Ethereum has endured a stuttering start to the week with a 9.12% move to the downside on Monday morning amidst a wider market sell-off.
The world’s second largest cryptocurrency by market cap is now trading at $350 after bouncing from $331, which is notably 2019’s yearly high.
It now needs to break back above $367 in order to avoid a prolonged period of downside price action, although much of it will depend on if Bitcoin can remain above $10,000 despite falling by 2.39% over the past 24 hours.
The difference between Ethereum and other cryptocurrencies is that Ethereum 2.0 will be rolled out this September, with hopes that it will improve security, scalability and efficiency.
If the Ethereum development community can facilitate the upgrade successfully, it would vastly improve decentralised markets like Uniswap that rely on Ethereum’s’ blockchain.
Slow and expensive transactions has halted the hype in the DeFi sector so far this year, with mounting Ethereum gas costs providing a barrier to retail investors.
This is why although Eth appears to be stuttering on lower time frames, the macro perspective remains bullish as long as it trades above $334.
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Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
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