The Ethereum foundation has published its 2019 Spring Update outlining plans and developments for the blockchain in the second quarter of this year. The price of Ethereum hasn’t been strongly affected by the news and other announcements regarding its testnet 2.0 but has managed to maintain its position above $250 while many other cryptocurrencies falter.
Bitcoin (BTC) looked promising to break $8,000 earlier this week but has now dropped to around the $7,800 level and looks likely to suffer more losses. Ripple’s XRP token has also fallen below the $0.40 mark after holding on to the position for the past two weeks.
Ethereum hasn’t been entirely without it’s own struggles though, as many enthusiasts hoped it would break above $260 earlier this week but has now lost a lot of that support. Sentiment remains high though and Ethereum now has the potential to build further buying power during a period of consolidation.
The Ethereum Foundation Spring Update
Despite strong competition from competing decentralized application (dApp) platforms like EOS and Tron, Ethereum continues to hold its place as the king of the dApp environment. While Tron may hold the crown for most users and transactions on betting dApps it doesn’t represent the potential for professional smart contract-based applications that Ethereum offers.
The new update from the Ethereum Foundation aims to reassure clients of the ongoing work being completed by all those involved in the development of the blockchain. The document details new partnerships that have been forged with client teams like Nimbus, Prysm, Substrate Shasper and Sigma Prime, most of whom have launched testnets on Ethereum over the past few months.
Additional developments include ETH 1.x, the initiative to ease the transition to ETH 2.0, the zero-knowledge proofs transaction improvement protocol ZK-rollup and ETHGlobal, a hackathon event that recently enjoyed huge success in Cape Town, South Africa.
Recent movements in the Ethereum price don’t give a clear picture of where the charts are headed, with bulls and bears fighting for control of the market. The price has been fluctuating wildly between lows of $249 and highs of $261 today. The price is currently at a low point of around $251 but shows promise of gathering further upward movement in the next 24 hours.
Resistance will be significant at $260 and with the MACD indicating weakening bullish sentiment and the relative strength index (RSI) in overbought territory bulls may have a tough time ahead. However, with 50-day, 100-day and 200-day moving averages in good buying positions there is a very good chance of further increases on the horizon.