Ethereum price analysis: ETH/USD reclaims $220 support as ETH 2.0 Casper and Sharding client Prysm beta launches

• Ethereum buyers battle to cover ground towards $226 and $230.
• “We are proud to announce our very first release of Prysm, v0.0.0…,” ETH developers.

Cryptocurrencies have been on the receiving of the bear market in 2018. The surge that happened towards the end of 2017 and the beginning of 2018 culminated in one of the most devastating selloffs in the history of cryptocurrencies. Ethereum (ETH) and other digital assets including Bitcoin have shed off more than 70% of their all-time high values. ETH/USD, for example, traded around $1,400 in January this year. However, the crypto has slashed off huge chunks to the extent of trading below $170.

Meanwhile, the second largest cryptocurrency by market capitalization is trading at $224 following an upsurge that began in the last trading session on Wednesday 3. The support at $214 had been instrumental in stopping the declines from the weekly high around $235. The overwhelming declines could not hold at the $220 support leading to more losses. Importantly, the price did not stay down too long as the buyers fought for a comeback above $220.

ETH/USD has traded highs around $226 on Thursday 4, although the trend stalled losing ground towards $220. At the time of writing, Ethereum price is sitting comfortably at $222 supported by the short-term bullish trendline. The 50SMA is also in position offer immediate support. The buyers a battling to cover the ground above the 23.6% Fib level taken between a high of $227.78 and a low of $214.79. If the bulls defend the support at $222 (trendline) ETH/USD will be primed for gains past the resistance at $226 and $230 eventually.

Ethereum developers are working around the clock to ensure that they released a new Ethereum software that will solve the network’s scalability issues. Yesterday, the developers announced the release of the beta version of Ethereum 2.0 Shasper (Sharding plus Casper) project, Prysm. The details of the released were published in a Medium post and included the plans for a future roadmap.

“We are proud to announce our very first release of Prysm, v0.0.0, which will serve as the building block for all future releases as we get to production,” reads the post Medium.

Ethereum co-founder Vitalik Buterin has been addressing the issues regarding Ethereum blockchain. In fact, Buterin kicked off the discussion on the sharding concept alongside other solutions in 2017. He has been working with other developers on Github to ensure ETH2.0 is released in the near future. The team clarified:

“There is still work to be done with respect to wrapping up Phase 0 of Shasper, but we wanted to give the community a taste of what a real client will look like.”

ETH/USD 15’ chart

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