December 2017 was an exciting time for cryptocurrencies. Values were soaring to the stratosphere; mainstream coverage had increased substantially; overall interest had never been higher. But after reaching an all-time peak in January 2018, the market has since corrected itself. According to crypto news site CCN, Ethereum has lost 92 percent of its value since its January 13th zenith – a drop almost as extreme as its climb.
While some investors have understandably cooled on crypto in the wake of such wild price swings, key figures have cautioned that a price-centric focus paints an incomplete picture of Ethereum’s health. In fact, Joseph Lubin, Ethereum co-creator and founder of decentralized-software studio ConsenSys, believes that in many ways, things have never been better.
Lubin views blockchain as “a movement,” not a market – and a growing one at that. “Market cap doesn’t reflect activity…10 billion daily API requests served by Infura. 1 million Truffle downloads. 1 million MetaMask downloads. 12,000 live Ethereum nodes. 48 million unique Ethereum addresses. 3 times LinkedIn blockchain job openings,” he said.
By those metrics, he’s right. 2018 has seen exponential growth throughout Ethereum’s infrastructure. Truffle, the “most popular development framework for Ethereum” according to its website, has been downloaded over 1 million times. Infura, an API and set of developer tools providing “secure, reliable, and scalable access to Ethereum and IPFS,” exceeded 10 billion requests. And MetaMask, a tool that allows users “to run Ethereum dApps right in your browser without running a full Ethereum node,” launched their first mobile client this year.
Other reports of Ethereum’s demise were found to be exaggerated. HASH CIB, a crypto- and digital-asset focused investment firm, issued a recent report indicating that ICOs had not sold off as large an amount of ether holdings as initially thought. Marat Garafutdinov, analyst and author of the report, said data indicated that “…ICO projects reacted to the market conditions, rather than dictated them.” “The treasuries currently still hold a minimum of 3.4% of the total ethereum supply,” elaborated Garafutdinov. “Our findings have been confirmed by separate researchers. And contradicted by some – most probably, due to reporters equaling all of the ETH moved to ETH directly sold.”
Ethereum’s expanding user base and improving infrastructure stands in stark contrast to its price performance. To Lubin, that means the seeds have been planted for continued long-term growth. Market bubbles are nothing new in crypto. Independent of value fluctuations, the robust, growing ecosystem around Ethereum’s foundational pieces has never been stronger.
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Moving higher for three straight days is viewed as a bullish sign. Keep an eye on this stock for future growth. Considering data from situations where ETH.X advanced for three days, in of 450 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Momentum Indicator moved above the 0 level on May 17, 2024. You may want to consider a long position or call options on ETH.X as a result. In of 118 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for ETH.X just turned positive on May 15, 2024. Looking at past instances where ETH.X's MACD turned positive, the stock continued to rise in of 66 cases over the following month. The odds of a continued upward trend are .
ETH.X may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The Stochastic Oscillator entered the overbought zone. Expect a price pull-back in the foreseeable future.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where ETH.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Aroon Indicator for ETH.X entered a downward trend on May 07, 2024. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows