Ethereum (ETH) the once focused cryptocurrency has hosted many new Altcoins on its ecosystem and now they are threatening to occupy its place in the future. The coin started the year on the low and users are beginning to worry if it will deliver in 2018. After its gains were cannibalized by the recent market slump, there are a lot of expectations from the platform.
There is still a ray of hope from the market thought according to market experts. The last 24 hours have seen the coin trade on the green. The bullish gains might not speak much about the next few weeks but breaking for the support zone is something to smile about however short lived it might turn out.
With the Chile energy regulator Comisión Nacional de Energía de Chile (CNE) collaboration and Ethereum choice for its blockchain based energy data project, there is more in store for the ETH investor. The entry to the Latin America market is a big boost for the ecosystem and is bound to increase adoption and the coin tractions. However, it is important to have a look at the market outlook first.
Ethereum (ETH) Performance
The entire markets seem to be alternating between the green and red in the charts but ETH staying power seems stronger. After staying at the $360 support zone, the coin has inched back to the $400 after gaining against the dollar and BTC. This is just a minor shift that might not hold long with more expecting it to shoot to its January glory moment of $1000.
The coin price is expected to surge to the $800 threshold and this could be reached as early as the month of July. According to the current trends, the next supports will be around $520 and $ $630. With new divergences emerging among the community, the community will however continue being bullish.
Should you Buy Ethereum (ETH) Now?
According to the charts, this is the most appropriate time to buy into the coin. After breaking from the previous resistance is a clear indication it is the best buy. The coin is trading at $401.66 after a slight positive shift of 5.08% in the last 24 hours. Hopefully for many community members, this is not a bull trap and the gains should hold.
This seems like the right time to stake on ETH if you are ready to reap the benefits in the future. The risks, which are normal in the market seems minimal given the steady price surge and against a very hostile market. The bullish cross formation is setting the recovery base and the end of Q2 is set to bring in better tidings.
Ethereum (ETH) Chile energy Partnership
Ethereum (ETH) just got a boost from the Chilean National Energy Commission and this could increase the coins fortunes going forward. It is early to predict the market take but it is a positive gesture toward restoring confidence in the ecosystem.
With the Commission launching and Ethereum based pilot project on energy data, more activities around ETH are expected. The project will collect and store the country’s energy data to increase accuracy, accessibility and transparency. This is a huge project but Ethereum has the capacity.
This could be one of the best user cases for Ethereum to prove critics wrong and if it works out, increased adoption is guaranteed. Information is vital when it comes to government decision making. Verifiable and accurate data sharing is very important and that is why the Chilean body has chosen Ethereum blockchain. The collaboration will help Chile make sound decisions for the residents and investors as well.
Recovery might not be that easy for Ethereum (ETH) but increased adoption could be the catalyst need to boost the market performance. The coin might not rise alone with other coins still in the red; the current market forces are holding all players and individual coin gains might end up being eroded.