Ether rose sharply in early-week trade, as the bulls overcame a difficult trading range en route to new monthly highs. ETH/USD broke above a series of technical hurdles, including \n$315 and $325, to reach its current price level of around $334. Prices briefly traded as high as $344 earlier in the day.
Ethereum gained the upper hand against the dollar Tuesday, rising to its highest level in a
month as prices overcame a series of technical hurdles.
Ether Price Levels
Ether rose sharply in early-week trade, as the bulls overcame a difficult trading range en
route to new monthly highs. ETH/USD broke above a series of technical hurdles, including
$315 and $325, to reach its current price level of around $334. Prices briefly traded as high
as $344 earlier in the day.
Ethereum also rallied against bitcoin, with ETH/BTC reaching a high of around 0.05480.
Traders made multiple attempts to overtake that level and climb above 0.05500 but were
sent back on two successive occasions.
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ETH/BTC was last seen trading around 0.04928 for a decline of 2.7%. Technical traders
are looking for a clean break above the 0.052 resistance to confirm further upside.
The Case for Ethereum
Ethereum may very well be the most unique cryptocurrency from a value perspective,
according to economist Harry Dent.
“Of the many cryptos, I see Ethereum as the most credible as it makes creating new
blockchains easier,” Dent said in a quote obtained by Forbes, “It advances the whole
industry, and I obviously think this is a major trend, not just a near-term bubble, which it is.”
As Ky Trang Ho rightly notes, Ethereum isn’t limited by the number of tokens it can create.
In addition to being a nascent unit of exchange, the ether network has emerged as platform
of choice for developers to launch their own tokens. Ethereum will remain the platform of
choice for the foreseeable future as developers latch on to smart contracts.
The strong majority of the ICOs covered by Hacked were built using Ethereum. Even J.P.
Morgan Chase built its advanced blockchain technology Quorum on top of the ether
Parity Looks to Free Up Stuck Ether
Ethereum platform Parity Technologies announced Monday it would deploy more resources
into freeing up some $162 million worth of ether tokens contained in multi-signature wallets.
The funds were blocked last week after a novice hacker made it impossible for some of
Parity’s consumers to access their ether funds.
It is estimated that around 587 multi-sig wallets have been locked out since Nov. 6. Parity’s
official audit found a total of 513,774.16 ether frozen as a result of the gaff.
In a blog post issued on Monday, Parity foudner Jutta Steiner said, “We are endeavouring
to find a solution as soon as possible.”
She added: “We have spent the last few days rigorously examining the events. While it is
too early to decide on a fixed solution, EIP156 has been discussed for a significant time
and has drawn support from various directions in the community. The team is working on a
broadly accepted solution that will unblock the funds.”
The team expects to deliver a detailed result of their investigation in the next few days. It is
unclear how the organization will handle the security breach. Although not entirely similar,
cryptocurrency exchange Bitfinex last year chose to socialize its losses after $72 million
worth of bitcoin was stolen.