408, failing to break out even as Bitcoin flirts with yet another breakout before the weekly close.
Despite mixed price action, analysts believe ETH remains bullish.
Ethereum analysts think the uptrend is intact
A cryptocurrency analyst shared the chart below October 25. It shows that Ethereum remains in a consolidation below a pivot level. Even still, the bullish trend still appears to be intact as ETH holds the $ 400 support region:
“We got the move everyone wanted. Now the price meets the resistance of the upper Sine band. Today’s candle already shows a small lower shadow. It may be necessary to retest around 396/400 to break the range like at the end of July, but the upward trend is on track! “
Chart of ETH's price action over the past few weeks with an analysis by crypto trader Trading Cyclist (@FullGasTrader on Twitter). Source: ETHUSD from TradingView.com
This was picked up by another analyst just recently, as previously reported by Bitcoinist. This other commentator noted that the coin is currently about to print another higher leg as it consolidates between $ 405 and $ 420.
Chart of ETH's price action over the past few weeks with an analysis by crypto trader Steve (@Thetradingtramp on Twitter). Source: ETHUSD from TradingView.com
ETH2 Blow Dealt
However, one of Ethereum’s crucial bullish fundamental catalysts may be on hold for now.
As first reported by CoinDesk, Ethereum Foundation researcher Danny Ryan commented that the ETH2 deposit agreement may be postponed due to audits.
The deposit agreement is the agreement that will link the original Ethereum chain to the 2.0 chain, which will have staking enabled.
Commenting on the Bankless podcast, hosted by Ryan Sean Adams and David Hoffman, Ryan commented on the matter:
“This library is essential for creating keys and signing messages. Critical, in the early stages, [means] that if you use this library, they must be protected; if you use it to generate your wallets, it must have good randomness; and if you are signing your deposits that have a signature associated with it, it needs to be corrected, “said Ryan.” Since this library is critical, and since, if there is a fundamental mistake in this library, we could make a mess in terms of genesis deposits, this is the blocker, “he said.
Other Ethereum researchers and developers think there will be a delay between the release of the deposit agreement and the actual launch of the chain.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Here's Why Analysts Think That Ethereum's Uptrend Remains on Track
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