Waiting for Casper: will Ethereum (ETH) break free from the long-term range?

ETH/USD is on the upside quest with $232 area in focus.
Ethereum developers published a new version of Casper.

ETH/USD jumped as high as $223.79 during early Asian hours to trade at $218 at the time of writing. The second largest coin by market value is moving within a short-term bullish trend amid positive sentiments on the cryptocurrency market. ETH/USD has gained 3.7% in recent 24 hours and stayed unchanged since the beginning of Wednesday.

Casper is coming

Four Ethereum developers with famous Vlad Zamfir among them published a draft version of Casper technical specifications. According to Zamfir, the document contains a detailed description of a new technological solution; it will complement the existing information about Casper.

"Georgios Piliouras and I published a draft paper covering CBC Casper in much more excruciating detail than has been available until now! Check it out!!" Vlad Zamfir wrote in his Twitter account.

This protocol first introduced in 2015 implies Ethereum transition to Proof-of-Stake consensus algorithm. Zamfir's Casper version is called Casper Correct by Construction (CBC). It was initially published in November 2017.

Meanwhile, in October 2017, Ethereum's creator Vitalik Buterin presented his own version of the protocol - Casper Friendly Finality Gadget (FFG). It is focused on hybrid consensus mechanism that will combine existing Proof-of-Work and Proof-of-Stake. The first FFG release was published in May 2018.

Ethereum's technical picture

Looking technically, the first ETH/USD support comes at $207. This area served as a strong resistance zone for the coin at the end of October, now it includes SMA200 4-hour. Once it is cleared, the sell-off may continue towards $202.90 (SMA50, 4-hour). While the downside correction looks highly likely due to the overbought status of Ether, the sell-off is likely to be limited by $200.
On the upside, a sustainable movement above Asian high at $223.79 will open up the way to $232. This area capped the recovery in September.

ETH/USD, 4-hour chart

Get 24/7 Crypto updates in our social media channels: Give us a follow at FXStreet Crypto Trading Telegram channel

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram