Ethereum has been recording reasonable gains in the past couple hours and therefore has attained a meaning break; as it swings about the $300 resistance area. Currently, Ethereum is trading at $310.88, which points out to an upward trend. 

Ethereum comes second after Bitcoin as the largest coin with a market cap of $32.7 billion and has already gained more than 6.76% in the previous 24 hours. At press time, Ethereum is performing its best at position two in the top 10  best performing coins. The leading coin is <a href="https://www.cryptoknowmics.com/crypto/tron-trx-set-to-hit-an-all-time-high-by-the-end-of-the-year/">Tron</a> with a high gain of 9.39%. 

It is quite surprising that Ethereum has outshined Bitcoin. At press time, BTC has recorded gains of 2.01% at press time; The bull excitement, which is a rather unique phenomenal, comes after Ethereum tested slightly above $300. Meanwhile, the price rallied around the $310 resistance area where it now snags. 

On the weekly charts, ETH attained a high of $311. But the price would experience slight corrections resulting to trades below $310. Sadly, the bears are still finding it hard to take control of the situations given that any further price declines could result to support between $300 and $298 levels. However, a rally beyond $310 would be vital to fuel Ethereum’s recovery traction for an upward gain. 

A researcher at the Ethereum Foundation, Justin Drake has revealed plans to reduce the amount of issued ETH by 10 times. Below is the statement; 
<blockquote>“Here’s a possible timeline (dates likely totally wrong!) highlighting the key milestones: January 2020: beacon chain launch. June 2020: ETH2 light clients production-ready. November 2020: eth1 fork #1 to have its fork choice rule honor eth2 finality (conservatively, no issuance reduced). March 2021: eth1 fork #2 to reduce issuance by 10x.”</blockquote>
As a result, the amount of ETH per block will fall from 2 to 0.22. In addition, the move will pave way for Ethereum’s transformation from a<a href="https://blockgeeks.com/guides/proof-of-work-vs-proof-of-stake/"> Proof of Work blockchain to a Proof of Stake Blockchain</a>. The proof of stake (PoS) will eliminate miners in the Ethereum Blockchain and instead have stakeholders. 

Meanwhile, in the meantime we should expect more bullish reaction in the market and gains for the ETH price.

Ethereum Weekly Update

Ethereum has been recording reasonable gains in the past couple hours and therefore has attained a meaning break; as it swings about the $300 resistance...

My first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.

Ethereum Weekly Update

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