Home Ethereum Ethereum (ETH) Challenges Non-technical Says Core Developer, Will this Impact Price? – Bitcoin Exchange Guide

Ethereum (ETH) Challenges Non-technical Says Core Developer, Will this Impact Price? – Bitcoin Exchange Guide

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Today’s Ethereum (ETH) News

Lane Rettig, the Ethereum developer and a member of a “small group” who calls the shot on matters Ethereum protocol is admitting failure. This is so because according to his analysis, Ethereum’s problem is increasingly non-technical and:

“core devs don’t want to make these decisions because they feel unqualified, fear legal liability, are conflict avoidant, and prefer just to write code.”

And there are pretty limited options to drift away from this unexpected dilemma.

Read: Ethereum Pending Transactions Decline as ETH Blockchain Network’s Congestion Slowly Fades

One is to throw the towel and give up on governance and “be like Bitcoin” and the feasible option is to adopt a plutocratic governance system where coin holders can participate in decision making. The latter approach may be the steps necessary for “unsticking” Ethereum now that the system is completely decentralized and even has support from SEC representatives satisfied by the network’s distribution levels.

Also Read: Ethereum Developer Expresses Reasons For Supporting ProgPow Implementation On ETH Network

Furthermore, he gets controversial by proposing centralized governance that is transparent and accountable. Although many will not agree to this system now that Ethereum embodies blockchain which is transparency and redistribution of power, there are worries that the shift from PoW to a proof-of-stake would lead to power concentration because most ETH in circulation is held by whales controlling up-to 80 percent of all coins in circulation in an analysis done by Weiss Ratings.

ETH/USD Price Analysis

Ethereum

The positive correlation between Bitcoin and Ethereum is visible from the chart. After adding 3.4 percent in the last week, Ethereum (ETH) prices are also in an up-trend adding 4.7 percent in the same time frame. It is not trading at $141 at the time of press and could add more should there be a build-up of momentum driving prices above $150 in a minor breakout trade.

As mentioned in our last ETH/USD trade plan, any gain above Mar 29 highs increase odds of a close above $170 which is Q4 2018 breakout level and previous support now resistance. It is our first target and it is after our trade condition is true with prices trading above $150 that risk aggressive traders can load up on the pullback and aim for $170.

At the moment, we suggest taking a wait-and-see approach expecting transaction volumes to build up, aid in the pump above $150 and preferably exceed 302k of Mar 5 on the lower side and 880k of Feb 24 on the upper side. If that prints out, there will be little liquidation ceilings preventing prices from rallying to $250 or even $300.

Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) Value Forecast: Top Crypto Coin Price Chart Analysis Today


All Charts Courtesy of Trading View—BitFinex

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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