Ethereum is a decentralized blockchain that provides global smart-contract functionality and decentralized application integration. Its native currency, Ether, is traded in a global marketplace and acts as the fuel for its network. Unlike bitcoin, which focuses on tracking ownership of digital currencies, Ethereum focuses on the underlying programming code of any decentralized application. Miners earn Ether by performing computing tasks on the Ethereum network.
The price of Ethereum has formed an inside bar pattern over the past two days. This means that the price action on Wednesday was contained within the previous day’s trading range. Additionally, the break of the inside bar pattern was on higher volume than average, which is a sign of pattern recognition. As a result, Ethereum fell nearly 9% on late Thursday and is now testing its Sept. 7 low, which could indicate a potential downtrend.
The move to proof-of-stake is a major milestone for the Ethereum network. Although it is not a complete success, it is a necessary step to make the transition to a better system. Hayes sees Ethereum reaching $3,000 by the end of this year. But before it gets there, it’s crucial to remember that the circulating supply of the token will be insufficient to meet the demand for it.
