At press time, the world’s second largest cryptocurrency is trading at a comfortable price point of $231.16— thereby showcasing a promising trend of stability which is projected to persist for the coming few days. As can be seen from the chart below, the lowest ETH’s value stooped to over the last 24 hours was around the $225 region, following which the premier asset soon made a steady recovery and crossed the $230 threshold once again.
Technical Outlook: Currency Primed for a Decent Market Run in the Coming Few Hours
As per Ether’s technical indicators, if the currency remains above the $220 price point, bullish movement should be expected soon. To elaborate further on this trend, Ether’s first price target is projected around the $240 zone— which if crossed will allow the currency to experience a massive economic surge. Some experts even believe that by the end of this week, Ether could be trading anywhere around $269-$300.
Joe Lubin Goes Rogue, Invests Big in Ethereum’s Biggest Market Rival
In a highly unexpected move, Joe Lubin, the co-founder of Ethereum has invested heavy ($6.5 Million) in a project called DrumG— a startup founded by senior executives of R3. R3 is one of Ethereum’s biggest market rivals and by taking such a step, Lubin has made it extremely clear as to where his loyalties lay.
Not only that, with this latest move, Lubin has now cemented his place as the sole “outside director” within DrumG’s financial ranks. The reason behind this investment as per Lubin is that DrumG is an “extremely innovative company that can change the way in which institutional financial services are delivered to clients all over the world”.
In an interview with Forbes, Lubin further elaborated on why he sees so much potential in DrumG by saying:
“The decentralized web future—web 3.0, linking corporations to public blockchains— that’s definitely an interledger future. It’s going to be hundreds of thousands of decentralized protocols for trusted transactions and automated agreements.”
The war for becoming the second largest crypto asset by total market capitalization continues, with XRP making large gains overnight. As things stand, XRP’s total cap is now just $0.7 Bln short of Ether’s, thus sending the crypto world abuzz once again.
Technical Charts Courtesy of TradingView.com